News / Ann Arbor SPARK Incubator Clients Awarded $650,000 Business Funding
Ann Arbor SPARK Incubator Clients Awarded $650,000 Business Funding
FOR IMMEDIATE RELEASE – DECEMBER 8, 2011 -- ANN ARBOR, MICH. -- The Ann Arbor SPARK Foundation recently presented the winners of the Accelerate Michigan Innovation Competition with their cash awards. The competition's grand prize of $500,000 in cash was awarded to DeNovo Sciences and the competition’s $150,000 prize was awarded to Fusion Coolant Systems.
“DeNovo Sciences and Fusion Coolant Systems highlight how having a strong entrepreneurial support system can help businesses successfully launch and advance towards attracting capital and commercializing products,” said Paul Krutko, president and CEO, Ann Arbor SPARK. “Both companies are currently being incubated at Ann Arbor SPARK. DeNovo Sciences is a tenant at the Michigan Life Science and Innovation Center and Fusion Coolant Systems is a tenant at Ann Arbor SPARK’s SPARK East incubator. Both companies have also benefitted from Ann Arbor SPARK’s entrepreneurial services, including business planning.”
Denovo Sciences and Fusion Coolant Systems plan to use the Accelerate Michigan Innovation Competition prize monies to further their business development goals, including attracting additional capital investments and ramping up commercialization efforts.
"The $500,000 Accelerate Michigan Innovation Competition prize definitely helps us stay on track with our goals,” said Kalyan Handique, CEO, DeNovo Sciences. “We will use the funding to test our prototype so that we are ready for big fundraising in the coming year; our goal is to raise $6 million in venture capital.”
"We will use the $150,000 Accelerate Michigan Innovation Competition award to invest in marketing and sales materials, as well as product development design initiatives,” said Tom Gross, CEO, Fusion Coolant Systems. “We are fortunate to have received a lot of support to get us here, especially from Ann Arbor SPARK."
DeNovo Sciences is developing an instrument system and reagent kit that allows for the separation, detection and retrieval of circulating tumor cells from peripheral whole blood creating an alternative to traditionally painful and invasive biopsies. Fusion Coolant Systems provides an advanced coolant and lubrication system for use in manufacturing.
The three-day Accelerate Michigan Innovation Competition was held November 15-17 at the Eagle Crest Conference Center at Eastern Michigan University.
About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is the driving force in establishing the Ann Arbor region as a destination for business expansion, retention, and location by identifying and meeting the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK represents all communities in Washtenaw County. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Washtenaw County, Washtenaw County etcs/Michigan Works!, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.