MSU Research Foundation’s Captive Venture Funds Close 30 Startup Investments
April-June 2024 Update: The Michigan State University Research Foundation backs a diverse range of startups through its Red Cedar Ventures and Michigan Rise Pre-Seed III investment funds, spanning from cybersecurity and healthcare to AI, renewable energy, financial technology, and more.
EAST LANSING, MI (Jul. 16, 2024) — The Michigan State University Research Foundation announces 30 new investment and purchase order (P.O.) financing transactions in startup companies through its Red Cedar Ventures and Michigan Rise Pre-Seed III investment subsidiaries between April and June of 2024. The investments span a range of industries.
Receiving investments from Red Cedar Ventures are:
AaDya Security, Inc. offers affordable, user-friendly cybersecurity for small and medium businesses with AI-driven, enterprise-grade protection.
AIMA is an FDA-approved product for relieving women’s period and pelvic pain, offering an alternative to traditional treatments.
Approva AI connects mortgage brokers and lenders via a web-based platform, enhancing communication and automation.
Ascent‘s platform addresses challenges in manual underwriting by streamlining member data management, improving membership growth and operational efficiency for service providers.
BeAware’s HealthScribe software enhances communication for deaf and hard-of-hearing patients in clinical settings.
BridgeCare Specialists of Michigan provides virtual discharge and hospital-at-home services to reduce hospital readmissions.
DeepView’s smart cameras use deep learning technology for superior factory visual inspections.
Earth Metrics Innovations optimizes irrigation and improves crop quality with a low-cost sensor monitoring system.
Elite Care Technologies provides real-time patient status updates for independent medical practices.
FirstIgnite helps research institutions connect with potential partner companies using AI software.
Flightpath Biosciences develops new therapies for diseases caused by pathogens.
Frich helps credit unions attract and retain Gen Z members.
Genomenon provides software as service (SaaS) products streamline genomic analysis and diagnosis.
Laparassist, Inc., develops medical technologies for precise and efficient patient care.
Motmot provides cost-effective drinking water infrastructure inspections using Autonomous Underwater Robotics (AURs).
RedoxBlox, Inc. creates thermochemical energy storage technology to reduce emissions in high-temperature industrial processes and power production.
ScribeUp enhances digital banking with subscription management solutions for credit unions.
Waldo Logs automates processes in the forestry industry value chain with SaaS technology.
Receiving investments from Michigan Rise Pre-Seed III are:
Aries Financial offers commission-free trading for stocks, options, and cryptocurrencies.
ATLAS Space Operations is developing a global ground network management system for better satellite communications.
Promethient, Inc. manufactures heated and cooled seats for non-automotive applications.
Revolin Sports designs and manufactures sustainable pickleball equipment using low-impact materials.
Scorbit connects pinball machines to the cloud, enhancing engagement and revenue.
Shoptelligence increases retailer revenue with an AI-powered platform offering personalized shopping experiences.
Receiving investments from both investment funds are:
Jolt Energy develops grid-level energy storage without rare earth metals.
Magsorbeo Biomedical creates bioabsorbable implants to improve patient health and reduce surgeries.
The Foundation also supported the following companies with access to working capital through the Michigan Rise Purchase Order (P.O.) Financing program:
Fusion Coolant uses supercritical carbon dioxide to revolutionize metal cutting in manufacturing.
Pearl Edison offers an automated platform for easy home electrification.
Ripple Science provides software for recruiting and managing research participants.
The Lip Bar offers beauty products for diverse complexions using vegan, cruelty-free ingredients designed by women of color.
"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. "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 Ventures 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 Ventures Opportunity Fund I and II provide follow-on funding and support to portfolio companies as they grow and seek further funding opportunities.
The MSU Research Foundation partnered with the Michigan Economic Development Corporation (MEDC) to establish the Michigan Rise Pre-Seed Fund III, which provides funding, coaching, and assistance with grant funding 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, its investment funds and portfolio companies, visit msufoundation.org.
###
About the Michigan State University Research Foundation
The MSU Research Foundation supports the Michigan State University ecosystem with resources that increase the impact of research and innovation. The Foundation achieves its mission through grant programs that contribute over $10 million annually to the University, entrepreneurial programming and early-stage investments that accelerate technology transfer and startup growth throughout Michigan, and environments where startup businesses and collaborators can thrive. The Foundation's work is made possible through its stewardship of a flexible and sustainable endowment, nourished by over 50 years of licensing revenues and investment returns. Learn more about the MSU Research Foundation and its impact at msufoundation.org.