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Category: Public Updates

Updates for the General Public and Members

Atlas Space Operations Secures $26M Series B Funding Led by Mitsui

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Atlas Space Operations, an NMA Portfolio Company, Secures $26M Series B Funding Led by Mitsui

Traverse City, Michigan – August 26th, 2022 (BUSINESS WIRE)

ATLAS Space Operations, a global leader in cloud-based space communications solutions, today announced $26 million in Series B Funding led by Mitsui & Co., Ltd. The investment round reaffirms confidence in ATLAS’ Ground Software as a Service™ (G-SaaS) approach as a critical solution within the space economy.

The funding round is a part of strategic initiatives for both Mitsui and ATLAS. For ATLAS, this investment accelerates its plan for international growth, as well as its Ground Software as a Service business model. This is ATLAS’ industry disruptive software (Freedom™) solution which integrates complex disparate networks for government and commercial clients across a federated network.

For Mitsui, its investment in ATLAS further demonstrates the corporation’s commitment to its space portfolio. Mitsui has identified an area of focus for innovative companies that provide services to satellite operators. In 2018, Mitsui acquired a minority stake in BlackSky Global followed by an acquisition of Spaceflight, Inc, a U.S. satellite rideshare service provider, in 2020. The investment in ATLAS advances Mitsui’s position in the space industry as one of its new targeted growth areas.

Sean McDaniel, ATLAS Co-founder and CEO, stated, “A strategic partnership with Mitsui validates ATLAS’ position as a global leader in satellite communications services. This investment well capitalizes the company to accelerate growth in key areas of commercial and US government markets for which our services are in high demand. With this new partnership, ATLAS can expand its team to provide enterprise-level Ground Software as a Service solutions for the DoD Hybrid Space Architecture while increasing our market share in the private sector with our low risk, high-end services.”

Kazutomi Shigeeda, General Manager of Space Business Department in Mitsui, stated, “This investment in ATLAS expands our space business as a service provider for satellite operators. We strongly believe that ATLAS Ground Software as a Service can maximize the value of the ground stations and integrate other governmental and commercial ground station networks. In the future, we consider that ATLAS will be able to integrate satellite data relay networks as part of its own network, and it will lead us to the next generation satellite-ground communication infrastructure business. In order for ATLAS to achieve its vision, we will support its growth in collaboration with our space business portfolio and by utilizing Mitsui’s industrial network.”

About ATLAS Space Operations:

ATLAS Space Operations is a leading provider of Ground Software as a Service™ solutions in the space communications industry. ATLAS has been recognized by the World Teleport Association to be in the top three fastest-growing teleport operators in the world for the past two years, and was recognized as the 15th fastest-growing software company in the world in 2020 by Inc. 5000. ATLAS combines the Freedom™ Software Platform and its global antenna network to achieve its mission of connecting humanity through space. To learn more, visit atlasground.com.

About Mitsui & Co., Ltd.:

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, The Middle East, Africa, and Oceania. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Mitsui has positioned the space business as one of our new growth areas and is working to create new business opportunities with increasing demand for space-related services. For more information on Mitsui & Co’s businesses visit, www.mitsui.com.

ATLAS is a Northern Michigan Angels portfolio company. The investment from Mitsui is joined in this funding round with Beringea, and accompanied by foundational funding from Boomerang Catapult, Rise of the Rest, VCapital, Harmonix, Wakestream, and Grand Ventures.

Contact Information:
Dan Carey
Marketing Director, ATLAS Space Operations
+1 (231) 598-6814 ext 105
dcarey@atlasground.com

Northern Michigan Angels’ Executive Director Wins July 2, 2022 TCNewTech “Reverse” Pitch

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[Traverse City, MI – July 2, 2022] TCNewTech in Traverse City put five Michigan investors in
the hot seat to pitch their firms to entrepreneurs, startups, and small businesses in the
Northern Michigan area. The unique format was intended to educate local entrepreneurs and
startups, about who the players are and what they are looking for when investing in young
companies.

Jody Trietch, from Northern Michigan Angels, won the audience vote by a resounding margin.
She graciously donated the $500 winner’s check directly back to TCNewTech after pitching
about angel investment.

Jody Trietch, Executive Director, Northern Michigan Angels

Jody provided excellent insights into NMA’s funds and the types of companies that angels are
looking to invest in, and left the audience with several questions to ask themselves as they
prepare for their angel pitches.

View Jody’s Pitch

Representatives of other participating investment firms included in this “reverse” pitch event:

 

  • Josh Hart presented on Venture Capital and discussed how to maximize your chances
    of getting picked. Josh was representing Sweater Investment. He drew attention to the
    number of applications that the firms receive and the common denominator which
    typically differentiated an applicant. This ultimately boiled down to relationships and
    name recognition.
  • Thomas Coke discussed Incubators and Crowdfunding. Thomas is the Entrepreneur-In-
    Residence at GSVU and CEO of VarsityGems. Thomas provided fantastically honest
    insight into the statistics and options available to companies around these two concepts.
  • Broc W. Edwards pitched Seed and Pre-Seed Funding and represented his venture firm
    Pronoia. Broc brought an impressive amount of Wall Street experience to the stage.
    Broc advocated advancing Michigan investors, working with Michigan companies, rather
    than out-of-state funding flowing into Michigan.
  • Lowell Gruman took the stage in stride, representing a local favorite, Boomerang
    Catapult LLC. Lowell, a local powerhouse VC was pitching Series Round Funding A-C.
    He broke down what each stage’s goals and outcomes were and provided valuable
    insight and advice.

