Automation Alley invests $300K in local firms

Thursday, May 20, 2010 | Source: metromode

Automation Alley has invested $300,000 into three local start-ups, providing them with seed capital to develop technologies and push their business plans forward.

Cargo Solutions Group, CircleBuilder Software, and Clean Emission Fluids were awarded the funds. So far Automation Alley has invested $5 million in 25 companies in Metro Detroit, and more investment is on the way. The next round of investments from the evergreen fund could be announced as soon as this summer.

"We still have funding available and we will be making more investments later this year," says Michelle Zellen, a spokeswoman for Automation Alley.

Cargo Solutions Group received the lion's share of the money, taking in $250,000. The Sterling Heights-based firm specializes in advanced automotive manufacturing of personal transportation consumer products. It specializes in pickup truck cargo management systems. It is also developing hybrid power train solar re-charging systems integration as a second phase project tied to the cargo system.

CircleBuilder Software is receiving its second infusion of cash from Automation Alley, with $25,000 this time around. The Franklin-based start-up received $250,000 from Automation Alley last spring. CircleBuilder creates an Internet and social media presence for churches, providing a private, rules-based community, networking, and outreach management Internet service that the churches use to connect with their members and other organizations.

Clean Emission Fluids also received a follow-on investment of $25,000. The Detroit-based firm, which calls TechTown home, develops a patent-pending biofuel and clean diesel system called FAST, Fluids Affordably Stored. The technology stores and blends variable-ratio biofuels and fuel additives.

Automation Alley is still open to taking applications for funding. For information or to inquire about applying for seed funding, call (800) 427-5100 or send an email to info@automationalley.com.

Source: Michelle Zellen, spokeswoman for Automation Alley
Writer: Jon Zemke