Category: Detroit

Grand Rapids Mobile Wallet App, Benefit, Snags $900K

Grand Rapids, MI-based mobile wallet app Benefit said Monday that it has closed on $900,000 in seed funding. Investors were officially undisclosed, but CEO Derik Lolli said they include Start Garden and various angel investors, most based in West Michigan. When Xconomy first covered Benefit in February 2014, the company was hoping to make school … Continue reading “Grand Rapids Mobile Wallet App, Benefit, Snags $900K”

Benefit Mobile Garners $900,000 New Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=719875e1-0e43-4325-9b50-f808f138ec99 Date 4/28/2015 Company Name Benefit Mobile Mailing Address 1030 Autumn Ridge Dr. Ada, MI 49301 USA Company Description Benefit is a mobile fundraising solution that lets schools and non-profits raise money without ever asking for a dime. Individuals are invited to download the mobile app and simply shop at any of … Continue reading “Benefit Mobile Garners $900,000 New Financing Round”

Roundup: BoostUp, U-M, GSTV, SPARK-Ed, Business Leaders for MI

Here’s a look at news you may have missed from around Michigan’s innovation hubs: —Detroit-based BoostUp, a website that helps users save for big-ticket purchases such as homes and cars, announced last week that it has won a spot in the 2015 class at the REach accelerator in Chicago. The accelerator is part of Second … Continue reading “Roundup: BoostUp, U-M, GSTV, SPARK-Ed, Business Leaders for MI”

Four Midwestern Startups Win Global Auto Tech Contest at SAE Congress

As part of the SAE World Congress held in Detroit this week, the seventh annual Global Automotive Innovation Challenge was held in partnership with the MIT Alliance of Michigan and NextEnergy. The goal of the challenge was to bring new innovations to the industry, which has a notoriously long and often secretive product development cycle. … Continue reading “Four Midwestern Startups Win Global Auto Tech Contest at SAE Congress”

San Diego’s Achates Power Opens Metro Detroit Office

After gaining market traction with its opposed-piston engine, San Diego-based Achates Power is opening an office in Farmington Hills, MI, the company announced this week. The company made the move to be close to Michigan’s automotive and defense industries, Achates CEO David Johnson said. “We wanted to be close to our customers, our supply base, … Continue reading “San Diego’s Achates Power Opens Metro Detroit Office”

Scalyr Obtains $2,100,000 Seed Funding Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=3334a1e6-a060-43ab-a1ad-4291aa2dcfa4 Date 4/23/2015 Company Name Scalyr Mailing Address 2885 Sanford Avenue SW Grandville, MI 49418 USA Company Description Drop the Scalyr agent on any server. Each agent installation automatically registers itself and begins collecting logs and system metrics. Add tags to self-organize servers by tier, data center, or custom categories. Website http://www.scalyr.com … Continue reading “Scalyr Obtains $2,100,000 Seed Funding Round”

Napa Summit 2015: Request Your Invite to Xconomy’s Most Elite Event

What are the forces shaping our innovation future—and who are the leaders who will build it? We can’t promise all the answers, but we can promise an unusually intimate and inspiring discussion of such questions at Xconomy’s most unique and exclusive event. It’s called the Napa Summit: The Xconomy Retreat on Technology, Jobs, and Growth—and … Continue reading “Napa Summit 2015: Request Your Invite to Xconomy’s Most Elite Event”

PowerMoves@Detroit Sees Fertile Ground to Seed Inclusive Innovation

Last week, the sprawling Techweek conference took over Detroit, and amidst the roster of activities, tech-celeb speakers, and after-parties, I was most impressed with the PowerMoves@Detroit event held downtown. PowerMoves@Detroit, which was sponsored by Morgan Stanley and hosted by Invest Detroit and the Detroit Economic Growth Corporation (DEGC), showcased local and nationally recruited minority entrepreneurs participating … Continue reading “PowerMoves@Detroit Sees Fertile Ground to Seed Inclusive Innovation”

Roundup: Improve Detroit, DTX, GM, Zagster, U-M Life Sci Institute

Here’s a look at news from around Michigan’s innovation hubs: —Detroiters, rejoice: The city recently released the new Improve Detroit app, which allows residents to report problems like potholes, illegal dumping, and water main breaks to city officials. The app also connects to the police department, the city’s bus system, and the water department. Users … Continue reading “Roundup: Improve Detroit, DTX, GM, Zagster, U-M Life Sci Institute”

Milestones of Innovation 5: Stephanie Kwolek and Kevlar

Let’s hear it for Stephanie Kwolek, a determined, observant, and playful chemist who died last year at the age of 90. She is the inventor-heroine of an artificial fiber stronger than steel called kevlar, which has saved thousands of soldiers and policemen from fatal bullet wounds and is used in everything from cellphones to skis. … Continue reading “Milestones of Innovation 5: Stephanie Kwolek and Kevlar”

Innovation Hub: Which Companies Care About the Environment?

