What is fueling Flyover Country innovation? In this weekly feature, we share a variety of announcements covering funding, acquisitions, exits, grants and everything in between. Got something to celebrate? Click here to share your story.
MICHIGAN—Invest Detroit Ventures (IDV) announced an investment from Bank of America to support IDV Fund IV, a newly established $20 million fund that provides capital investment to Michigan startups during early, critical stages of development. The fund will build on the $22 million invested in 175 companies over the past decade.
ILLINOIS—The Illinois Innovation Network awarded $120,000 in seed grants to four research teams in its fourth round of funding. Selected projects include a new approach to improving community resilience against floods, growing the computational thinking and coding workforce in southeast Illinois, investigating the viability of geopolymer concrete as a sustainable construction material, and examining how Illinois can develop a sustainable and inclusive supply chain for the electric vehicle industry.
ST. LOUIS, MO—Arch Grants will increase the awards for its annual startup grants competition beginning this year and include relocation costs. The program awards grants to startups and early-stage businesses who base their operations out of St. Louis for at least one year. Winners receive $75,000, with an additional $25,000 available for eligible applicants to cover relocation.
LOUISVILLE, KY—Render is deploying a second national prize competition through the successful Reconstruct Challenge platform. The Challenge, funded by Access Ventures, will grant $100,000 each to five innovations that address barriers to employment in the Louisville region.
INDIANAPOLIS, IN—The Bee Corp, a startup founded by Indiana University alumni Ellie Symes and Wyatt Wells, has received its second investment from IU Ventures of $125,000. The company has developed a product called Verifli that determines the health of beehives using infrared technology and data analytics.