Category: Detroit

A123 Systems, ALTe Sign Long-term Supplier Agreement

Auburn Hills, MI-based ALTe last week announced a long-term supply agreement with Waltham, MA-based A123 Systems for complete lithium ion battery packs to be integrated into ALTe‘s range-extended hybrid electric powertrain systems. The battery packs are designed to deliver higher power, longer life, and increased safety. This announcement comes just weeks after ALTe’s agreement with Pacific … Continue reading “A123 Systems, ALTe Sign Long-term Supplier Agreement”

New Social Networking Site in Detroit Aims to Cultivate Community Leadership

Wade Solomon is an Information Technology project manager for General Electric, an adjunct faculty member for the University of Phoenix in Information Systems and Technology, and an instructor at Kaplan University. In his spare time, he speaks at conferences teaching teens the fundamentals of video game development and animation using an application called Scratch. He … Continue reading “New Social Networking Site in Detroit Aims to Cultivate Community Leadership”

Cardiox Garners $8,000,000 New Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=9f7348ee-3929-4c90-9046-06dbb26c8c06&Preview=1 Date 8/30/2011 Company Name Cardiox Mailing Address 4140 Tuller Road Dublin, OH 43017-5013 Company Description The company manufactures cardiac output monitors. Website Undisclosed Transaction Type Venture Equity Transaction Amount $8,000,000 Transaction Round Undisclosed Proceeds Purposes Proceeds purposes were not disclosed. SEC regulatory filing. M&A Terms Venture Investor Undisclosed

Nuvixa Obtains $2,000,000 New Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=27d71373-1fb9-422c-8b14-1aca3ba8d299&Preview=1 Date 8/30/2011 Company Name Nuvixa Mailing Address 60 Hazelwood Drive Champaign, IL 61820 Company Description Nuvixa was founded in 2009 at the University of Illinois at Urbana-Champaign by a group of faculty and students who had a common desire to make video more useful in on-line communications. They shared the technical … Continue reading “Nuvixa Obtains $2,000,000 New Financing Round”

Cardiovascular Systems Obtains $1,500,000 New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=2b0c0cad-8098-4232-a74d-7124d10a98b4&Preview=1 Date 8/30/2011 Company Name Cardiovascular Systems Mailing Address 651 Campus Drive New Brighton, MN 55112 Company Description Cardiovascular Systems Inc. (CSI) is comprised of a highly experienced, uniquely qualified team of experts experienced in the assessment, development and commercialization of medical devices for treating peripheral arterial disease. Website http://www.csi360.com Transaction Type … Continue reading “Cardiovascular Systems Obtains $1,500,000 New Funding”

Danotek Motion Technologies Obtains $15,000,000 Series B Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=967c08f1-4ee2-4c11-ae41-c55548f83d49&Preview=1 Date 8/30/2011 Company Name Danotek Motion Technologies Mailing Address 8680 N. Haggerty Road Canton, MI 48187 Company Description Welcome to Danotek Motion Technologies, LLC—an industry leading engineering and manufacturing company that specializes in advanced electro-mechanical drives, motors, and digital sensor/sensorless control systems. At Danotek, we are committed to developing fully optimized … Continue reading “Danotek Motion Technologies Obtains $15,000,000 Series B Financing”

The Fall of Pfizer: How Big is Too Big for Pharma Innovation?

There are big companies out there—Apple, Google, Amazon—that most people today would consider innovative developers of new products. But can a company that seeks to create new drugs get too big to innovate? Is there something about life sciences that requires it to stay small if it wants to create? The question has been on … Continue reading “The Fall of Pfizer: How Big is Too Big for Pharma Innovation?”

ViewRay Secures $10,336,599 New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=a78f520f-01c4-458c-a1ce-bb2bd023277d&Preview=1 Date 8/29/2011 Company Name ViewRay Mailing Address 2 Thermo Fisher Way Oakwood Village, OH 44146 Company Description The patent pending Renaissance race System 1000 combines two proven technologies: magnetic resonance imaging (MRI) and gamma ray radiotherapy. Conversely, today’s competing image-guided radiotherapy systems are based on linear accelerators which require CT or … Continue reading “ViewRay Secures $10,336,599 New Funding”

What Comes After Flickr? The Future of Photos in the Cloud

It’s unclear how much damage Hurricane Irene will deal out as it travels up the Eastern Seaboard this weekend, but in the British Virgin Islands, it’s already caused one notable loss. Lightning from the storm sparked a fire that destroyed the home of Sir Richard Branson, who lost thousands of irreplaceable photographs in the blaze. … Continue reading “What Comes After Flickr? The Future of Photos in the Cloud”