Transforming big businesses into green businesses might seem like a thorny process. But older, established companies like Ford have the potential to ignite a new generation of environmentally friendly products, according to Andrew Winston, author of The Big Pivot. By shifting their manufacturing process—like substituting aluminum for steel, as Ford has done—such companies are able … Continue reading “Innovation Hub: Which Companies Care About the Environment?”

GreenLancer Snags $5 Million in New Investment, Plans Further Growth

GreenLancer, the Detroit-based contract solar design and permitting startup, announced this week that it has raised $5 million in a Series B round from a syndicate of new and returning investors. (For its 2013 Series B round, the company’s investors included BlueWater Angels, the Northern Michigan Angels, Start Garden, and the Detroit-based Bizdom accelerator.) The … Continue reading “GreenLancer Snags $5 Million in New Investment, Plans Further Growth”

Dip, But No Slowdown in First-Quarter VC Funding, & Top 10 Deals

A new MoneyTree Report being released today shows that U.S. venture capital activity eased off during the first three months of 2015. Yet it still marked the fifth consecutive quarter in which U.S. venture funding remained above $10 billion. VCs invested $13.4 billion in 1,020 deals throughout the U.S. during the first quarter of 2015, … Continue reading “Dip, But No Slowdown in First-Quarter VC Funding, & Top 10 Deals”

Duo Security: (Big) New Money, New Platform, New Offices

Duo Security, the Ann Arbor, MI-based startup developing two-factor authentication tools to protect businesses from hackers, announced this week that it has raised $30 million in a Series C round led by Redpoint Ventures. Duo co-founder and CTO Jon Oberheide said the round included follow-on participation from previous investors such as Google Ventures, Resonant Venture … Continue reading “Duo Security: (Big) New Money, New Platform, New Offices”

3 Things Startups Need to Know to Move to the Cloud

Despite concerns around data security, businesses are optimistic about the cloud. In fact, software-as-a-service adoption has more than quintupled from 13 percent in 2011 to 72 percent in 2014, according to a cloud computing survey conducted by North Bridge Venture Partners and Gigaom Research. For startups, the cloud has always been a great equalizer, enabling … Continue reading “3 Things Startups Need to Know to Move to the Cloud”

Michigan GDG DevFest

Calling all software developers: This event features presentations on Android and Google Web/Cloud technologies from local and national experts. Click here for details.

Healthcare Is Transforming Regardless of What Happens to the ACA

Powerful arguments and emotions continue to challenge the future of the Affordable Care Act (ACA). The Supreme Court, partisan ideology, presidential elections, and deeply held convictions about the role of government will all make their mark. Most healthcare leaders, however, share a fundamental belief that healthcare transformation is happening now—driven by some of the same … Continue reading “Healthcare Is Transforming Regardless of What Happens to the ACA”

Fetchnotes Co-Founder on Mobile Collaboration, Acquisition by Driftt

Buoyed by $15 million in venture funding, Cambridge, MA-based Driftt announced this week that it has acquired Ann Arbor-born startup Fetchnotes. The terms of the deal were not disclosed, but Fetchnotes co-founder and CEO Alex Schiff confirmed that it’s purely a technology acquisition; none of the Fetchnotes team will join Driftt. In 2012, Fetchnotes was … Continue reading “Fetchnotes Co-Founder on Mobile Collaboration, Acquisition by Driftt”

GreenLancer Obtains $5,000,000 Series B Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=1fb2fc4a-bf0f-4cfb-a60d-5ce0397c1ab4 Date 4/15/2015 Company Name GreenLancer Mailing Address 615 Griswold Street Detroit, MI 48226 USA Company Description GreenLancer’s online platform is providing the next generation of alternative energy engineering services and significantly reducing the soft costs associated with developing alternative energy projects. Website http://www.greenlancer.com Transaction Type Venture Equity Transaction Amount $5,000,000 Transaction … Continue reading “GreenLancer Obtains $5,000,000 Series B Financing Round”

