Pittsburgh-based iNetworks is raising money to set up a $20 million investment fund that will target Michigan startups and be based in TechTown. "It's really dedicated to Michigan and the Detroit metro area," says Greg Auner, manager of the
iNetworks Michigan Fund.
The investment fund will focus on startups developing biomedical technologies, like the latest and greatest in medical instruments. The fund will provide the seed capital to develop and commercialize those sorts of products. In the wake of the collapse of the steel industry, the Pittsburgh area reshaped, diversified and reinvented its economy through focusing on developing companies rooted in the new economy. Biotech and companies like iNetworks turned out to be major players in the region's rebirth.
The leaders at iNetworks see a similar transition happening in Metro Detroit today, creating a unique opportunity to get in on the ground floor with firms and innovations that could reinvent Michigan's economy. The region already has a strong background in research and development, along with biotech creation.
Anticipating this transition, iNetworks is raising the money to create this fund and has set up a four-person team in the city. It has two office, one in
TechTown and the other at
Stroh's River Place. The fund expects to begin making investments as soon as the $20 million is raised. "It will probably be January when we close it," Auner says.
Source: Greg Auner, manager of iNetworks Michigan Fund
Writer: Jon Zemke
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