Xconomist of the Week: Sakti3’s Sastry on How to Succeed in Cleantech

Xconomy readers are no doubt familiar with Ann Marie Sastry. She’s the co-founder of Sakti3, a next-generation lithium-ion battery development company, and a professor of mechanical engineering at the University of Michigan. Sakti3’s battery has already attracted deep-pocketed investors such as Khosla, General Motors, and Beringea. In April, the company’s solid-state batteries made the MIT Technology Review’s … Continue reading “Xconomist of the Week: Sakti3’s Sastry on How to Succeed in Cleantech”

Ash Stevens: Developing Chemicals Proudly Made in the USA

Forty-nine years ago, Wayne State University unveiled its brand new Detroit Research Park, located across from the John C. Lodge Freeway not far from the football stadium. The ceremony was held in front of a crowd of dignitaries that included Mayor Jerome Cavanagh. One of the first such endeavors of its kind in the nation, … Continue reading “Ash Stevens: Developing Chemicals Proudly Made in the USA”

How Google+ Could Transform Healthcare & Medicine

This post was co-authored by Rich Whalley, an associate at CBT Advisors. What could Google do if it had access to everyone’s health data? You’re probably already thinking a few things: 1. There’s no way I’m giving Google my personal health data. 2. Didn’t Google already try to do this with Google Health? 3. Won’t this … Continue reading “How Google+ Could Transform Healthcare & Medicine”

Venture Financing for MI Firms Down More Than 41 Percent

Venture capital investment in Michigan-based startups is down 41 percent this year compared to 2010, according to a report released yesterday by the Michigan Venture Capital Association (MVCA). Between January and August 2011, Michigan-based startups had raised $72.5 million in VC financing, compared to $123 million for the same period in 2010, and $91 million for … Continue reading “Venture Financing for MI Firms Down More Than 41 Percent”

EcoSynthetix Raises $100M in TSX IPO

On August 4, Lansing, MI- and Burlington, ON-based renewable chemical company EcoSynthetix announced it had closed its initial public offering priced at $9 per share in Canadian dollars, for proceeds totaling $100.35 million. The common shares trade on the Toronto Stock Exchange under the symbol “ECO.” EcoSynthetix is the inaugural portfolio company of the InvestMichigan! Growth … Continue reading “EcoSynthetix Raises $100M in TSX IPO”

MI’s Growing Wind Industry Lobbies for Continuation of Tax Credit

Last week, Congressman John Dingell (D-MI15) paid a visit to the Canton, MI-based Danotek Motion Technologies, a startup company developing products for the wind, microgrid, and transportation sectors. Dingell was there to announce his support for extending the Production Tax Credit, a federal income-tax credit that supports the production of electricity from utility-scale wind turbines … Continue reading “MI’s Growing Wind Industry Lobbies for Continuation of Tax Credit”

Seattle Genetics: The Next Litmus Test for High Priced Cancer Drugs

[Update: 9:20 am ET] Dendreon ran into a buzz saw of opposition last year when it priced its new prostate cancer drug at $93,000 per patient. Genentech has loads of critics who say it has overreached on price with its antibody drugs for cancer, especially in cases where the data supporting the drug is controversial, … Continue reading “Seattle Genetics: The Next Litmus Test for High Priced Cancer Drugs”

Coskata Lands Series D Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=fbb0ec5d-7610-431c-9144-ac70faf4fa53&Preview=1 Date 8/22/2011 Company Name Coskata Mailing Address 4575 Weaver Parkway Warrenville, IL 60555 Company Description Coskata is a biology-based renewable energy company that is commercializing technology to produce biofuels from a wide variety of feedstocks. Using proprietary microorganisms and transformative bioreactor designs, the company projects that it will be able to … Continue reading “Coskata Lands Series D Funding”

Cleveland Heartlab Lands $18,400,000 Series B Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=fbdcb05c-19b5-4411-af22-d8a380ed34b8&Preview=1 Date 8/22/2011 Company Name Cleveland Heartlab Mailing Address PO Box 76150 Cleveland, OH 44101 Company Description Cleveland HeartLab, LLC is a specialty clinical laboratory and disease management company focused on novel biomarker technologies and the creation of proprietary diagnostic tests. Website http://www.clevelandheartlab.com Transaction Type Venture Equity Transaction Amount $18,400,000 Transaction Round … Continue reading “Cleveland Heartlab Lands $18,400,000 Series B Financing Round”

