Four Michigan companies have received a combined $122,000 through the Michigan Microloan Fund Program, managed by the Ann Arbor SPARK business incubator. The latest funding round brings the total amount invested through the program to more than $1.2 million among 35 companies since July 2009, according to a news release today. Microloans available through the … Continue reading “Michigan Microloan Fund Awards Lifelines Worth $122,000 Combined to Four More Companies”
Category: Detroit
At Michigan’s Wolverine Venture Fund, Students Learn Via Reality VC
Tom Kinnear says he is a great “theoretical golfer.” It is the implementation that is lacking. In the same way, business students who learn how venture capital works without ever investing real money in real companies may be at a disadvantage, Kinnear says. That’s why, 11 years ago, Kinnear and colleagues at the University of … Continue reading “At Michigan’s Wolverine Venture Fund, Students Learn Via Reality VC”
GM, Ford Announce Plans To Beam Google Maps Directions Directly To Autos
If you drive a General Motors or Ford vehicle and subscribe to proper services, you’ll be able to avoid printing maps and schlepping them to the car before the end of the month. That’s because both auto companies today announced new partnerships with Google that enable users to beam turn-by-turn directions from Google Maps directly … Continue reading “GM, Ford Announce Plans To Beam Google Maps Directions Directly To Autos”
Mobile Sign Language Systems Wins Competition
Mobile Sign Language Systems, a University of Michigan startup developing smart phone software that translates spoken English into real-time video of sign language, has won an Ann Arbor SPARK business pitch competition, beating out four competitors. The company will get incubator space in Ypsilanti, MI, and $50,000 in business acceleration services.
San Diego Chargers: Region Serves as a Testbed for new EVs and Their Charging Stations
San Diego County, which is bounded to the South by the U.S. border with Mexico, along the West by the Pacific Ocean and in the East by the parched deserts of Imperial Valley, has often served as a test market for everything from light beer to broadband wireless plans. And over the next year or … Continue reading “San Diego Chargers: Region Serves as a Testbed for new EVs and Their Charging Stations”
Michigan, Ohio Firms Partner to Launch 2nd VC Fund For Great Lakes Regional Investments
Amid a tough fund-raising climate in the Great Lakes region, a pair of firms in Michigan and Ohio are nevertheless optimistic enough to for a second go-around in a venture capital fund. Ann Arbor, MI-based Plymouth Management is working with Toledo-based Rocket Ventures to establish a $40 million fund called Plymouth Venture Partners Fund II … Continue reading “Michigan, Ohio Firms Partner to Launch 2nd VC Fund For Great Lakes Regional Investments”
Bizdom U Fall Applications Due June 11
Bizdom U, a Detroit nonprofit service that provides business training, mentorship, and other resources, is looking for 20 entrepreneurs for its fall 2010 session. Application deadline is June 11. The free program includes a living stipend, laptops, personal data devices, and materials. Entrepreneurs who complete the program and prepare an approved plan for a viable … Continue reading “Bizdom U Fall Applications Due June 11”
Of Cuban Missiles and Chinese Wind Turbines
Recently I had the opportunity to participate in a series of meetings in Washington, DC, together with an impressive array of business leaders and investors. The group that held the meetings is called the Progressive Business Leaders Network, and it focuses on a select set of issues that are critical to driving U.S. competitiveness. PBLN’s … Continue reading “Of Cuban Missiles and Chinese Wind Turbines”
Tolera Therapeutics, Cleveland Clinic Spinoff Focused on Immune Disorders, Raises $4M
Tolera Therapeutics was named one of Michigan’s top 50 companies to watch this spring, and now it has raised more capital to pursue its idea for making effective new drugs against immune system disorders. The company, based in Kalamazoo, MI, has nailed down about $4.1 million out of an equity financing round that could be … Continue reading “Tolera Therapeutics, Cleveland Clinic Spinoff Focused on Immune Disorders, Raises $4M”
General Motors Launches VC Subsidiary to Develop New Automotive Technologies
General Motors today announced another measure aimed at showing the world that it can learn new tricks. Suffering from some severe image problems as a result of its recent government bailout, GM has launched a new venture capital subsidiary aimed at identifying and developing innovative automotive technologies. Add this development to the soon-to-be released electric … Continue reading “General Motors Launches VC Subsidiary to Develop New Automotive Technologies”
Let’s Abandon the Industrial-Decay Porn and Take a Closer Look at What’s Growing in Detroit
