Governor Jennifer Granholm Wednesday announced that 17 companies have been selected by the Strategic Economic Investment and Commercialization board to share nearly $30 million from the 21st Century Jobs Fund to initially create over 1,500 new jobs in emerging high-tech sectors.
“These innovative Michigan companies are poised to turn their scientific and technological innovation into high-paying jobs,” Granholm said. “We look forward to partnering with them as we work to diversify and grow our economy.”
The 21st Century Jobs Fund awards were made to companies in the later stages of development ready to create jobs in the competitive-edge sectors of alternative energy, life sciences, advanced automotive, manufacturing and materials, and homeland security and defense.
Winners of the funding were:
* Accuri Cytometers Inc. of Ann Arbor, $1.9 million
* Fulcrum Composites Inc of Midland, $425,000
* AI Medical Devices Inc. of Williamston, $400,000
* Critical Signal Technologies Inc. of Farmington Hills, $2 million
* Solidica Inc. of Ann Arbor, $900,000
* NeuroNexus Technologies Inc.of Ann Arbor, $999,709
* Compendia Bioscience Inc. of Ann Arbor, $1.7 million
* Hybra-Drive Systems LLC of Deerfield, $3.3 million
* Nephrion Inc. of Ann Arbor, $2 million
* Cielo MedSolutions LLC of Ann Arbor, $2 million
* Tolera Therapeutics Inc. of Kalamazoo, $2 million
* Metabolic Solutions Development of Kalamazoo, $2.4 million
* Meditrina Pharmaceuticals Inc. of Ann Arbor, $2.6 million
* Avidimer Therapeutics Inc. of Ann Arbor, $2.4 million
* Arbor Photonics of Ann Arbor, $1.5 million
* Nanocerox, Inc. of Ann Arbor, $1.05 million
* Pixel Velocity Inc. of Ann Arbor, $1.8 million
“This was a highly competitive process and our goal was to fund the most promising commercialization opportunities to help grow Michigan’s high-tech economy,” said Michael J. Jandernoa, chairman of the SEIC board and principal of Bridge Street Partners LLC in Grand Rapids. “Today’s awardees represent the best-of-the-best proposals received.”
The 21st Century Jobs Fund is a $2 billion, 10-year initiative proposed by Gov. Granholm, approved by the Michigan Legislature, and administered by the Michigan Economic Development Corp. The first round of funding in 2006 resulted in the award of $126.3 million to 78 organizations now engaged in high-tech research, commercializing new products, and creating new jobs.
"In this second round, we targeted our resources on technology businesses that are ready to gear up and create new, high-tech jobs in the near term,” MEDC president and CEO James C. Epolito said. “This will have an immediate impact on our economy and continue to build on the momentum generated by previous 21st Century Jobs Fund recipients.”
Michigan-based peer review service providers National Center for Manufacturing Sciences and Business Engines Inc. conducted an independent peer review process which called for evaluating proposals based on commercialization merit, scientific and technical merit, management team strengths and ability to leverage additional funding, as well as near-term job growth, among other factors. The agencies made funding recommendations to the SEIC board.
Awards will be in the form of loans or convertible loans at the discretion of the SEIC board. Due diligence will be conducted prior to finalizing each award to ensure a company’s ability to meet the terms of its contract. Each of the awards will be administered by the MEDC with contracts that establish conditions and mileposts for receipt of funds. MEDC portfolio managers oversee the progress of the awards working closely with awardees to advance and grow their businesses and create jobs. Award funding will be paid out incrementally as agreed upon milestones are achieved. The contract and funding process will be overseen by the chief compliance officer, a position required by the 21st Century Jobs Fund legislation.
The SEIC board is responsible for administering grants and loans to support competitive-edge technology investments under the 21st Century Jobs Fund, specifically the targeted sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security and defense.
More about the awards at www.themedc.org/21CBizPlan.
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