Gingerd Receives $1,162,408 New Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=0699de7c-c9bc-4dec-96cb-f29d1d6813b4&Preview=1 Date 8/22/2011 Company Name Gingerd Mailing Address P.O. Box 381 Toledo, OH 43697 Company Description Gingerd runs the DailyData, and it says that “We believe mobile devices can and will have a significant positive impact on our wellness. Website http://www.gingerinc.com Transaction Type Venture Equity Transaction Amount $1,162,408 Transaction Round Undisclosed Proceeds … Continue reading “Gingerd Receives $1,162,408 New Financing Round”

Diagnostic Innovations Lands New Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=87eca418-a903-4af0-a1f5-f3840cd71462&Preview=1 Date 8/21/2011 Company Name Diagnostic Innovations Mailing Address 29328 E. Chanticleer Dr Southfield, MI 48034 Company Description Our goal at Diagnostic Innovations is to provide innovative products and solutions that significantly improve the productivity and satisfaction of our customers who are involved in the repair of vehicles. Website http://www.diagnosticinnovations.com Transaction Type … Continue reading “Diagnostic Innovations Lands New Round”

And Then There Were Three: Why Microsoft Is the Vital New Underdog in Mobile Computing

Hewlett-Packard’s surprise exit from the smartphone and tablet business yesterday means that WebOS is effectively dead. That brings Palm’s long legacy to an end and leaves just four major mobile operating systems standing: Android, iOS, BlackBerry OS, and Windows Mobile/Windows Phone 7. (Symbian would have been on this list until recently, but now that Nokia … Continue reading “And Then There Were Three: Why Microsoft Is the Vital New Underdog in Mobile Computing”

BAE and GD Win $1B in Army Contracts

The U.S. Department of Defense announced yesterday that it has awarded two metro Detroit defense firms nearly $1 billion in contracts to develop combat vehicles for the Army. Troy, MI-based BAE Systems Land and Armaments was awarded a contract worth almost $449.9 million to develop technology for the Army’s Ground Combat Vehicle Infantry Fighting Vehicle … Continue reading “BAE and GD Win $1B in Army Contracts”

Software Industry Valuations Rise, Driven by Demand for Software-as-a-Service

Global spending on information and communications technologies is fueling higher valuations for public software companies, according to a quarterly report released by the San Diego-based Software Equity Group. Much of that increased spending, however, reflects an intensifying demand for cloud computing and software as a service (SaaS), as big-company CIOs increasingly accept the notion of … Continue reading “Software Industry Valuations Rise, Driven by Demand for Software-as-a-Service”

Xconomist of the Week: Tony Coles’ Journey from Mass General Doctor to SF Biotech CEO

Tony Coles was about nine years old when he decided to become a doctor. His father, a government accountant and a minister, told him that medicine and law were great professions. The younger Coles, a fan of math and science, opted for medicine. And even when teachers underestimated him, placing Coles in a math class … Continue reading “Xconomist of the Week: Tony Coles’ Journey from Mass General Doctor to SF Biotech CEO”

Entellus Medical Receives $35,000,000 Series E Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=78d84bf5-650a-4bfd-96ec-6ab3deaa9b69&Preview=1 Date 8/18/2011 Company Name Entellus Medical Mailing Address 6705 Wedgewood Ct North Maple Grove, MN 55311 Company Description Entellus is focused on providing unique solutions to the unmet clinical needs of the ENT physician through the development of innovative device technology. Website http://www.entellusmedical.com Transaction Type Venture Equity Transaction Amount $35,000,000 Transaction … Continue reading “Entellus Medical Receives $35,000,000 Series E Funding”

Are Free Motorola Phones in Our Future? A VC’s Take on Why Google is Buying Motorola

I was invited to go on Bloomberg West TV on Monday when news broke of Google’s plan to acquire Motorola for $12.5 billion in cash. I hadn’t had much time to digest the news before going on live television and found myself verbalizing my gut instinct: that is, I think Google will at some point … Continue reading “Are Free Motorola Phones in Our Future? A VC’s Take on Why Google is Buying Motorola”

Hydroelectricity Without Turbines or Dams? Vortex Hydro Energy Says It’s All About the VIV