If you got all your information about Detroit from the blogosphere, the mainstream media, or the photography section of your local bookstore and never actually visited the Motor City, you could be forgiven for assuming that it’s one giant, bombed-out wasteland. That’s certainly the impression conveyed by many of the artists who have been criss-crossing … Continue reading “Let’s Abandon the Industrial-Decay Porn and Take a Closer Look at What’s Growing in Detroit”
Firm58 Obtains $7,000,000 Series C Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=f54d2425-0ef5-499c-834a-731f9793a895&Preview=1 Date 6/4/2010 Company Name Firm58 Mailing Address 130 South Jefferson Street Second Floor Chicago, IL 60661 Company Description Firm58 offers on-demand post-trade management software solutions to manage critical operations such as position management, billing, reconciliation, payment, fees and commission calculations, in addition to customer, financial and operational analytics. By automating all … Continue reading “Firm58 Obtains $7,000,000 Series C Round”
Anulex Technologies Obtains $18,260,000 Series E Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=1c3c002f-df66-4864-a112-d7cd31bd45e5&Preview=1 Date 6/4/2010 Company Name Anulex Technologies Mailing Address 5600 Rowland Road Minnetonka, MN 55343 Company Description Anulex™ Technologies is redefining discectomy by developing proprietary medical technology designed to effectively repair and seal the anulus. Website http://www.anulex.com Transaction Type Venture Equity Transaction Amount $18,260,000 Transaction Round Series E Proceeds Purposes This financing … Continue reading “Anulex Technologies Obtains $18,260,000 Series E Financing”
Tolera Therapeutics Lands $4,100,000 New Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=dc7459ba-c906-41b9-8b69-b9e68995b993&Preview=1 Date 6/4/2010 Company Name Tolera Therapeutics Mailing Address 350 E. Michigan Avenue Kalamazoo, MI 49007 Company Description Building upon research done at the University of Kentucky and the Cleveland Clinic, Tolera Therapeutics is developing and commercializing therapies for the immune suppression / modulation market with the goal of addressing unmet medical … Continue reading “Tolera Therapeutics Lands $4,100,000 New Funding”
The Business of Plugging In
As we move from the horseless carriage to the gasless carriage with several plug-in electric vehicles (PEVs) entering the market later this year, we will mark a significant milestone in the history of the automotive industry. The 2010 Business of Plugging In conference will bring together industry leaders focusing on the growth of PEVs and … Continue reading “The Business of Plugging In”
All-Michigan VC Team Helps Bring State-Grown Medical Imaging Technology to Market
There are three reasons Michigan can feel good about a recent $8 million venture capital investment in Detroit-based medical imaging company Delphinus Medical Technologies. It is an investment in a Michigan company; The investment comes from an all-Michigan VC team; It is an investment in Michigan-grown technology developed in one of the state’s premier research … Continue reading “All-Michigan VC Team Helps Bring State-Grown Medical Imaging Technology to Market”
Aastrom Biosciences Seeks to Catch Cell Therapy Wave, Ride Dendreon’s Coattails
Dendreon blazed a new trail in late April when it won FDA approval of a treatment to actively stimulate a patient’s own immune cells to fight prostate cancer. Now lots of companies are casting themselves as the next Dendreon, with gee-whiz biotechnology on the verge of a breakout. One of them is Ann Arbor, MI-based … Continue reading “Aastrom Biosciences Seeks to Catch Cell Therapy Wave, Ride Dendreon’s Coattails”
Zipcar Files to Take $75M IPO Ride
Zipcar has set its sights on a new funding vehicle: An initial public offering. The Cambridge, MA-based car sharing service says it wants to raise $75 million in an IPO, according to an SEC filing. The company, founded in 2000, has changed the way many people think about renting cars. Its members can reserve cars … Continue reading “Zipcar Files to Take $75M IPO Ride”
Goby and TripAdvisor: Two Great Mobile Apps for Your Upcoming Travels
It’s almost Memorial Day weekend, when thoughts turn to vacation and summer road trips, so I thought I’d write briefly today about two cool travel-related mobile apps, both hailing from the Boston area. But first, I want to take a moment to remind you that June is Innovation Month in New England. Similar to the … Continue reading “Goby and TripAdvisor: Two Great Mobile Apps for Your Upcoming Travels”
TechTown, Unity Studios Will Partner to Produce Michigan-Based Film Crews
OK. You’re a Hollywood director, and you’ve come to the Detroit area to film your movie and take advantage of Michigan’s highest-in-the-nation 42 percent tax credit. You’ve set up your home base in a local hotel and your star—let’s say, oh, Meryl Streep—she’s costing you $100,000 a day. You need to find a local crew … Continue reading “TechTown, Unity Studios Will Partner to Produce Michigan-Based Film Crews”
Is it Time for the FDA to Chime in on Drug Company Tweets?
