The SEIC Board approved the recommendations of the NCMS reviewers giving 17 companies approval to borrow money from the state, totaling almost $30 million. The 17 were the top scoring proposals of the 51 reviewed. If any of the 17 change their mind about accepting the loan or the MEDC due diligence reveals inconsistencies in proposals causing some of the awards to be invalidated, the companies ranking 18, 19 or beyond would be approved. This is a remote possibility.
Here are the winners of the competition:
Accuri Cytometers, Inc.
Fulcrum Composites Inc
AI Medical Devices, Inc.
Critical Signal Technologies, Inc.
NeuroNexus Technologies, Inc.
Compendia Bioscience, Inc.
Hybra-Drive Systems, LLC
Cielo MedSolutions LLC
Tolera Therapeutics, Inc.
Metabolic Solutions Development
Meditrina Pharmaceuticals, Inc.
Avidimer Therapeutics, Inc.
Pixel Velocity Incorporated
Hybra-Drive received the largest amount $3.352mm. Fulcrum Composite asked for the smallest amount. Both companies received investment from the Michigan Pre-Seed Capital Fund last year.
11 of the companies are in Ann Arbor.
Congratulations to the companies and the teams helping those companies prepare their applications. Next round will probably start in January.
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