Coliant Corporation, a Warren, MI-based company that is developing a power outlet to connect and mount electrical devices on motorcycles and other outdoor recreational vehicles, has received funding from the Michigan Pre-Seed Capital Fund.
The company intends to use the capital to increase its commercialization efforts. Last February, Coliant also qualified to receive grant funding from the SBA State Trade and Export Promotion (STEP) program for the next three years. Funding was created and designed to help qualified Michigan based businesses expand their global exports.
Led by President and CEO John A. Swiatek, Colian operates via its wholly owned subsidiary Powerlet, which has dealer and distribution outlets throughout the USA, UK, Europe, Asia, and Australia.
Direct OEM customers include Polaris Industries, Indian Motorcycles, Motus and KTM North America.
The Michigan Pre-Seed Capital Fund is an equity fund that invests in technology-based companies to support business formation and acceleration. Ann Arbor SPARK serves as the Fund’s administrator. It receives the same returns as the third party investor, which will be redeployed as first round capital to Michigan-based start-ups.