These days, when I least expect it, an e-mail pops into my inbox that I can’t ignore. It announces that someone is following me on Twitter. I’m still figuring out how it works (I have a measly 4 tweets to my name), which explains why, upon reading one of those e-mails, I usually succumb to … Continue reading “Is it Time for the FDA to Chime in on Drug Company Tweets?”
The Clean Energy Choice—To Lead or Lag
This month a group of 50 clean energy CEOs, investors and executives from New England traveled to Washington D.C. to deliver a common message to our leaders in the nation’s capitol: comprehensive energy and climate legislation is critical for building the clean energy economy here in New England and across the United States. The Kerry-Lieberman … Continue reading “The Clean Energy Choice—To Lead or Lag”
Google Touts Its Role, State by State, in U.S. Economic Growth
Google unveiled the results of its first state-by-state analysis of the company’s impact on regional economies at press events in 10 cities on Tuesday, including Cambridge, MA, Detroit, and Seattle. For the most part, Google measured the value it generates when local advertisers and Web publishers use its AdWords and AdSense platforms for Web advertising. … Continue reading “Google Touts Its Role, State by State, in U.S. Economic Growth”
Detroit Breast Cancer Imaging Company Delphinus Medical Gets $8M Investment
A decade of hard work is beginning to pay off for breast cancer researchers at Detroit’s Barbara Ann Karmanos Cancer Institute, whose spinoff company, Delphinus Medical Technologies, announced last night it has attracted $8 million in venture capital to help bring its breast cancer imaging device to market. The lead investor is Arboretum Ventures of … Continue reading “Detroit Breast Cancer Imaging Company Delphinus Medical Gets $8M Investment”
Delphinus Medical Technologies Lands $8,000,000 New Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=d36f757f-bfa0-4c2c-9a39-d103d82a5103&Preview=1 Date 5/25/2010 Company Name Delphinus Medical Technologies Mailing Address Hudson-Webber Cancer Research Center Detroit, MI 48201 Company Description Delphinus Medical Technologies, LLC., is a Michigan company and a spin-off of the Barbara Ann Karmanos Cancer Institute (KCI). Delphinus has succeeded in building a three-dimensional full-breast ultrasound imaging device that effectively differentiates … Continue reading “Delphinus Medical Technologies Lands $8,000,000 New Round”
Bioformix Lands $1,050,000 New Round
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=7f08af72-1249-4ecc-a856-f08c7a908db3&Preview=1 Date 5/25/2010 Company Name Bioformix Mailing Address Undisclosed Blue Ash, OH 45242 Company Description The company is developing sustainable id users and plastic alternatives. Website Undisclosed Transaction Type Venture Equity Transaction Amount $1,050,000 Transaction Round Undisclosed Proceeds Purposes Proceeds purposes were not disclosed. M&A Terms Venture Investor CincyTech Venture Investor Queen … Continue reading “Bioformix Lands $1,050,000 New Round”
Ford Invests $135M In Green Cars
Ford says it is “moving to create” a “center of excellence” for electric and hybrid vehicles with its announcement today that it is investing $135 million to design, engineer, and produce key green vehicle components. The company is adding 170 jobs to its Rawsonville, MI, plant to assemble battery packs and more than 50 engineers … Continue reading “Ford Invests $135M In Green Cars”
Five Companies Picked To Slug it Out for Ann Arbor SPARK Incubator Space
Five companies ranging in focus from fueling to family planning will have a chance to compete for $50,000 in business acceleration services and a one-year incubator lease at SPARK East in Ypsilanti, MI, on June 4. Business incubator Ann Arbor SPARK, which first announced the competition at the end of April, listed the finalists today. … Continue reading “Five Companies Picked To Slug it Out for Ann Arbor SPARK Incubator Space”
Detroit Companies Form Wind Center
A computer-simulation company and an engineering company, both in the Detroit area, are pooling together their wind energy expertise and calling themselves the North American Wind Energy Innovation and Development Center, according to an announcement today at a conference in Dallas. Engineering and testing company Ricardo, with an office in Van Buren Township, MI, and … Continue reading “Detroit Companies Form Wind Center”
What Can Detroit Do? Innovate, Collaborate, Reinvigorate
Fifty-five years ago, as a young boy growing up on the Mississippi Delta, I had never heard of Paris, France, but I knew all about Detroit, MI. My adult cousins, Melvin, Earl, and Mildred lived there. Detroit was their city of dreams and became, for us, a place of great possibilities. Detroit did not come … Continue reading “What Can Detroit Do? Innovate, Collaborate, Reinvigorate”
