Automation Alley’s Pre-Seed Fund has made two more investments in local startups, Civionics and Lighthouse Molding.
The two companies, based in Ann Arbor and Sterling Heights respectively, received a total of $75,000 in seed capital. The investments are intended to spur expansions in the companies and bring about more job growth.
"We want the jobs," says Tom Kelly, COO of
Automation Alley.
The Automation Alley Pre-Seed Fund is worth nearly $9 million. It has made investments in 47 different companies in a little more than a decade. It plans to invest another $100,000 to $200,000 before the end of this year.
"We have been quite active over the years," Kelly says.
Civionics is a University of Michigan spinout commercializing wireless sensor technology primarily used to measure the strength of large-scale manufacturing equipment.
Lighthouse Molding is a small electronics manufacturer for automotive firms, specifically low-pressure overmolding to encapsulate and protect electronic assemblies.
Both firms have recently joined Automation Alley's 7Cs program, which is focused on helping local companies integrate more advanced manufacturing methods to their business model. The idea is to help them accelerate their growth and create more jobs.
Source: Tom Kelly, COO of Automation Alley
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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