Hygieia Lands $675,000 New Funding

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=92268f80-49a4-4a72-9fe4-c90c858640f3 Date 4/15/2015 Company Name Hygieia Mailing Address 58 Parkland Plaza Ann Arbor, MI 48103 USA Company Description Hygieia is an emerging specialized health service company whose solution is used by healthcare systems to transform diabetes care. The d-Nav Insulin Guidance Service enables HMOs to offer subscribers effective insulin management at an … Continue reading “Hygieia Lands $675,000 New Funding”

Pop That Bubble: 5 Reasons Biotech Needs A Different Metaphor

Back in April 2011, at a biotech conference in San Francisco, a panel convened to discuss how hard it was to build biotech companies that could push through long, costly clinical trials before a drug comes to market. One panelist hedged to say, well, at least the financial reticence had a silver lining: there was … Continue reading “Pop That Bubble: 5 Reasons Biotech Needs A Different Metaphor”

VC Funding Slows as Big Funds Crowd into Late-Stage Venture Deals

Following a December surge, when U.S. venture firms invested $7.2 billion in 342 deals nationwide, VC activity reset at a lower pace during the first quarter of 2015, according to data being released today by CB Insights. The New York venture capital tracker says VCs invested $11.3 billion in 805 startups over the three months … Continue reading “VC Funding Slows as Big Funds Crowd into Late-Stage Venture Deals”

Duo Security Obtains $30,000,000 Series C Financing

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=6088d1d0-b2db-42e7-b64f-b5074cdec111 Date 4/14/2015 Company Name Duo Security Mailing Address 123 N. Ashley St. Ann Arbor, MI 48104 USA Company Description Duo Security provides strong two-factor authentication as a service built to prevent account takeover and data theft. Duo uses a mobile phone as the second factor to make authenticating easy and convenient. … Continue reading “Duo Security Obtains $30,000,000 Series C Financing”

Driftt Acquires Fetchnotes for Undisclosed Sum

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=d77567c9-dcee-4ff6-9202-c1cb0ad40b12 Date 4/14/2015 Company Name Fetchnotes Mailing Address 3122 Vistabrook Ave SE Grand Rapids, MI 49512 USA Company Description Fetchnotes is a note-taking and organization tool that gets your tasks, ideas, reminders and more out of your brain and into your workflow. It uses dynamic, tag-based organization so that you can spend … Continue reading “Driftt Acquires Fetchnotes for Undisclosed Sum”

Peer-to-Peer Lending Grows Up, and Gets Wall Street’s Attention

[Corrected 4/14/15, 11:31 am. See below] Borrowing money, or refinancing borrowed money, is easier now than it’s ever been as new online lenders put credit lines just a few clicks away. And now the traditional titans of Wall Street are jumping on board. In the last decade, a handful of online lending companies have chipped away … Continue reading “Peer-to-Peer Lending Grows Up, and Gets Wall Street’s Attention”

Seattle’s UIEvolution Opens Ann Arbor Office to Grow Auto Business

UIEvolution, based in Kirkland, WA, makes a technology platform for application delivery, branding, and marketing across screens found everywhere from connected cars to cruise ships. Earlier this month, it announced it has opened an office in Ann Arbor, MI, to service its automotive customers. UIEvolution was established in 2000 as a mobile app company “way … Continue reading “Seattle’s UIEvolution Opens Ann Arbor Office to Grow Auto Business”

Women Rising Offers a More Intimate Approach to Tech Networking

Kate Catlin is a former Venture for America fellow and Grand Circus employee who has decided to stay in Detroit and make a go of it. Her first venture, Assemble, didn’t really pan out, so she’s onto the next project: an organization for women in business and tech called Women Rising. Though its goal is … Continue reading “Women Rising Offers a More Intimate Approach to Tech Networking”

Innovation Hub: Why Science Plays Small Ball

The scientific revolution has ended. Or, at least it’s on pause, according to Roberta Ness, vice president of innovation at the University of Texas Health Science Center. She believes that science’s most promising thinkers aren’t taking big enough risks. They’re not researching the next penicillin or investigating new theories of relativity; they’re playing it safe. … Continue reading “Innovation Hub: Why Science Plays Small Ball”

