58 Early-Stage Tech Companies Receive $3 Million in Support from State’s Tech Startup Stabilization Fund

• Administered by ID Ventures in Detroit, the fund supports companies spanning from Upper Peninsula to southeast Michigan • Companies represent information technology, life sciences, advanced manufacturing and mobility industries • Fund builds on state’s comprehensive entrepreneurial support including the Michigan Entrepreneur Resilience Fund, the Business Accelerator Fund and the Pre-Seed III Fund

LANSING, Mich. – A total of 58 early-stage tech companies are receiving direct investments or loans from the state’s Tech Startup Stabilization Fund to assist them during the COVID-19 outbreak, the Michigan Economic Development Corporation announced today. Announced in mid-April, the Tech Startup Stabilization Fund has been administered by ID Ventures in Detroit to support early-stage tech companies in Michigan with fewer than 50 employees and a demonstrated need for support due to the economic impacts of the pandemic.

“This outbreak presented unprecedented challenges for businesses of all sizes over the past three months, and we are proud to help support Michigan’s small businesses to not only survive COVID-19, but continue innovating long after,” said Mark A. Burton, CEO of MEDC. “The technologies and discoveries these small businesses are pursuing will have an invaluable impact on our ability to strengthen and rebuild our state’s economy over the coming months as we work to enable economic prosperity across all corners of our state.”

The Tech Startup Stabilization Fund prioritized support for early-stage companies that are headquartered in Michigan and that demonstrated a strong customer value proposition, comprised a team with proven execution capability, and pre-COVID-19 were on a path for an additional round of funding, in addition to other criteria. Support through the fund ranged from $10,000 to $125,000 depending on demonstrated need and allowed recipients to retain their workforce, advance vital high-tech research initiatives and support operating costs, in addition to meeting other critical needs.

Among the 58 high-tech companies to receive support through the fund, many represent regionally diverse areas in the state, including Houghton and Hancock in Michigan’s Upper Peninsula, Grand Rapids, Jackson and Troy. While 53% of the companies represent the advanced information technology sector, the range of industries represented includes life sciences, mobility and advanced manufacturing – all key industries within the MEDC’s overall strategic plan.

Based out of Ann Arbor, for example, the mobility company Bedestrian provides a last mile driverless delivery system, offering autonomous, robotic deliveries within and around hospital and healthcare facilities. With support from the Tech Startup Stabilization Fund, Bedestrian has been able to sustain the economic impacts of the outbreak while leveraging its autonomous delivery vehicle to support frontline workers and accelerating the development of its solution to meet the delivery needs for hospitals throughout Michigan communities. In doing so, Bedestrian is minimizing the amount of person-to-person contact and mitigating the potential spread of the COVID-19 virus.

“I’m very glad that Bedestrian is among the roster of innovative companies to receive an award from the Tech Startup Stabilization Fund. And I’m thankful to the ID Ventures team’s efficient administration of this fund at this critical time,” said Bedestrian CEO Shadi T. Mere. “This fund shows that Michigan is responding proactively, not only to weather COVID-19, but to help innovative startups emerge stronger and spur the next economic growth cycle.”

