Foundation’s Captive Venture Funds Close 7 New Startup Investments Last Quarter

Michigan State University Research Foundation backs a diverse range of startups through Red Cedar Ventures and Michigan Rise Pre-Seed III investments funds, spanning medical tech, consumer products, pet wellness, and more.

EAST LANSING, Mich. –– The Michigan State University Research Foundation continues its support for high-tech, high-growth startups by providing essential financial backing and resources through its Red Cedar Ventures and Michigan Rise Pre-Seed III investment funds. Last quarter, the Foundation made strategic investments in a select group of pioneering startups across various industries.

Receiving investments from Red Cedar Ventures are:

• Elite Care Technologies, developing a technology solution for Transitional Care Management (TCM) billing. TCM provides medical support as patients move from one healthcare setting to another, like from a hospital to their home or another facility. Their application connects with stakeholders and streamlines services and documentation for faster and easier claim filing, with the goal of reducing the administrative burden during this crucial transition period of care. Elite Care Technologies is based in Grand Rapids, Michigan.

• Sorfeo, a commerce company that acquires patented consumer products sold on Amazon and then expands their sales to direct-to-consumer and multi-channel retail. They specialize in developing and marketing high-quality products in various consumer categories, such as home improvement, sporting goods, tech accessories, and home and garden items.

• Targeted Alpha Therapeutics, developing a novel radioimmunoconjugate, which combines a radioactive substance with an antibody. This medical compound is designed for safe and effective radiotherapy, specifically targeting cancerous tumor cells in the bladder. It would be particularly valuable when standard radiation treatments are not feasible due to potential harm to healthy cells. Targeted Alpha Therapeutics is based in Lansing, Michigan.

• Vetr Health, providing comprehensive pet wellness services, including in-home visits, vaccines, testing, unlimited telehealth, and access to an affordable online pharmacy. Their convenient and exceptional care, delivered right to pet owners' homes, saves time, money, and stress. Vetr Health also prioritizes a progressive work environment for veterinary professionals, supporting their mental health and well-being. They are located in The Bridge incubator in Grand Rapids, Michigan.

Receiving investments from Michigan Rise Pre-Seed III are:

• Alerje (pronounced just like "allergy"), dedicated to enhancing the quality of life for the more than 220 million people affected by life-threatening food allergies. Their main products are a “smart” epinephrine autoinjector and software solutions for allergy clinics that provide oral immunotherapy treatments. The autoinjector is designed to notify caregivers and first responders during a medical emergency and provide vital information about the patient's medical history, allergies, and location. Alerje is based in Detroit, Michigan.

• Lilypad Labs, created when its founders recognized a lack of carbon-free, sustainable boating options in the market. The company is redefining peaceful water recreation with "Lilypad," a shareable solar boat. Using clean energy and renter assist mobility technology, Lilypad brings people together with an accessible alternative boating experience that requires little to no boating expertise. Lilypad Labs is based in Holland, Michigan.

• Magsorbeo Biomedical, developing advanced implants that can be safely absorbed by the body, using a proprietary magnesium alloy. These bioabsorbable implants reduce the need for additional surgeries or follow-up treatments, which reduces healthcare costs and improves patient outcomes. Magsorbeo Biomedical is based in Detroit and East Lansing, Michigan.

"These investments demonstrate an exciting commitment to fueling innovation and driving positive change within Michigan's entrepreneurial landscape," said Jeff Wesley, Executive Director of Ventures at the MSU Research Foundation. "We’re thrilled to support these dynamic startups as they continue to push the boundaries of technology and address real-world challenges across multiple sectors."

The Red Cedar Ventures and Michigan Rise Pre-Seed Fund III investment funds play a crucial role in supporting tech startups at various stages of development. The Red Cedar Venture Pre-Seed Fund provides critical early-stage funding and support to help new startups get off the ground and attract additional investment, while the Red Cedar Venture Opportunity Fund I and II provide funding and support to more established companies as they seek further growth and funding opportunities. The Michigan Rise Pre-Seed Fund III partners with the Michigan Economic Development Corporation (MEDC) to provide funding, coaching, and assistance with grant funding specifically to tech startups based in Michigan. Together, these funds provide a diverse range of financial support and resources to startups throughout their journey in the technology sector.

For more information about the MSU Research Foundation, it is investment funds and portfolio companies, visit www.msufoundation.org.