Tax Time Alert: Key Things to Know About Founders Preferred Stock

As you gather and review tax papers for your return, be sure to inform your accountant if you hold founders’ preferred stock, or if you sold a block of it in 2014. Your CPA might not think to ask you about this because so few entrepreneurs hold this class of stock. As recently as 20 … Continue reading “Tax Time Alert: Key Things to Know About Founders Preferred Stock”

NextEnergy, U-M Gear Up for 2nd Energy and Transportation Bootcamp

When the Steve Blank-designed I-Corps program was started by the National Science Foundation (NSF) in 2012, its purpose was to teach university researchers to think like entrepreneurs and help them bring their inventions to market. The University of Michigan’s Center for Entrepreneurship heads the state’s I-Corps program, and now it has renewed a partnership with … Continue reading “NextEnergy, U-M Gear Up for 2nd Energy and Transportation Bootcamp”

Payment Scholar Wants to Take the Pain Out of K-12 School Paperwork

Parents: When was the last time you spent the evening filling out forms for your kid’s classes or activities? Chances are, it was a one-off form with no opportunity to save the basic information to be used again in the future. Payment Scholar, a Detroit-based startup, is on a mission to save parents time by … Continue reading “Payment Scholar Wants to Take the Pain Out of K-12 School Paperwork”

Inforum Aims to Give Women in Tech the Confidence and Skills to Grow

Like most women involved with the tech industry, I cringed when I read about Ellen Pao’s discrimination suit against Kleiner Perkins, perhaps the most storied venture capital firm in Silicon Valley. I have experienced what they call “soft sexism” throughout my career, and in different sectors—not just tech—and many of Pao’s allegations rang true for … Continue reading “Inforum Aims to Give Women in Tech the Confidence and Skills to Grow”

MI Roundup: LevelEleven, A2Tech Job Fair, MTAM, MSU & More

Here’s a look at news from around Michigan’s innovation hubs: — Detroit-based LevelEleven, a sales performance platform that employs gamification to stoke competition, headed to Mountain View, CA, last week to compete in Google’s national demo day on April 2. The company was selected to pitch (out of 60 applicants) at Google’s Detroit demo day … Continue reading “MI Roundup: LevelEleven, A2Tech Job Fair, MTAM, MSU & More”

MSU Innovation Celebration

The MSU Innovation Center hosts this annual event to showcase the range of inventions and new technology developed at the university. Click here for more information.

Mobile Health Symposium

The Mobile Technology Association of Michigan and Medical Main Street host this event to highlight what the healthcare sector needs from mobile technologists. Learn what problems they need to solve, and what opportunities that provides for mobile/wireless tech firms. For details, click here.

Academia vs. BioPharma: Young Scientists Between A Rock and A Hard Place

I’ve reached the stage of my career where I’ve been invited to give “career retrospective talks” to grad students and post-docs at academic institutions. It’s been an interesting and enjoyable experience meeting a new generation of young scientists and hearing what’s on their minds. After delivering my seminar and sharing lots of stories and advice, … Continue reading “Academia vs. BioPharma: Young Scientists Between A Rock and A Hard Place”

Women in Engineering, and a Global Call for the Next MacGyver

Apparently, I’m pushy. I can’t help it. It’s my genes, and also all I’ve been through. When you’re a woman in engineering, there are a host of voices (some residing in your head, some not), telling you that you’re not good enough, not smart enough—that when you’re alone amid a sea of male faces at … Continue reading “Women in Engineering, and a Global Call for the Next MacGyver”

Bankrate Acquires Detroit-Based Credit Monitoring Company Quizzle

Bankrate, the New York-based aggregator and publisher of online content about personal finance, announced yesterday that it acquired the Detroit credit-monitoring company Quizzle. The terms of the deal were not disclosed. Quizzle was part of the “family of companies” under the Quicken Loans umbrella, created in 2008 as a special project by the marketing team … Continue reading “Bankrate Acquires Detroit-Based Credit Monitoring Company Quizzle”

Robot Revolution: Disrupting the Workplace as We Know It

We’re on the brink of the Third Industrial Revolution, with robots moving off the factory floor and emerging in the white-collar office. These “software robots” are being leveraged by businesses across industries to tackle rules-based processes and improve overall operational agility. Operational roles are well-suited for automatons since they, by definition, automatically follow and execute … Continue reading “Robot Revolution: Disrupting the Workplace as We Know It”

