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InfoReady lands $1.1M in seed capital investment
Friday, January 28, 2011
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InfoReady, one of Ann Arbor's most promising start-ups, has secured $1.1 million in seed capital to start 2011. However, look for the grant-writing company to land even more capital later this year.
The funding comes from some of Metro Detroit's established sources, such as the First Step Fund in
TechTown
,
Automation Alley's
seed fund, and the
Michigan Pre-Seed Capital Fund
. Some prominent local angel investors and entrepreneurs, like
Terry Cross
and
Ted Dacko
, have also invested in the company. InfoReady plans to conduct one more angel investor round and a Series A venture capital round later this year as it begins to launch its product nationwide.
"We're pretty encouraged by the market acceptance, the rampup and the feedback so far," says Bhushan Kulkarni, CEO of
InfoReady
.
InfoReady specializes in software that helps researchers find and apply for the best grant opportunities and then review and track progress of the project. The
GDI Infotech
spin-off has already attracted 25 customers with little marketing. It expects to ramp up its marketing efforts this year as it deploys the product nationally.
"The product is getting tremendous traction and the business model is ramping up," Kulkarni says. "We want to hit a home run for our community."
Source: Bhushan Kulkarni, CEO of InfoReady
Writer: Jon Zemke
Share
Related Tags
Angel Funding
,
Boomers
,
Diversity
,
Emerging Technology
,
Higher Education
,
Marketing / Media
,
Venture Capital
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Related Company
InfoReady
3775 Varsity Drive
Ann Arbor, MI 48108
Website
The In4Grants pre-award grant-management system combines the power of online search, social media and application software.
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