Category: Detroit

BrightTag Receives $5,000,000 Series B Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=b175177f-f5df-4b63-ba6a-a2d75892933b&Preview=1 Date 8/11/2011 Company Name BrightTag Mailing Address 150 N. Wacker Drive Chicago, IL 60606 Company Description The company is operating as a digital advertising company. Website http://www.thebrighttag.com Transaction Type Venture Equity Transaction Amount $5,000,000 Transaction Round Series B Proceeds Purposes Most of the money is going to go toward continuing to … Continue reading “BrightTag Receives $5,000,000 Series B Financing Round”

UM Awarded Nuclear Research Grants

The U.S. Department of Energy announced yesterday it awarded the University of Michigan nearly $3.5 million in research grants, aimed at developing cutting-edge nuclear energy technologies and training and educating the next generation of leaders in the U.S. nuclear industry. The university received a total of four awards in the areas of fuel cycle research … Continue reading “UM Awarded Nuclear Research Grants”

Ventower Debuts Wind Turbine Plant

Ventower Industries, the Monroe, MI-based fabricator and supplier of utility-scale wind turbine towers, opened the doors yesterday to its new, 115,000-square-foot manufacturing facility with direct dock access to Lake Erie. The high-tech plant is the culmination of four years of planning that came to fruition in part thanks to local, state, and federal incentives. The location … Continue reading “Ventower Debuts Wind Turbine Plant”

Xconomy Guide to Venture Incubators Back For A Third Year, Sixty-Four Programs Strong

You could say that the institution of the startup incubator has gotten its chance to shine this year. One way we can tell? Our third annual Xconomy Guide to Venture Incubators has nearly doubled in size from the 2010 version. The big boom wasn’t a total surprise, given that this year politicians and the like … Continue reading “Xconomy Guide to Venture Incubators Back For A Third Year, Sixty-Four Programs Strong”

Aastrom Enters Final-Stage Trial With Stem-Cell Therapy for CLI Patients

Ann Arbor, MI-based startup Aastrom (NASDAQ: ASTM) recently announced it has reached an agreement with the FDA on the terms of a Special Protocol Assessment for the design of its Phase III clinical study of ixmyelocel-T, the company’s multicell therapy for patients with critical limb ischemia (CLI) who have no other treatment options. CLI is … Continue reading “Aastrom Enters Final-Stage Trial With Stem-Cell Therapy for CLI Patients”

Downgrading America?

I don’t know how most Americans feel these days, but I haven’t felt like this since just before Richard Nixon left office in 1974. Our political leaders (think “jumbo shrimp” or “military intelligence”) have just completed a grand game of chicken. They ended up in just the same position Neville Chamberlain was when he negotiated … Continue reading “Downgrading America?”

Livio Radio Obtains New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=049c4ba0-43b5-4803-99cb-9257b47aad7b&Preview=1 Date 8/9/2011 Company Name Livio Radio Mailing Address Undisclosed Ferndale, MI 48220 Company Description The company provides Internet audio streams. Website http://www.livioradio.com Transaction Type Debt Transaction Amount Undisclosed Transaction Round Undisclosed Proceeds Purposes Livio plans to add more engineering and marketing jobs with projected sales growth from car Internet radio series. … Continue reading “Livio Radio Obtains New Funding”

Bloomberg vs. Men’s Health: Is Detroit a Tech Hotbed?

Amid the doom and gloom of downgraded bond ratings, debt ceilings and unemployment figures, a rare bit of good news poked through the muck last week like a crocus in springtime: According to a report by Bloomberg/BusinessWeek, Detroit ranks second in the nation for cities with the most new technology jobs. Fueling this hiring boom, … Continue reading “Bloomberg vs. Men’s Health: Is Detroit a Tech Hotbed?”

Dendreon Wounds Are Self-Inflicted, Not the Start of a Biotech Industry Virus

Dendreon has made its share of mistakes before. But last week, the Seattle cancer drug developer achieved the biotech equivalent of fumbling the ball on the 1-yard line with time running out on the clock. The failure was so painful, so shocking, it erased two-thirds of the company’s stock value—about $3 billion. It even started … Continue reading “Dendreon Wounds Are Self-Inflicted, Not the Start of a Biotech Industry Virus”

BigTime Software Secures $2,000,000 Series A Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=7e375dbb-a3cd-41fe-84c6-11faf3021b1e&Preview=1 Date 8/8/2011 Company Name BigTime Software Mailing Address 1 South Wacker Chicago, IL 60606 Company Description BigTime Software, Inc. (originally founded in 2002 as Edison’s Attic, Inc.) is a global provider of software solutions. Website http://www.edisonsattic.com Transaction Type Venture Equity Transaction Amount $2,000,000 Transaction Round Series A Proceeds Purposes The proceeds … Continue reading “BigTime Software Secures $2,000,000 Series A Financing Round”

