RiserCam is taking out a little loan to help it achieve a little growth this year.
The downtown Ann Arbor-based start-up is part of the latest round of financing from the Michigan Micro Loan Fund, that gave $121,000 to two companies in southeast Michigan and a third in East Lansing. RiserCam plans to use its loan (the amount of the individual loans are not released) for continual product development that could lead to a new hire later this year.
The 3-year-old firm makes video cameras that attach to both the bows and guns of hunters. The idea is to provide capture the unique perspective of the hunter. Think of it as the cost-effective next generation of POV video, going beyond what a video cameraman in a hunting blind or tree stand can capture.
"There is a whole lot more in the weeds than that fraction of a second you spend pulling the trigger," says Richard Millunchick, CEO and managing partner of RiserCam. He further explains there is the everyday nature that a hunter sizes up through his or her sights, such as wildlife that is let pass by.
The company started by putting these mini cameras on the riser section of hunting bows (hence the name) before expanding to shotguns. That product expansion has allowed the company to grow to two employees and a handful of independent contractors. Millunchick hopes to hire one more person later this year as the market, still in its infancy, continues to grow.
"The video market for hunting is very small but is growing rapidly," Millunchick says.
Ann Arbor SPARK runs the micro loan fund. That $1.5 million program provides funding for start-ups so they can either commercialize their product or accelerate their business growth. The idea is to help fill the financing void left in the wake of the financial crisis. The fund had been so popular that numerous other municipalities and business accelerator agencies are scrambling to create their own, including Oakland County and the OU INCubator.
The Michigan Micro Loan Fund makes anywhere from 2-4 loans of a few thousand dollars each per month for 2010. That expectation is to provide much-needed financing for 24 to 48 fledgling local businesses at a time when loans for small businesses are almost non-existent.
Source: Richard Millunchick, CEO and managing partner of RiserCam
Writer: Jon Zemke
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