ANN ARBOR, Mich., Nov. 13, 2014 /PRNewswire/ -- Ann Arbor SPARK business accelerator client New Eagle recently repaid the $250,000 Michigan Pre-Seed Capital Fund award that it received in 2012. The money will be reinvested in to the Michigan Pre-Seed Capital Fund to support other entrepreneurial endeavors in the state.
New Eagle, an engineering firm that creates, manufactures and distributes control systems for alternative energy vehicles, used the Michigan Pre-Seed Capital Fund investment to add five engineers to its team. The engineers worked to bring New Eagle's Raptor™ to market, and the successful launch of the product led to the sales that enabled the company to repay its investment funding.
"It's always been our vision to create Raptor and bring it to market, but we didn't have the funds to make that goal a reality until we received support through the Michigan Pre-Seed Capital Fund and Ann Arbor SPARK business accelerator services and grants," said Mickey Swortzel, founder, New Eagle. "The funding and services were exactly what we needed to move forward, and has given us a running start on accomplishing our next big goal of making a big splash in the alternative fuels industry."
Raptor is New Eagle's control system platform for implementing complex machines. New Eagle's Raptor platform consists of three facets - tools, products, and systems - that allows manufacturers to design and develop custom control systems specific to their applications.
"Through Ann Arbor SPARK, New Eagle has been able to tap in to several key resources available within the entrepreneurial ecosystem," said Paul Krutko, president and CEO, Ann Arbor SPARK. "As an entrepreneur's business grows and evolves, so do their needs, and having a range of support available to help them adapt to those needs is important. Having such a strong support system available for entrepreneurs is truly what sets the Ann Arbor region apart."
Prior to receiving Michigan Pre-Seed Fund investment, New Eagle's founders participated in Ann Arbor SPARK's Entrepreneur Boot Camp. The company also received a business accelerator grant from Ann Arbor SPARK.
Ann Arbor SPARK administers the Michigan Pre-Seed Capital Fund I.
About Ann Arbor SPARK
Ann Arbor SPARK, a non-profit organization, is advancing the region by encouraging and supporting business acceleration, attraction and retention. The organization identifies and meets the needs of business at every stage, from start-ups to large organizations. Ann Arbor SPARK collaborates with business, academic, government, and community investor partners including the University of Michigan, Eastern Michigan University, Washtenaw Community College, Washtenaw County, Livingston County, Washtenaw County etcs/Michigan Works!, the City of Ann Arbor, Bank of Ann Arbor and the Michigan Economic Development Corporation. For more information, please call (734) 761-9317 or visit www.AnnArborUSA.org.
SOURCE Ann Arbor SPARK