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Michigan VC Dollars Down, But Number of Deals Up

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ANN ARBOR (WWJ) – The volume of venture capital financing transactions plummeted in Michigan through August compared to both 2010 and 2009, the Michigan Venture Capital Association announced late Monday afternoon.

However, the number of deals done has actually risen from a year ago and was unchanged from 2009 — meaning that more of the deals that got done were simply for smaller dollar amounts.

The MVCA reported 13 deals for $73 million so far in 2010, down from 10 deals for $123 million at the same point in 2010 and 13 deals for $91 million at the same point in 2009.

Health care and life science deal dollar volume plunged to $14.8 million this year vs. $92.8 million a year ago and $52.2 million in 2009. Volume in alternative energy and cleantech was virtually unchanged at $29.4 million this year vs. $30.5 million in 2010 (and $15 million in 2009). IT deals were up sharply, to $25.6 million this year from zero a year ago and $18.5 million in 2009. Advanced manufacturing deals totaled $2.9 million, up from zero a year ago but down from $5.3 million in 2009.

The MVCA said five of the 13 deals were first-timers.

Companies funded included Danotek Motion Technologies of Canton Township, a wind turbine magnet generator developer; MyBuys of Ann Arbor and Redwood City, Calif, a software provider for online retailers; Sunlogics of Auburn Hills, a developer of solar carports; Intervention Insights of Grand Rapids, a developer of individual treatment technology for oncologists; Metabolic Solutions of Kalamazoo, a diabetes drug developer; Lynx Network Group of Kalamazoo, a developer of high-speed fiber optic infrastructure; Accio Energy of Ann Arbor, developer of a unique fan-free wind power generator; Advanced Battery Concepts of Midland, developers of new lead-acid battery technology; Transcorp Spine of Byron Center, developer of minimally invasive surgical and implant devices; and Are You Human of Ann Arbor, developers of new tools to keep robodialers out of Web sites.

The other three deals weren’t made public.

More at www.michiganvca.org.

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