21st Century Jobs Fund Awards $30 Million to 17 High-Tech Firms

Governor Granholm today announced that 17 companies have been selected by the SEIC board to share nearly $30 million from the 21st Century Jobs Fund

LANSING– Governor Jennifer M. Granholm today announced that 17 companies have been selected by the Strategic Economic Investment and Commercialization (SEIC) board to share nearly $30 million from the 21st Century Jobs Fund to initially create over 1,500 new jobs in emerging high-tech sectors.

“These innovative Michigan companies are poised to turn their scientific and technological innovation into high-paying jobs,” Granholm said. “We look forward to partnering with them as we work to diversify and grow our economy.”

The 21st Century Jobs Fund awards were made to companies in the later stages of development ready to create jobs in the competitive-edge sectors of alternative energy, life sciences, advanced automotive, manufacturing and materials, and homeland security and defense, as follows: 

 

Accuri Cytometers Inc., Ann Arbor	$1,900,000
Fulcrum Composites Inc., Midland	$425,000
A1 Medical Devices Inc., Williamston	$400,000
Critical Signal Technologies Inc., Farmington Hills	$2,000,000
Solidica Inc., Ann Arbor	$900,000
NeuroNexus Technologies Inc., Ann Arbor	$999,709
Compendia Bioscience Inc., Ann Arbor	$1,700,000
Hydra-Drive Systems LLC, Deerfield	$3,300,000
Nephrion Inc., Ann Arbor	$2,000,000
Cielo Medsolutions LLC, Ann Arbor	$2,000,000
Tolera Therapeutics Inc., Kalamazoo	$2,000,000
Metabolic Solutions Development , Kalamazoo	$2,400,000
Meditrina Pharmaceuticals Inc., Ann Arbor	$2,600,000
Avidimer Therapeutics Inc., Ann Arbor	$2,400,000
Arbor Photonics, Ann Arbor	$1,500,000
Nanocerox Inc., Ann Arbor	$1,050,000
PixelVelocity Inc., Ann Arbor	$1,800,000

 

 

 

“This was a highly competitive process and our goal was to fund the most promising commercialization opportunities to help grow Michigan’s high-tech economy,” said Michael J. Jandernoa, chairman of the SEIC board and principal of Bridge Street Partners LLC in Grand Rapids. “Today’s awardees represent the best-of-the-best proposals received.”

The 21st Century Jobs Fund is a $2 billion, ten-year initiative proposed by Governor Granholm, approved by the Michigan Legislature, and administered by the Michigan Economic Development Corporation. The first round of funding in 2006 resulted in the award of $126.3 million to 78 organizations now engaged in high-tech research, commercializing new products, and creating new jobs.

“In this second round, we targeted our resourceson technology businesses that are ready to gear up and create new, high-tech jobs in the near term,” MEDC President and CEO James C. Epolito said. “This will have an immediate impact on our economy and continue to build on the momentum generated by previous 21st Century Jobs Fund recipients.”

Michigan-based peer review service providersNational Center for Manufacturing Sciencesand Business Engines Inc. conducted an independent peer review process which called for evaluating proposals based on commercializationmerit, scientific and technical merit, management team strengths and ability to leverage additional funding, as well as near -term job growth, among other factors. The agencies made funding recommendations to the SEIC board.

Awards will be in the form of loans or convertible loans at the discretion of the SEIC board. Due diligence will be conducted prior to finalizing each award to ensure a company’s ability to meet the terms of its contract. Eachof the awards will be administered by the MEDC with contracts that establish conditions and mileposts for receipt of funds. MEDC portfolio managers oversee the progress of the awards working closely with awardees to advance and grow their businesses and create jobs. Award funding will be paid out incrementally as agreed-upon milestones are achieved. The contract and funding process will be overseen by the chief compliance officer, a position required by the 21st Century Jobs Fund legislation.

The SEIC board is responsible for administering grants and loans to support competitive-edge technology investments under the 21st Century Jobs Fund, specifically the targeted sectors of life sciences, alternative energy, advanced automotive materials and manufacturing, and homeland security and defense.

About Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.