The availability of scientific and executive management talent and the access to later-stage investment capital remain major issues for Michigan’s life sciences industry.
GRAND RAPIDS — The managers of Michigan Accelerator Fund I are seeking to raise up to $5 million from investors to provide further financial backing to portfolio companies.
GRAND RAPIDS — Backed by a recent $2 million capital raise, a startup Grand Rapids-based digital health company plans to expand its sales force and further develop its software that allows patients to receive virtual care at home.
A new roadmap aims to reboot efforts to build Michigan’s life sciences industry and compete with similar clusters around the U.S. and the world.
The venture capital industry’s success over the last decade in Michigan has created a significant challenge as the demand for funding in the next few years far outpaces the availability of capital, requiring a broader approach by managers creating new funds.
Venture capital investors put almost twice the amount of money into Michigan companies in 2014 as they did the year before, continuing the industry’s momentum.
Venture capital deal flow in Michigan in 2014 lags the pace of investment last year, although a single large investment in the spring has the total amount invested through the third quarter exceeding all of last year.
When times were tough, West Michigan advisers found deals were scant and there were but a few investments to arrange.
Grand Angels recently invested in three companies: Ablative Solutions in Kalamazoo, Tetra Discovery Partners in Grand Rapids, and Altus Brands in Grawn, near Traverse City.
A new Kalamazoo-based venture capital fund closed on its first fundraising phase, although organizers hoped by now to have moved closer toward their $10 million goal.