For Immediate Release
Wednesday Oct. 17, 2012
BEET, LLC wins microloan to advance failure prevention technology
Sterling Heights, Mich. – With the aid of the Macomb-OU INCubator, BEET, LLC has received a $250,000 Michigan Pre-Seed Microloan from the Michigan Economic Development Corporation (MEDC).
BEET, LLC has patented technology on a software product suite branded as the ENVISION Automation Intelligence (EAI) System. EAI is based on patented BEET (Binary Electro-mechanical EKG Technology)'s automation "Heartbeat" technology, which can obtain feedback on machine and assembly operation cycles more efficiently than current technology. Data collection and analytics technology through EAI form a system failure prevention technology, not a failure verification tool, as are diagnostic solutions that exist today.
BEET, LLC will use the microloan funding to launch this new product line, the ENVISION System Scope, assisting with both product development and commercialization.
"BEET is a great fit for the MEDC Pre-Seed investment fund. We are excited to watch them commercialize their product while creating jobs and economic activity in Michigan," said Julie Gustafson, Macomb-OU INCubator's executive director.
Mike Brennan, business commercialization and capital investment advisor for the Macomb-OU INCubator, saw promise in BEET, LLC from the day he first met the company's leaders. "They have passion, commitment, a unique product and profound understanding of the market."
Brennan added, "Securing pre-seed funds, after helping the company to win the GLEQ competition, was gratifying. We're pleased to help and look forward to next steps with the company."
The Michigan Pre-Seed Capital Fund Microloan Program was formed for Michigan's SmartZones to support high-tech, high-growth startup companies as they near viability. The focus is on technologies in advanced automotive, manufacturing and materials; alternative energy; homeland security and defense; and life sciences.
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