The Michigan Strategic Fund (MSF) committed $6.8m to an investment fund aimed at supporting high-tech early stage companies.
The Michigan Pre-Seed Fund 2.0, which will be managed by Invest Michigan, a Michigan nonprofit corporation based in Detroit, led by Charlie Moret, comes from the Michigan Economic Development Corporation (MEDC), the state’s lead advocate for economic growth.
The fund will invest $5.8m in high-tech start-up companies and $1m dedicated to the University Commercialization Fund to help universities transfer technology to the marketplace. Working closely with the Michigan SmartZone Network, it will support companies as they near commercial viability.
Companies are eligible to apply for the pre-seed funds if they are developing technologies in the areas of advanced automotive, manufacturing and materials, agricultural technology, alternative energy, homeland security and defense, information technology, life sciences and other innovative technologies.
FinSMEs
11/04/2014