An Open Letter to Dendreon’s Chairman

[Editor’s Note: This letter was sent today to Dendreon chairman Richard Brewer.] Dear Mr. Brewer: Just over five months ago I wrote to you expressing serious concerns about the composition of the board of directors and its oversight of Dendreon’s management. I appreciated the opportunity to discuss these views in person with management at company … Continue reading “An Open Letter to Dendreon’s Chairman”

Bonfire of the Vanities: The Difference Between Marketing and Sales in Tech

When I was in my 20s, I was taught the relationship between marketing and sales over a bonfire. — Over 30 years ago, before the arrival of the personal computer, there were desktop computers called office workstations. Designed around the first generation of microprocessors, these computers ran business applications like word processing, spreadsheets, and accounting. … Continue reading “Bonfire of the Vanities: The Difference Between Marketing and Sales in Tech”

Radio Without Radios, Books Without Bookstores: Welcome to the Era of Unbound Media

Last weekend I decided to get serious about the fact that I live in an earthquake zone, and started putting together a kit with all the food, water, and equipment I’d need to survive for a few days if local services broke down. One of the items that turns up on all of the standard … Continue reading “Radio Without Radios, Books Without Bookstores: Welcome to the Era of Unbound Media”

Detroit Startup H2bid Connects Water Utilities, Vendors Through E-Bidding Service

Perhaps it’s no surprise that the Great Lakes State is home to the world’s largest online clearinghouse for water utility contract opportunities. H2bid.com, believed to be the only Internet business of its kind, connects water utilities with vendors through its cloud-based e-bidding services. The Detroit startup was founded in 2006 by Glenn Oliver, a former … Continue reading “Detroit Startup H2bid Connects Water Utilities, Vendors Through E-Bidding Service”

Xconomist of the Week: Five Questions About Life Sciences Investing for Dennis Purcell of Aisling Capital

Dennis Purcell is the senior managing partner of New York-based Aisling Capital, one of the top venture capital firms in the life sciences industry, with $1.65 billion under management. In 2009, Aisling closed its third fund, worth $650 million. Aisling Capital’s first fund started up in 2002 with the goal of supporting startups across the … Continue reading “Xconomist of the Week: Five Questions About Life Sciences Investing for Dennis Purcell of Aisling Capital”

Deadline to Enter Accelerate Michigan Innovation Competition is August 10

The deadline is quickly approaching for those who wish to enter the Accelerate Michigan Innovation Competition. Applications must be completed by Aug. 10 for companies and Sept. 30 for students. The awards will be announced Nov. 17 at the Henry Ford Museum in Dearborn. The Accel­er­ate Michi­gan Inno­va­tion Com­pe­ti­tion is a global busi­ness plan com­pe­ti­tion … Continue reading “Deadline to Enter Accelerate Michigan Innovation Competition is August 10”

Kiva Chooses Detroit as First City for Crowdfunded Microfinance Program

When Delphia Simmons’ boss at COTS Detroit, an organization founded in 1982 to address the city’s growing homeless crisis, came back from a trip to Philadelphia with an armload of newspapers produced and sold by homeless people there as a means of self-support, an idea started bubbling in the back of Simmons’ mind. “I had … Continue reading “Kiva Chooses Detroit as First City for Crowdfunded Microfinance Program”

You’d Better Shop Around: Doing Due Diligence on Your VC

For a first-time entrepreneur, dealing with a venture capitalist can involve an equal mix of excitement and apprehension. If the VC has any sort of reputation or prominence, entrepreneurs are often grateful simply to be pitching their idea in the first place. Should discussions get far enough along that a term sheet is offered, a … Continue reading “You’d Better Shop Around: Doing Due Diligence on Your VC”

Securus Medical Group Secures $750,000 New Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=4e076d64-508d-4d4b-9174-5aa7c6e5fbc0&Preview=1 Date 8/2/2011 Company Name Securus Medical Group Mailing Address 15 Shoreby Drive Cleveland, OH 44108 Company Description Securus Medical Group, a Cleveland, OH-based company that develops a product that provides real-time temperature mapping within a hollow body cavity. Website Undisclosed Transaction Type Venture Equity Transaction Amount $750,000 Transaction Round Undisclosed Proceeds … Continue reading “Securus Medical Group Secures $750,000 New Funding Round”