What if you could generate hydroelectric power without turbines, propellers or dams—but by simply harnessing the current from the water the generator is placed in? According to Ann Arbor, MI-based startup Vortex Hydro Energy, thanks to a product developed by University of Michigan professor Michael Bernitsas, you can. Last decade, Bernitsas was attempting to build … Continue reading “Hydroelectricity Without Turbines or Dams? Vortex Hydro Energy Says It’s All About the VIV”

Finding Trends: Cleantech IPOs Skew Toward Biofuels, Materials, Energy Efficiency

Even before global markets reacted to the U.S. credit downgrade, IPOs for cleantech companies have been relatively few and far between. Still, the IPO data for the first half of 2011 reveals the kinds of alternative energy and green technology companies are going public—a good indication of which sectors are more likely to attract more … Continue reading “Finding Trends: Cleantech IPOs Skew Toward Biofuels, Materials, Energy Efficiency”

Accelerate Michigan Innovation Competition

Mid-to-late-stage busi­ness start-ups with poten­tial to gen­er­ate an imme­di­ate impact on Michigan’s econ­omy, as well as stu­dent con­cepts with longer-term busi­ness viability, will compete for more than $1 mil­lion in cash win­nings, plus in-kind awards of ser­vices, staffing and soft­ware, in what Accelerate Michigan calls “the world’s largest busi­ness plan competition.” Complete event details are … Continue reading “Accelerate Michigan Innovation Competition”

SironRX Therapeutics Secures $3,400,000 Series A Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=32dcc940-4014-4a84-924e-f41614e1bfef&Preview=1 Date 8/17/2011 Company Name SironRX Therapeutics Mailing Address 10000 Cedar Avenue Cleveland, OH 44106 Company Description SironRX is developing novel therapies exclusively licensed from Juventas Therapeutics and Cleveland Clinic that promote wound repair and prevent scarring of dermal wounds. Website http://www.sironrx.com Transaction Type Venture Equity Transaction Amount $3,400,000 Transaction Round Series … Continue reading “SironRX Therapeutics Secures $3,400,000 Series A Funding”

gDine Receives $500,000 New Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=812fcd78-ca05-4f34-8d8e-7909b6573953&Preview=1 Date 8/17/2011 Company Name gDine Mailing Address One North LaSalle Street Chicago, IL 60602 Company Description gDine is a one-stop-shop that gives everyone access to group dining reservations at exclusively negotiated rates. Website http://www.gDine.com Transaction Type Venture Equity Transaction Amount $500,000 Transaction Round Undisclosed Proceeds Purposes The angel funds will be … Continue reading “gDine Receives $500,000 New Financing”

20th Annual Symposium on Molecular Pathology

The 20th Annual Symposium on Clinical Applications in Genomic Medicine, sponsored by Beaumont Health System, is focused on the practices of hematology/oncology, infectious disease, cardiology, internal medicine, and pathology. Click here for details.

CeeTox Wins $25.9M Contract From EPA

Kalamazoo, MI-based life sciences company CeeTox announced today that it has been awarded a $25.9 million contract under the U.S. Environmental Protection Agency’s (EPA) ToxCast program to develop alternatives to animal testing for the toxicity of chemicals used in drugs, cosmetics, and personal care products. Rather than testing animals, CeeTox will test products on cells in … Continue reading “CeeTox Wins $25.9M Contract From EPA”

2011 Michigan Green Chemistry & Engineering Conference

This conference about sustainable growth is geared towards researchers, chemists, engineers, industry CEOs, students, educators, entrepreneurs, and policymakers interested in sharing ideas. Experts in technology, chemistry, engineering, and economic development will be on hand to discuss current and future trends. For details, click here.

Ahead of Schedule, UM Venture Accelerator Brings in Three New Startups

The University of Michigan’s Venture Accelerator, a startup incubator launched in January, announced last week that it’s now home to three new companies. This boosts the accelerator’s total number of startups to eight, which makes the incubator six to twelve months ahead of schedule for filling the space, according to Jim O’Connell, the director of … Continue reading “Ahead of Schedule, UM Venture Accelerator Brings in Three New Startups”

Computing in the Age of the $1000 Genome: Xconomy to Convene Next Big SF Event Oct. 24

An amazing innovation story has been unfolding the past few years in the field of gene sequencing, which is creating one of today’s biggest computing challenges. New DNA sequencing tools are improving at such a rapid pace that scientists say it will soon be possible to generate the 3-billion-letter signature of an individual’s DNA for … Continue reading “Computing in the Age of the $1000 Genome: Xconomy to Convene Next Big SF Event Oct. 24”

