Led · Grant · Nov 2023

Surf Internet is a fiber-optic internet provider focused on delivering high-speed connectivity to rural and underserved areas in Illinois, Indiana, and Michigan. Headquartered in Elkhart, Indiana, the company also maintains offices in multiple Midwestern cities and employs more than 350 people. Surf’s core product is a growing fiber-to-the-home network designed to offer reliable, high-bandwidth service. Management plans to accelerate the build-out of this network, improve service reliability, and enhance customer experience across additional underserved communities in the Midwest. The firm has demonstrated strong operating performance and consistent subscriber growth, which has enabled access to the capital markets through its inaugural asset-backed securitization. Proceeds from recent financing will bolster financial flexibility and fund continued network expansion, positioning Surf as a scaled, super-regional fiber platform.

Participated · Grant · Feb 2023

Our Next Energy develops dual-chemistry battery packs called Gemini that use LFP cells for daily driving and manganese-based reserve cells for extended range. The company retrofitted a Tesla Model S with Gemini to achieve a 752-mile single-charge run and has tested the design in a BMW iX. Despite early testing and BMW being an early investor, the Gemini pack has not been adopted by a major automaker. ONE raised $300M in a Series B that valued the company at $1.2B post-money and is building a $1.6B LFP battery factory in Michigan. The company faced a cash crunch after a prospective $100M Series C led by Just Climate fell through, prompting layoffs of 128 employees (about 25% of staff). Founder Mujeeb Ijaz, who started the company in 2020, has returned as CEO following the leadership change. Our Next Energy designs and engineers energy storage batteries aimed at accelerating electrification. The company is led by CEO & Founder Mujeeb Ijaz and is based in Novi, Michigan. It has signed ten customer agreements totaling 36 GWh of supply over the next five years. ONE plans to use new capital to accelerate growth, expand operations, and advance factory investments. Management is preparing for phase two factory investments ahead of plan. The equity financing is being paired with significant public grants to fund a battery cell factory. ONE (Our Next Energy, Inc.) is a Michigan-based developer of energy storage technology focused on battery cells and packs, including the Aries LFP system and the Gemini dual-chemistry battery. Founded in 2020 and based in Novi, Michigan, the company demonstrated a 752-mile range and plans to begin Aries production in late 2022 and a production prototype Gemini in 2023. ONE has signed contracts with four customers totaling more than 25 GWh of capacity over the next five years—approximately 300,000 EV battery packs—which has allowed it to begin site selection for a U.S. battery factory. The company emphasizes safer chemistries, more sustainable raw materials, and a low-cost, conflict-free domestic supply chain. Recent funding will support expanded R&D in Michigan and the Bay Area and accelerate commercialization timelines. The article states the new capital will accelerate the timeline for Gemini following the recent range demonstration. Our Next Energy (ONE) develops a hybrid cell-to-pack battery system composed of two packs: the Aries cobalt-free LFP pack for daily use and the Gemini range extender aimed at occasional long trips. ONE claims its approach can double EV range and estimates the Gemini could enable up to a 700-mile single-charge range. The Aries uses lithium-iron-phosphate chemistry to reduce reliance on scarce materials like nickel and cobalt and to lower fire risk from thermal runaway. The company plans to begin Aries production at the end of 2022 and to manufacture batteries in Michigan with a contract manufacturing partner. ONE is roughly 15 months old and was founded by Mujeeb Ijaz, a battery veteran who previously led battery work at Ford and worked on Apple’s car project. The newly closed funding will be used to accelerate product development and manufacturing plans.

Participated · Equity · Oct 2019

Salted Venture began as Samsung's C‑Lab and spun out as an independent company in September 2015. The company develops smart golf shoes (Salted Shoes) and a companion app first launched in 2017, using plantar‑pressure, gait, weight‑shift and muscle‑movement data to provide body measurement, posture analysis and exercise‑prescription solutions. Its products and platform are deployed across more than 400 fitness centers, clinics and rehabilitation centers and are used in over 10 elite sports disciplines and national teams. The company has received recognition including a CES 2017 Innovation Award and ISPO 2017 and 2018 gold awards. Its swing‑coaching solution is also used by coaching pro Amy Jo, a Korean‑American YouTube influencer. Management says the recent investment will accelerate global commercialization and support the launch of a consumer product.