ValueClick Acquires Dotomi for $295,000,000

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=7383d5e3-a9b3-4ca9-89fe-1e6b60b78466&Preview=1 Date 8/2/2011 Company Name Dotomi Mailing Address 168 N. Clinton St. Chicago, IL 60661 Company Description Dotomi creates a direct relationship between marketers and consumers by opening a one-to-one messaging channel through banner ad real-estate. Dotomi is 100% privacy compliant to enable consumers to rule over the messages they receive from … Continue reading “ValueClick Acquires Dotomi for $295,000,000”

Detroit Xconomist David Cole Switches Gears with AutoHarvest

David Cole, the former chairman of the Center for Automotive Research, recently announced his new role as co-founder and chairman of AutoHarvest, a nonprofit website that aims to connect the auto industry with the local entrepreneurial ecosystem in order to market and commercialize intellectual property. Once connected, members can build personal and company profiles; participate … Continue reading “Detroit Xconomist David Cole Switches Gears with AutoHarvest”

What I Learned About Healthcare as a Patient: The Delivery System Has Got to Change

You can read all the books and news stories you want on the U.S. healthcare system, and conclude it’s profoundly messed up. But sometimes there’s nothing so enlightening as first-hand experience. I’ve been thinking about how awful U.S. healthcare is the past couple weeks, based on my latest experience as a patient. It’s made me … Continue reading “What I Learned About Healthcare as a Patient: The Delivery System Has Got to Change”

CloudOne Receives $1,900,000 New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=12308a8b-6f16-4f95-8246-b84b72404d1d&Preview=1 Date 7/31/2011 Company Name CloudOne Mailing Address Undisclosed Chicago, IL 60601 Company Description CloudOne delivers all the benefits of the Rational software development tools you already rely on, with the added value of an elastic, on-demand model. You gain a global collaboration platform to support distributed development for every phase of … Continue reading “CloudOne Receives $1,900,000 New Funding”

GM Puts $7.5M into Sunlogics

Sunlogics, a Rochester Hills, MI-based developer of thin-film photovoltaic arrays for solar energy farms, revealed today (PDF) that it has collected $7.5 million in equity-based financing from Detroit-based General Motors Ventures. GM also committed to buy solar charging canopies for Chevrolet dealerships and other GM facilities, and to purchase power from large-scale solar arrays built … Continue reading “GM Puts $7.5M into Sunlogics”

At 2011’s Midpoint, Three Good Tech Trends and Three Not-So-Good Trends to Watch

Mid-year reports tend to be check-ins or check-ups; and they’re usually not very interesting, analytical, or helpful. The real fireworks often take place at the end of the year, when the 12-month look-back and 12-month look-ahead forecast steals the show—in terms of shedding light, providing perspective, and setting the agenda. Not so in 2011. Here … Continue reading “At 2011’s Midpoint, Three Good Tech Trends and Three Not-So-Good Trends to Watch”

How I Decide What to Write About-And Why I Might Not Cover Your Company

Dharmesh Shah, the co-founder of HubSpot and the author of the blog OnStartups, shared a post last week that really hit home. It was called “Dear Friend: Sorry: My Heart Says Yes, But My Schedule Says No.” Dharmesh explained that his e-mail inbox is perpetually overloaded with requests from people who want to meet with … Continue reading “How I Decide What to Write About-And Why I Might Not Cover Your Company”

Ford, TechShop Partner on Detroit Location to Help Everyday Inventors Create, Build—and Commercialize—New Technologies

At first glance, the nondescript office park at 800 Republic Drive in Allen Park, MI, is notable only for being situated next to the Detroit Lions’ practice facility. That’s set to change on Nov. 18, when the building will be transformed into TechShop Detroit, a joint project between Ford and TechShop, the DIY communal fabrication … Continue reading “Ford, TechShop Partner on Detroit Location to Help Everyday Inventors Create, Build—and Commercialize—New Technologies”

National Science Foundation Unveils a Startup School Modeled on Steve Blank’s Lean LaunchPad

Incubator madness has reached all the way to Washington, D.C. The National Science Foundation announced today that with the help of private-sector partners, it plans to put at least $5 million per year into a new program, the Innovation Corps or I-Corps, aimed at helping university scientists and engineers build startups around their technologies. The … Continue reading “National Science Foundation Unveils a Startup School Modeled on Steve Blank’s Lean LaunchPad”