Mascoma’s Plan for Ethanol Plant in Michigan Likely Delayed, CEO Says
Lebanon, NH-based Mascoma has made strides with its process for producing ethanol from non-food plants such as wood chips and grass. Yet the firm is likely to delay the start of production at its first planned commercial facility, in northern Michigan, company CEO Bill Brady says. Mascoma had been aiming to open a plant in … Continue reading “Mascoma’s Plan for Ethanol Plant in Michigan Likely Delayed, CEO Says”
Biotech’s $1 Billion Tax Credits Are Up for Grabs! OK, Now Everybody Relax
The rules regarding the Qualifying Therapeutic Discovery Project Credit have now been released by the Treasury Department. You can read the fact sheet, and detailed description of the legislation yourself, but here are 10 key points I came away with after reading them. 1. The first thing that everyone can do is relax. In contrast … Continue reading “Biotech’s $1 Billion Tax Credits Are Up for Grabs! OK, Now Everybody Relax”
Delphi, OnStar Work With Google and Others to Connect Your Smart Phone to Your Car
With everybody spending more time with their smart phones, and more time in their cars, it is only inevitable that Detroit-area automotive companies and suppliers would want to find a better way to join those two worlds. Delphi, the Troy, MI-based auto parts supplier, and OnStar, General Motors’ in-vehicle communications subsidiary, are both working with … Continue reading “Delphi, OnStar Work With Google and Others to Connect Your Smart Phone to Your Car”
Putting My iPad’s Geocaching App to the Test, on a Vlog in the Woods
Today’s column is in video form, which is a first for me. I was out hiking with my dog Rhody in the Blue Hills Reservation south of Boston last weekend when a few realizations hit me at once. 1) I had my 3G iPad with me 2) I had my camera with me 3) I … Continue reading “Putting My iPad’s Geocaching App to the Test, on a Vlog in the Woods”
Dow Doles Out $3M to Clean Filtration
Dow Venture Capital, the VC arm of Dow Chemical, headquartered in Midland, MI, has contributed $3 million to a $3.5 million Series B Round for Clean Filtration Technologies, based in Redwood City, CA, Dow announced Wednesday. Dow announced its “first closing” of $1.5 million for the company in February, with another $1.5 million anticipated. Wednesday’s … Continue reading “Dow Doles Out $3M to Clean Filtration”
NeuroTherapeutics Pharma Obtains $43,000,000 Series B Financing
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=a06ed8d4-54f0-466a-b242-9333c4495766&Preview=1 Date 5/20/2010 Company Name NeuroTherapeutics Pharma Mailing Address 8420 West Bryn Mawr Avenue Chicago, IL 60631 Company Description NeuroTherapeutics Pharma (NTP) is an early stage company focused on the development of therapies for CNS disorders with an initial focus on epilepsy. Website http://www.ntprx.com Transaction Type Venture Equity Transaction Amount $43,000,000 Transaction … Continue reading “NeuroTherapeutics Pharma Obtains $43,000,000 Series B Financing”
Without a Thriving Detroit, Michigan Cannot Catch that Train to Prosperity
When I attended Wayne State University in Detroit back in the mid-’80s, scattered around downtown Detroit were white pillars that supported… nothing. They looked as though they were part of a kind of ancient Roman ruin—but these pillars were brand new. They were the beginnings of Detroit’s People Mover, a raised monorail that was to … Continue reading “Without a Thriving Detroit, Michigan Cannot Catch that Train to Prosperity”
Automation Alley Gets Defensive
Automation Alley, a Troy, MI-based business association, has opened a defense office at the Macomb-Oakland University INCubator, in Sterling Heights, MI, the group announced today. The office will provide assistance local companies that are looking to work with the military. One project includes creating an industrial capabilities database to identify new military suppliers. Companies interested … Continue reading “Automation Alley Gets Defensive”
Michigan’s EcoMotors Set to Get $18M to Develop Efficient Gas, Diesel Engines
Reports of the impending death of the internal combustion engine may have been greatly exaggerated if Troy, MI-based EcoMotors International has anything to say about it. A large Chinese auto supplier and a partner in Michigan have signed a letter of intent to throw $18 million at EcoMotors in return for prototypes of what the … Continue reading “Michigan’s EcoMotors Set to Get $18M to Develop Efficient Gas, Diesel Engines”
Leroy Hood’s Personalized Medicine Vision Enters Proving Ground at Ohio State
Seven years after biotech pioneer Leroy Hood coined the term “P4 Medicine,” for a transformative new idea in healthcare, he has captured the first significant money and manpower from a major U.S. medical school to carry the idea forward. Ohio State University, the nation’s second-largest university, said late Friday that its board has approved a … Continue reading “Leroy Hood’s Personalized Medicine Vision Enters Proving Ground at Ohio State”