Participated · Equity · Apr 2014

Algal Scientific produces Algamune, an algae-derived beta-1,3-glucan ingredient manufactured by growing a selected strain of non-GMO microalgae in controlled, sterile fermentation systems to yield high concentrations of beta glucan. The company positions Algamune as a feed additive to naturally support livestock and poultry immune systems and reduce reliance on antibiotics in the food supply. Algal Scientific combines expertise in algae biology, immune health and fermentation with animal-health and feed-ingredient experience on its team led by CEO Geoff Horst. The company plans to dedicate additional resources to addressing antibiotic overuse in agriculture and to accelerate commercialization and scaling of its algae-based solutions. Financially, Algal Scientific has closed a $7 million Series B and has raised over $10 million in total to date. Founded in 2009, the company emphasizes cost-effective, environmentally sound approaches to improving animal and human health through reduced antibiotic usage. Algal Scientific develops Algamune™, an algae-based beta-1,3-glucan ingredient intended to support a healthy immune system in poultry, swine, aquaculture and other livestock production, as well as in human foods and nutraceuticals. The company manufactures algae-based chemicals and supplies related technologies to food and beverage customers. Led by CEO and Chief Science Officer Geoff Horst, Algal is positioning Algamune™ for commercial sale. The company completed a $3M financing to fund the start of commercial-scale production and sales of Algamune™. As part of the financing the company added James Zhang from Formation 8 to its board. The business is based in Northville, Michigan.

Participated · Seed · Sep 2013

Tetra Discovery Partners is a clinical-stage biotechnology company that discovers mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4) using structure-guided drug design. Its portfolio targets Alzheimer’s disease and other brain disorders and includes BPN14770, which is in a Phase 1 multiple-ascending dose study in healthy older (age 60+) volunteers. The company reported receipt of two NIH grants: a $2.0M Phase 2b SBIR grant (AG054243) supporting the BPN14770 study and a $3.0M grant (MH091791) supporting its depression discovery program. Financially, Tetra raised $5.0M in Series A venture funding, with conversion of two debt rounds bringing total Series A financing to $7.27M. The Series A was co-led by the Apjohn Group and Grand Angels, with participation from Dolby Family Ventures, the Alzheimer’s Drug Discovery Foundation and other private investors. Donald R. Parfet of Apjohn Group joined Tetra’s Board of Directors following the financing. The company is led by Chairman and CEO Mark E. Gurney, Ph.D., and is based in Grand Rapids, Michigan, with a business office in Cambridge, Massachusetts. Tetra Discovery Partners is developing a platform of drug products to treat cognitive impairment, targeting a family of enzymes known as Type 4 phosphodiesterases (PDE4). Its lead candidate targets PDE4D and is being developed for cognitive impairment in Alzheimer’s disease and schizophrenia, with potential application for Huntington’s disease. The company is led by CEO and founder Dr. Mark Gurney. Tetra is based in Grand Rapids, Michigan. It closed a $1M funding round to accelerate development and prepare for clinical trials planned for Fall 2015. The financing signals early-stage support from regional angel and commercialization investors as the company moves toward first-in-human studies. Tetra Discovery Partners uses structure-guided drug design to discover mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4). Its research focuses on developing treatments for cognitive impairment in schizophrenia, depression, Alzheimer’s disease, Huntington’s disease and traumatic brain injury (TBI). The company intends to use the newly raised funds to support additional work aimed at filing its first Investigational New Drug (IND) application for a cognition drug candidate in 2015. Tetra maintains a business office at the Cambridge Innovation Center in Cambridge, Massachusetts and is led by Chairman and CEO Mark Gurney, Ph.D. It is a recipient of a National Institutes of Health (NIH) Blueprint Neurotherapeutics Network cooperative research agreement, part of a $50 million program across 15 NIH Institutes and Centers. The company also announced the formation of a Scientific Advisory Board composed of senior industry R&D and neuroscience leaders. Tetra Discovery Partners is a Grand Rapids, Mich.-based company that designs new therapeutics for major neurological conditions by modulating phosphodiesterase 4 (PDE4) in the brain. Led by founder and CEO Mark Gurney, Ph.D., Tetra develops PDE4 inhibitors aimed at treating Alzheimer’s disease, mild cognitive impairment (MCI), depression and cognitive deficits from traumatic brain injury (TBI). The company intends to use recent seed funding to advance an innovative drug for cognitive impairment in Alzheimer’s and a second program targeting depression and cognitive restoration after TBI. Tetra works with the NIH Blueprint Neurotherapeutics Network, a $50m program across 15 NIH institutes and centers that supports drug discovery collaborations with early-stage biotechnology companies and academics. Financially, Tetra closed a $1,041,000 seed round and recently received a $3m Phase II SBIR award from the National Institute of Mental Health. The SBIR award was matched by funding from the Biosciences Research & Commercialization Center, the Michigan PreSeed Capital Fund and the Michigan Emerging Technology Fund.