Innovate or Conserve Cash? The Growing Dilemma for Biotech Firms

There’s no doubt that managing a biotech company is an enduring challenge, even during less tumultuous economic times. Now, entrepreneurs are contending with resources that are incredibly tight, an economy that is unsettled, a stock market on a roller-coaster ride, and research and development budgets that are being slashed. The stewardship role entrusted to the … Continue reading “Innovate or Conserve Cash? The Growing Dilemma for Biotech Firms”

Metabolic Solutions Raises Another $6.8M

Kalamazoo, MI-based Metabolic Solutions Development, a developer of drugs to treat Type 2 diabetes, raised another $6.8 million in equity-based financing, according to a July 29 filing with the Securities and Exchange Commission. Twenty-three investors participated in the sale. Most of the financing is being used for expenses related to converting the company to an … Continue reading “Metabolic Solutions Raises Another $6.8M”

Evergreen Solar Seeks Bankruptcy Protection, Slices Another 65 Jobs, Suspends MI Plant

The Evergreen Solar story keeps getting worse. The Marlboro, MA-based solar technology company revealed today that it is filing for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware. The court documents were not available online today, but other media outlets have reported that Evergreen (NASDAQ: [[ticker:ESLR]]), with assets of $424.5 million, owed its roughly … Continue reading “Evergreen Solar Seeks Bankruptcy Protection, Slices Another 65 Jobs, Suspends MI Plant”

Startups: Always Have a Plan B

One of the key distinctions between an entrepreneur and an operating executive is an entrepreneur’s almost seamless agility in the face of changing circumstances versus an operating executive’s intense execution focus on a plan. World-class entrepreneurs learn how to combine both. WTF? Driving home over the mountains from a Coastal Commission hearing, I had time … Continue reading “Startups: Always Have a Plan B”

Ann Arbor SPARK snags $250K in accelerator funding

The U.S. Commerce Department‘s Economic Development Administration last week announced a $250,000 grant award to Ann Arbor SPARK. The funding will support development of a business accelerator model that can be used by communities throughout the U.S. Ann Arbor SPARK’s model will assist emerging businesses with marketing and development plans, as well as commercialization strategies, according to … Continue reading “Ann Arbor SPARK snags $250K in accelerator funding”

Time to Cure Cancer or Stash Cash Under the Mattress?

If you dared to flip the channel to CNBC any time during the past week, it would have been hard to stay calm. The market was whipsawing all over the place, up one minute, down the next. Fear of government defaults and the potential for another recession were topics of endless debate. Fund managers were … Continue reading “Time to Cure Cancer or Stash Cash Under the Mattress?”

Metabolic Solutions Development Secures $6,810,000 New Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=1ea44e90-11b0-40ee-ac91-a66365487442&Preview=1 Date 8/15/2011 Company Name Metabolic Solutions Development Mailing Address 161 East Michigan Ave. 4th Floor Kalamazoo, MI 49007 Company Description Metabolic Solutions Development Company was formed in January 2006 to develop innovative therapeutics addressing the growing global threat of type 2 diabetes and other metabolic disorders. Its founders are two scientists … Continue reading “Metabolic Solutions Development Secures $6,810,000 New Financing”

There Is an Incubator Bubble—And It Will Pop

This week we published the third annual edition of the Xconomy Guide to Venture Incubators. It’s the only source we know of where U.S. entrepreneurs starting technology, life sciences, or energy companies can survey all of the early-stage mentoring and investment programs open to them in a single document. (You can buy the downloadable file … Continue reading “There Is an Incubator Bubble—And It Will Pop”

Obama Announces $45M in Grants to MI Companies

President Barack Obama today announced that six Southeast Michigan-based companies would receive grants totaling approximately $45 million from the U.S. Department of Energy (DOE) to develop technologies used to make vehicles more fuel efficient. He made the announcement during a tour of Johnson Controls‘ advanced battery manufacturing facility in Holland, MI. The Michigan companies receiving … Continue reading “Obama Announces $45M in Grants to MI Companies”

ALTe, PG&E to Partner on Powertrain Development Project

ALTe, the Auburn Hills, MI-based developer of a extended-range electric powertrains used to power light commercial vehicles, last week announced it will collaborate with the San Francisco-based Pacific Gas & Electric Company (PG&E), one of the largest utilities in the United States, on a powertrain project for the fleet industry. ALTe will retrofit one of … Continue reading “ALTe, PG&E to Partner on Powertrain Development Project”