$25M in State Funding Will Support Entrepreneurs, Startups

The Michigan Economic Development Corporation (MEDC) announced yesterday that the Michigan Strategic Fund (MSF) has awarded $25 million to six metro Detroit organizations that will support entrepreneurs in launching and growing startup companies throughout the state. The funding comes from the state’s 21st Century Jobs fund, which is focused on the commercialization of cutting-edge technologies … Continue reading “$25M in State Funding Will Support Entrepreneurs, Startups”

Detroit Deals Stay Sluggish in Q2, Ready for Some Magic

Detroit startups have less than sunny results to report for fundraising in second quarter of 2011. There were just two startups in the area that inked investments from April through June, and those deals added up to a meager $2.21 million, according to the MoneyTree Report, compiled by the National Venture Capital Association and PricewaterhouseCoopers, … Continue reading “Detroit Deals Stay Sluggish in Q2, Ready for Some Magic”

Sunlogics Receives $7,500,000 New Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=4b12fccb-31ae-4adf-8e9a-b6beaedecb72&Preview=1 Date 7/28/2011 Company Name Sunlogics Mailing Address 2910 Waterview Drive Rochester Hills, MI 48309 Company Description In each vertical that Sunlogics operates, we offer unique and tailored solutions that help companies execute sustainable energy initiatives while minimizing their required capital investments. Website http://www.sunlogics.com Transaction Type Venture Equity Transaction Amount $7,500,000 Transaction … Continue reading “Sunlogics Receives $7,500,000 New Financing”

Sarah Schmid Suits Up for Xconomy Detroit

Sarah Schmid’s high school and mine were rivals, but I’m not holding it against her. In fact, having a home-grown Michigan journalist take up the reins of Xconomy Detroit is so exciting I’m willing to overlook any number of gridiron defeats and any amount of adolescent cooler-than-thou posturing. Even more exciting is the fact that … Continue reading “Sarah Schmid Suits Up for Xconomy Detroit”

Chinese Companies Flock to Metro Detroit in Search of Automotive Expertise

When Tianhai Electric North America won a $300,000 incentive from the Michigan Economic Growth Authority to establish a world headquarters in Orion Township this past May, it was the latest example of a Chinese automotive company choosing to locate operations in Southeast Michigan—and part of a growing trend that has the Detroit area playing an … Continue reading “Chinese Companies Flock to Metro Detroit in Search of Automotive Expertise”

Health IT Is the New Black

Once upon a time there was “ehealth.” That time was the late 1990’s and there was a temporary ripple in The Force when anything that combined healthcare and the Internet had a suddenly popularity in the venture capital investment community. Companies like the original WebMD, the original Medscape, Mediconsult.com, DrKoop.com, Medibuy, Adam.com, PlanetRx, and a … Continue reading “Health IT Is the New Black”

Horizon Pharma Obtains $49,500,000 New Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=ee5d505c-3ceb-4088-ad1a-065309eca7ec&Preview=1 Date 7/27/2011 Company Name Horizon Pharma Mailing Address 1033 Skokie Boulevard Northbrook, IL 60062 Company Description Horizon Pharma, Inc. (NASDAQ: HZNP) is a biopharmaceutical company focused on the rapid development and commercialization of therapeutic treatments for mild-to-moderate pain management. The Company is building a novel portfolio of therapies through innovative combinations … Continue reading “Horizon Pharma Obtains $49,500,000 New Round”

Segmint Secures $250,000 New Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=0fb1e298-1b47-4f5f-aad6-d3736638cc53&Preview=1 Date 7/27/2011 Company Name Segmint Mailing Address 30B Northwest Ave Tallmadge, OH 44278 Company Description SEGMINT’s software will enable analyses of every aspect of a consumer’s spending habits, from a wide variety of data sources. Utilizing its Technical and Service Partnerships, the Company will be capable of accessing consumer data down … Continue reading “Segmint Secures $250,000 New Financing”

IPO Activity Returns to Pre-Recession Levels in Second Quarter

The economic deep freeze is thawing for IPOs on U.S. exchanges, according to a quarterly report issued today by the Ernst & Young accounting firm. The number of companies in registration for an initial public offering increased to 140 during the three months that ended June 30, according to the latest the “Ernst & Young … Continue reading “IPO Activity Returns to Pre-Recession Levels in Second Quarter”

MI Businesses First to Benefit From New U.S. Investment Initiative

The U.S. Small Business Association (SBA) today announced a partnership with Dow Chemical and state investment funds to help finance second-stage growth companies in Michigan, the first state in the nation to take part in the new nationwide investment initiative. The InvestMichigan! Mezzanine Fund, part of the $1 billion Start-Up America Impact Investment SBIC Initiative, will pump … Continue reading “MI Businesses First to Benefit From New U.S. Investment Initiative”

750k for Are You A Human?