Company	City	Industry
AaDya Security	Detroit	Advanced Information Technology
Akadeum Life Sciences, Inc.	Ann Arbor	Life Sciences
AKTV8 LLC	Wixom	Advance Manufacturing
Alchemie	Troy	Advanced Information Technology
Alerje	Detroit	Life Sciences
Arborsense Inc.	Ann Arbor	Life Sciences
Ash & Erie	Detroit	Other
Assemble Technologies, Inc	Grand Rapids	Advanced Information Technology
Auralab, LLC	Ypsilanti	Life Sciences
Avidhrt	East Lansing	Life Sciences
Bedestrian LLC	Ann Arbor	Mobility
BrandXR	Ann Arbor	Advanced Information Technology
CARROT pass, LLC	Royal Oak	Advanced Information Technology
CertifID, LLC	Grand Rapids	Advanced Information Technology
Connect Space Inc.	Ann Arbor	Advanced Information Technology
Detroit Maid Group LLC	Detroit	Other
Dynamo Metrics Inc.	Ann Arbor	Advanced Information Technology
Ecovia Renewables Inc.	Ann Arbor	Advanced Materials
Eighty-Six Inc.	Grand Rapids	Advanced Information Technology
Epsilon Imaging Inc	Ann Arbor	Life Sciences
Esperovax	Plymouth	Life Sciences
Espervita Therapeutics	Saline	Life Sciences
FreightRoll	Ann Arbor	Advanced Information Technology
Functional Fluidics	Detroit	Life Sciences
Give and Take Inc.	Bloomfield HIlls	Advanced Information Technology
GreenMark Biomedical Inc.	East Lansing and Ann Arbor	Life Sciences
HTMA Holdings, Inc.	Dexter	Advanced Information Technology
Inductive Intelligence	Grand Rapids	Advanced Manufacturing
Intvo	Ann Arbor	Mobility
Life Magnetics, Inc.	Detroit	Life Sciences
Mi Padrino	Jackson	Advanced Information Technology
More Golf Inc.	Jackson	Advanced Manufacturing
Mountain Pass Solutions, Inc.	Ypsilanti	Advanced Information Technology
MySwimPro	Grosse Pointe Farms	Advanced Information Technology
Nerdy Bunny I, LLC	Farmington Hills	Advanced Information Technology
Nickels	Ann Arbor	Advanced Information Technology
Passage Inc	Detroit	Advanced Information Technology
PassiveBolt Inc	Ann Arbor	Advanced Manufacturing
The Patient Company, LLC	Grand Rapids	Life Sciences
Ploria, Inc	Ann Arbor	Advanced Information Technology
Pocketnest	Ann Arbor	Advanced Information Technology
Quikly, Inc	Detroit	Advanced Information Technology
Ripple Science	Ann Arbor	Advanced Information Technology
Seraph Biosciences	Detroit	Life Sciences
Shoptelligence	Ann Arbor	Advanced Information Technology
SightLine, INC	Houghton	Advanced Information Technology
Sixth Man	Detroit	Advanced Information Technology
SpellBound	Ann Arbor	Advanced Information Technology
Sportsman Tracker, Inc	Grand Rapids	Advanced Information Technology
Stabilux Biosciences	Houghton	Life Sciences
SU2 Systems Inc.	Lansing	Advanced Information Technology
TheraB Medical	East Lansing	Life Sciences
Towel Tracker, LLC	Grand Rapids	Other
Traxen Inc.	Plymouth	Mobility
VNN, Inc.	Grand Rapids	Advanced Information Technology
Voxel51, Inc.	Ann Arbor	Mobility
Waymark, Inc.	Detroit	Advanced Information Technology
Workit Health	Ann Arbor	Advanced Information Technology

Martin Dober, Managing Director of ID Ventures, said, "The companies that received funding from the Tech Startup Stabilization Fund represent some of Michigan's most exciting startups that were on a strong growth trajectory before the pandemic. This support, along with talented CEO leadership, has been critical for these companies to help weather the current crisis and continue their pre-COVID momentum."

Applications for the fund were available for three weeks, attracting 214 applications from companies throughout the state. During this time, the New Economy Initiative approved a $150,000 grant for the fund, aiming to provide additional support for more vulnerable minority and women entrepreneurs in southeast Michigan.

The Tech Startup Stabilization Fund builds off MEDC’s comprehensive support for small businesses and entrepreneurs around the state during COVID-19, including:

• The $1.5 million Michigan Entrepreneur Resilience Fund through a partnership with Michigan Women Forward, which helped entrepreneurs and small businesses negatively impacted by COVID-19 recover from the outbreak, as well as assist them in meeting increased demands in support of COVID-19 response efforts.
• Modifications to the Business Accelerator Fund to provide greater support to business accelerators in Michigan’s statewide SmartZone network that are serving startups and high-tech companies impacted by the COVID-19 outbreak.
• The $3 million Pre-Seed III Fund to be administered by Michigan State University Foundation to better support entrepreneurs and tech startups with capital support, coaching, assistance with grant funding and more, providing vital support to early-stage companies to help put them on a path to survive the economic crisis and scale accordingly when the COVID-19 outbreak subsides.

To learn more about MEDC’s COVID-19 response programs and the impact they are having on economic recovery efforts, visit michiganbusiness.org/covid19response. Other resources for economic reopening efforts as well as businesses across Michigan struggling with economic losses as a result of the COVID-19 virus can be found online at michiganbusiness.org/covid19. The MEDC has also developed a FAQ for Michigan businesses and communities at michiganbusiness.org/covid19-faq.

About ID Ventures
ID Ventures was created by the nonprofit Invest Detroit in 2009 to enhance its overall mission to support inclusive growth of entrepreneurial ventures. As one of few venture funds located in Detroit, ID Ventures is one of the most active early stage investors in the state and have invested in over 120 Michigan-based companies across multiple sectors including life sciences and healthcare, information technology, fintech, mobility, advanced manufacturing and materials, among others. ID Ventures only invests in Michigan-based companies or those that are in the process of relocating and oversees additional programs designed to grow and support the state’s startup ecosystem.

About Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.