From Tech Town to Maker Faire, Detroit’s Entrepreneurship Culture is Growing
In April 2009, the Kauffman Foundation formally engaged on the ground to support the New Economy Initiative, TechTown, and other efforts to re-energize the Detroit entrepreneurial ecosystem. More than 1,500 individuals have since attended Kauffman’s FastTrac to the Future one-day events, which have exposed them to the opportunities and challenges of entrepreneurship. Over 800 individuals … Continue reading “From Tech Town to Maker Faire, Detroit’s Entrepreneurship Culture is Growing”
Fallbrook Details Risk Factors in Amended IPO Filing
San Diego’s Fallbrook Technologies amended its IPO filing with securities regulators Friday—providing additional details about the company’s risk factors, including its lack of profitability and need to raise more capital to stay afloat. As we reported, Fallbrook filed for its initial public offering in February. The cleantech company, which has 56 employees, has been developing … Continue reading “Fallbrook Details Risk Factors in Amended IPO Filing”
Detroit’s NextCAT Hopes to Light a Fire Under Idled Biodiesel Producers with New Catalysts
A funny thing happened on the way to the green economy. Real-life market forces have a way of foiling the best-laid plans of mice, men, and government incentives. When petroleum diesel was 4 bucks a gallon a couple of years ago, biodiesel seemed like such a deal. But then, says Derrin Leppek, of Detroit-based biodiesel … Continue reading “Detroit’s NextCAT Hopes to Light a Fire Under Idled Biodiesel Producers with New Catalysts”
Five Ways Michigan Can Make its Mark in Life Sciences
When you hear “Michigan,” the automotive industry and Motown automatically come to mind, much as when someone says “Seattle,” one thinks of software, airplanes and coffee. That has changed over the years, and Seattle has increasingly gained recognition as a growing leader in the fields of life sciences and global health. And how we’ve done … Continue reading “Five Ways Michigan Can Make its Mark in Life Sciences”
Cut the Belts and Look for Capital and Talent in Your Own Backyard
The first step in getting any venture ecosystem going is capital formation. With all the retired auto industry execs in the region, there should be no shortage of angel investors. But someone has to organize them and convince them that they are angel investors—and that investing in local innovation is a worthy expenditure of their … Continue reading “Cut the Belts and Look for Capital and Talent in Your Own Backyard”
EISEM Entrepreneur’s Forum
This Automation Alley event features a panel of entrepreneurs from emerging companies, picked by area innovators. It comes as part of the Entrepreneurial Initiative of Southeast Michigan, a series of programs highlighting startups and helping entrepreneurs hone their messages to customers and investors. The forum is free, so sign up here.
Marketing Success: How Content Drives the New Conversation
This event, hosted by Automation Alley, explores how conversation-driven advertising, in the form of white papers, blog posts, case studies, and social network outreach, can be more effective at reaching consumers than the more traditional banner ads and e-mail promotions. Learn how to maximize the effectiveness of these more interactive forms of marketing. Register here.
Three Ideas to Help Entrepreneurs Do What Entrepreneurs Do Best
Entrepreneurs in Michigan can reinvigorate the economy by doing what innovators do best: using existing resources to create new value. Here are three resources Michiganders can leverage: 1. Michigan’s world-class universities—After the collapse of the steel industry in Pittsburgh, universities filled the void with new technology start-ups. The University of Michigan is one of the … Continue reading “Three Ideas to Help Entrepreneurs Do What Entrepreneurs Do Best”
Okay, You’ve Declared E-Mail Bankruptcy. Now What?
There’s lots going on in Xconomy-land, so this week’s column will be shorter than usual. Which is probably fine with you, since everyone seems pressed for time these days. Microsoft is notorious for its lame ad campaigns, but lately the software giant has been putting its finger on the overcommitment problem, through an amusing series … Continue reading “Okay, You’ve Declared E-Mail Bankruptcy. Now What?”
Cooley Q1 Report Shows Venture Investment Terms Continue to Improve
Venture financing is not out of the woods yet, but there are fewer trees, according to a report issued today that analyzes 83 VC transactions with a total value of $935 million. The Cooley law firm’s Venture Financing Report shows “continuing improvement” in VC deals nationwide during the first three months of 2010. Cooley, which … Continue reading “Cooley Q1 Report Shows Venture Investment Terms Continue to Improve”