Are You A Human?, the developer of an alternative to the ubiquitous CAPTCHA human-verification test that is designed to block spammers, has raised a $750,000 Series A financing round, according to a press release. Detroit Venture Partners, whose CEO Josh Linkner showcased Are You A Human?  last week as one of the firms it had … Continue reading “750k for Are You A Human?”

Venture for America Recruiting College Grads for Startup Jobs in Detroit, Providence, and More, Says Founder

New companies struggling to hire fresh talent may find help in the form of a nonprofit organization that debuted last Wednesday in New York. Venture for America says it will match a select group of college grads with early-stage companies, particularly in cities that face employment challenges. “Our main goal is to create U.S. jobs,” … Continue reading “Venture for America Recruiting College Grads for Startup Jobs in Detroit, Providence, and More, Says Founder”

Are You a Human Secures $750,000 Series A Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=882182d6-0b09-424e-aba9-a84ec9b8a6dc&Preview=1 Date 7/26/2011 Company Name Are You a Human Mailing Address 1825 Woodbury Ann Arbor, MI 48104 Company Description Are You a Human, LLC develops human authentication applet for use on websites. The company was formerly known as AYaH, LLC. It was incorporated in 2011 and is based in Ann Arbor, Michigan. … Continue reading “Are You a Human Secures $750,000 Series A Funding Round”

MI’s Augment Ventures Announces First Investment

Augment Ventures, a new early-stage venture capital fund in Ann Arbor, MI, today announced it has closed its first round of funding and made its first investment in Aperia Technologies, a cleantech company developing an automatic tire inflation device for trucks. “Augment, which has an overall fund goal of $20 million, will invest in transformational … Continue reading “MI’s Augment Ventures Announces First Investment”

The Man Behind the Magic

This past week was truly a “magical” one for me. Earvin “Magic” Johnson, the hall of fame basketball star, brilliant entrepreneur, and generous philanthropist joined my venture capital firm, Detroit Venture Partners, as our fourth partner. Spending the day with Earvin reveals something much more than his legendary stats and accomplishments, however. His rarified level … Continue reading “The Man Behind the Magic”

My Farewell Present: Six Observations About Michigan’s Innovation Economy

Due to some unforeseen personal issues, I have to end my tenure as editor of Xconomy Detroit far sooner than I would like. But in my relatively short time here, I’ve discovered no shortage of interesting and compelling stories in Michigan. Here are my top six takeaways from my six months in the Wolverine State. … Continue reading “My Farewell Present: Six Observations About Michigan’s Innovation Economy”

The CliffsNotes Version of True University—The 2-Day Startup School from True Ventures

After I wrote a long article profiling the unusual culture at True Ventures, the San Francisco-based early stage investing fund known for its investments in startups like Automattic, GigaOm, and KissMetrics, the firm invited me to attend True University, a two-day conference on startup-building tactics at the University of California at Berkeley. (Well, the truth … Continue reading “The CliffsNotes Version of True University—The 2-Day Startup School from True Ventures”

Dow Jones Shows Slight Decline in Venture Deals, Dollars, Since Last Year

More or less correlating the results of two previous venture capital surveys, Dow Jones VentureSource says today that venture investors throughout the United States put $8 billion into 776 deals during the second quarter that ended June 30. In terms of absolute numbers, that’s fairly close to venture data we reported Wednesday from the MoneyTree … Continue reading “Dow Jones Shows Slight Decline in Venture Deals, Dollars, Since Last Year”

Elevance Renewable Sciences Lands $50,000,000 Series D Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=d0f84ec2-9cd7-40b4-bf73-977ed2a5ff05&Preview=1 Date 7/22/2011 Company Name Elevance Renewable Sciences Mailing Address 175 E. Crossroads Parkway Bolingbrook, IL 60440 Company Description Elevance Renewable Sciences, Inc. creates a wide range of specialty chemicals from natural oils. Using a Nobel Prize winning technology called olefin metathesis; the company creates high performance waxes, functional oils, anti-microbials, lubricants, … Continue reading “Elevance Renewable Sciences Lands $50,000,000 Series D Round”

Magic Johnson Joins and Funds Detroit Venture Partners

Detroit Venture Partners, less than a year old, is adding a big name (and investor) to its roster. It announced today that NBA hall of famer and Michigan native Earvin “Magic” Johnson has joined the Motown venture firm as a general partner and will be investing millions in the fund. “Earvin brings so much to the … Continue reading “Magic Johnson Joins and Funds Detroit Venture Partners”