Seamless Accelerator to Nurture Next Generation of Connected Devices

Rick DeVos, Amway heir and founder of ArtPrize and Start Garden, is backing a new venture in Grand Rapids, MI: an Internet of Things accelerator. A member of the Techstars Global Accelerator Network, the Seamless Accelerator has forged partnerships with Michigan-based corporations that mostly manufacture or design things, DeVos said. Companies participating as partners in … Continue reading “Seamless Accelerator to Nurture Next Generation of Connected Devices”

H-1Bs And How Changing The System Will Help Startups

In order for the American economy to thrive, we must rely on our ability to innovate. The U.S. government now estimates that job growth is almost three times faster in the innovation-rich fields of science, technology, engineering, and mathematics than the rest of the economy. Yet despite the explosion in demand, the steady supply of … Continue reading “H-1Bs And How Changing The System Will Help Startups”

Equity Crowdfunding Backers Clash Over Fundraising Limits in States

After five years of bootstrapping his startup, Instancy, Harvey Singh’s company has a finished education software product, revenue, and a growing roster of employees. As Singh looks overseas to expand Instancy’s sales reach, he says he is now ready for outside investors. He wants to raise that capital through crowdfunding. The federal Jumpstart Our Business … Continue reading “Equity Crowdfunding Backers Clash Over Fundraising Limits in States”

Algal Scientific Scores $7M Series B, Expands in Animal Health

Algal Scientific, a Plymouth, MI-based startup focused on developing algae-based chemicals to improve animal feed and human nutrition, announced this week that it has raised a $7 million Series B round. The round was led by Formation 8, with participation from Evonik Industries and Independence Equity, all of whom have invested in Algal Scientific in … Continue reading “Algal Scientific Scores $7M Series B, Expands in Animal Health”

The Innovator’s Gender Dilemma and Venture Rites of Passage

After 40 years as a professional woman who by many standards has “made it,” I am struck by the extent to which young and highly educated—even Ivy-league educated—employees are challenged by the ambiguities and realities of the contemporary competitive workplace. Having always been exceptional, and having done what was expected of them, usually by their … Continue reading “The Innovator’s Gender Dilemma and Venture Rites of Passage”

From Iceland to White House, Precision Medicine’s Promises & Hurdles

[Updated and corrected, 4/5/15, 6:51 pm. See below.] There is talk, and there is action. In the drive toward healthcare tailored for smaller and smaller groups of people, there was both last week, and both illustrated not just the promise of precision medicine, but the long haul until that promise is fulfilled. First, Iceland’s deCODE … Continue reading “From Iceland to White House, Precision Medicine’s Promises & Hurdles”

Algal Scientific Receives $7,000,000 Series B Financing Round

Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=d737479a-db5e-47ad-952b-8cd51eced9b2 Date 3/31/2015 Company Name Algal Scientific Mailing Address 14925 Galleon Court Northville, MI 48170 USA Company Description Algal Scientific’s proprietary technology provides advanced treatment for municipal and industrial wastewater, while producing high amounts of algal biomass that can be used for biofuels. Website http://www.algalscientific.com Transaction Type Venture Equity Transaction Amount $7,000,000 … Continue reading “Algal Scientific Receives $7,000,000 Series B Financing Round”

Detroit Hackathon: Tech Talent Pipeline Just Getting Started

At the hackathon in Detroit Friday sponsored by Ford and #YesWeCode, the excitement was palpable. MSNBC was broadcasting live, kids from Detroit-area middle schools armed with dry-erase pens and sticky notes were busy brainstorming app ideas, and local dignitaries were passing through, some observing fruits of their sponsorship. At one point just after lunch, United … Continue reading “Detroit Hackathon: Tech Talent Pipeline Just Getting Started”

Peter Thiel Brings Libertarian Standup Routine to Harvard

In staccato, stand-up comic style, Peter Thiel brought his version of libertarianism to Harvard, a notable cheering section for positive government. Last Wednesday, a packed lecture hall heard the investor and co-founder of PayPal and secretive data-analysis company Palantir Technologies say, “You can’t do it on a government scale. So I work on the business … Continue reading “Peter Thiel Brings Libertarian Standup Routine to Harvard”