Innovation & Job News

Beringea's investments in green tech and smart phone accessories gain momentum

Thursday, September 16, 2010

Last week was a healthy one for Beringea and its Michigan-based portfolio. The state's largest venture capital firm invested in a smart phone accessory company and received subsequent backup for one of its previous green-tech investments in Ann Arbor-based Sakti3.

GM Ventures, the VC arm of General Motors, led a $4.2 million investment round in Sakti3, contributing $3.2 million. Beringea had funded the University of Michigan spin-off earlier this year along with Silicon Valley-based Khosla Ventures.

"We're really pleased," says Jeff Bocan, managing director of Beringea. "It's excellent validation. They're moving forward at a fast pace. Faster than we expected."

The Farmington Hills-based company also made an unspecified infusion into mophie from its InvestMichigan! Growth Capital Fund. Mophie is a Paw Paw-based company that designs and manufactures accessories for smart phones. One of its principal products is a protective case that improves the battery lives of iPhones. Beringea's investment is expected to help fund development of future products and also bolster the company's marketing efforts.

"We're excited about a lot of what they're doing," Bocan says. "They're making smart phones more useful."

Source: Jeff Bocan, managing director of Beringea
Writer: Jon Zemke

Innovation & Job News

Beringea's investments in green tech and smart phone accessories gain momentum

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