Two growing startups, Spellbound and Revalue, recently “graduated” from Ann Arbor SPARK’s Central and East Innovation Centers. Both companies outgrew the space available to them in the incubator and have moved to offices. Spellbound is located in downtown Ann Arbor and Revalue chose a location in downtown Ypsilanti.
“It’s always a little bittersweet when a company moves up from our incubators, but it shows that the work we’re doing to support startups is effective at achieving the goal of nurturing these businesses to the point of not just sustainability, but profitability,” said Bill Mayer, Ann Arbor SPARK vice president, entrepreneurial services. “The Ann Arbor/ Ypsilanti SmartZone is the most successful in Michigan and its support for startups is a highly visible way to show the community’s commitment to maintaining our thriving entrepreneurial ecosystem.”
Spellbound’s patented augmented reality technology creates a 3D experience using mobile devices, improving the patient experience through pain management, patient education, and helping patients engage with treatment. Prior to moving to its new office, the company had been incubated at the SPARK Central Innovation Center since 2015. Spellbound has benefited from numerous services offered by Ann Arbor SPARK, including grants to support marketing, legal, and internship needs, and Executive-in-Residence mentoring.
Supporting the move was its recently closed seed round, which was oversubscribed by investors from the Midwest and Washington, DC. It was led by Chicago-based M25 and supported locally by Invest Detroit, Invest Michigan, Belle Michigan, and an Ann Arbor angel. Spellbound’s customers include New York Presbyterian Hospital, University of Michigan Health System, Lucile Packard Children’s Hospital at Stanford, University of Chicago Hospital and University of Wisconsin Hospital.
Revalue, a socially-conscious financial advisory
Revalue has gained a statewide and national reputation for being leaders in the community impact investing movement, including striking partnerships with the Michigan Economic Development Corp. and the Ann Arbor Area Community Foundation to provide education to investors and to explore opportunities for increasing community investment activity in the Washtenaw County. These achievements were underscored by the naming of Revalue’s CEO, Angela Barbash, as a 2018 Notable Woman in Finance in Michigan by Crain’s Detroit Business.
About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is advancing the region by encouraging and supporting business acceleration, attraction and retention. The organization identifies and meets the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
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