About Northern Michigan Angels (www.NorthernMichiganAngels.com)
Northern Michigan Angels (NMA) was founded January 2012 and is a 501 (c) 6 non-profit.
Members invest in scalable entrepreneurial companies whose potential success will have an
economic and quality of life impact in Michigan, especially in northwestern Lower Michigan.
Each member makes their own investment decision. NMA is not a fund and does not provide
investment advice. NMA is a member of the Angel Capital Association (ACA).
About TCNewTech (https://tcnewtech.org)

Up to 5 presenters highlight the new tech product or business venture each month – 5 minutes
to present and 5 minutes of Q&A.  Between presenters the audience is allowed to make brief
announcements for things such as job openings, persons seeking employment, other events
happening in the area related to technology. The audience is typically made up of technology-
minded people, tech companies looking for staff, individuals looking for investment opportunity,
start-up founders looking for investors, and tech geeks that just like learning about new
offerings. There is no charge to attend or to present.

NMA Reaches $7.4 million Invested

Northern Michigan Angels marked its 10th anniversary by announcing its members have invested $7.4 million during its tenure. Founded in 2012, the 501©6 nonprofit aims to invest in “scalable entrepreneurial companies whose potential success will have an economic and quality of life impact in Michigan, especially in northwest Lower Michigan,”

Each member of the group makes his or her own investment decisions. Members currently are invested in more than 20 startup companies.

Members in 2021 invested $1.3 million, a single-year record for the organization, in seven companies. Among them are Atlas Space Operations and Promethient, both based in Traverse City. They invested in services and technologies including personal climate control, satellite communications, keyless access control, clinical management software, oral vaccines, metabolic therapies for cancer treatment, and a competence- based human resources program. Northern Michigan Angels added 16 new members in 2021, bringing total membership to 54.

The organization regularly conducts pitch meetings so startup companies can speak directly to members. In 2021, AccessPoint, a Vensure Employer Services Company; Delamar – Traverse City; and Independent Bank joined as NMA sponsors. Existing NMA sponsors include: Stifel – Robert J. Fenton; Traverse City Business News; Dennis, Gartland and Niergarth; Northwestern Michigan College Foundation; and Idea Stream.

NMA Featured in Ron Jolly Interview

An Evening With Peter Heller | National Writers Series
Our Executive Director Jody Trietch and Committee Chairs Steve Lang and John Zaloudek joined local radio host Ron Jolly to discuss our record setting year last year and our big plans for the coming year. 

The recording of the interview is available here.

 

The Petoskey News-Review: NMA Concludes 10th Year with Record Investments

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Northern Michigan Angels conclude 10th year with record investments
By: Tess Ware, The Petoskey News-Review – Business January 29, 2022

View the Full Article

The Northern Michigan Angels investment group recently concluded their 10th year investing in the Northern Michigan economy.

In 2021, the organization reached a new single-year record, investing $1.3 million in seven different companies. Most of the organization’s investments
go into technology and other STEM-based companies, which brings programming, engineering jobs, as well as others, to the region. Northern Michigan Angels is a nonprofit investment group that hears pitches from entrepreneurs. They then offer not only money but also expertise to businesses as they begin operations.

Northern Michigan Angels current and new board members welcomed their new executive director on Nov. 4, 2021 at 20Fathoms. Pictured (from left) are Steve Lang, Dave Summers, Jody Trietch, executive director, Deanna Cannon, board chairperson, Jeff Hamilton, Liz VerSchure, Doug Morgenstern and John Zaloudek.

“We want to create jobs, those high tech jobs that will attract some of the children who are graduating and leave the area and don’t feel like they can come back and live in Traverse City,” said Deanna Cannon, board chair, founding member and former executive director of Northern Michigan Angels. In 2011, Cannon saw a need for an organization that would invest in Northern Michigan businesses and began to look into angel investing. An angel investor is a high-net worth person who uses their own money to invest in start-up companies in exchange for an equity share of the businesses, according to The Angel Capital Association.

Cannon formed an advisory board and the organization officially launched in 2012 with four people volunteering their time to get the organization up and running.

After 10 years as executive director, Cannon stepped down from her position, although she will continue to serve as chairman of the board. In November, Jody Trietch took over as executive director after leaving her position as chief financial officer of Boomerang Catapult.

“I think that there’s incredible opportunity, as more companies either move here or start here, but they need the support and the access to capital,” Trietch said. “So to be a part of that success of those companies in this region is really exciting.”

In 2022, Trietch plans to increase member engagement through workshops, monthly roundtables, pitch meetings and socials. One of the endeavors Northern Michigan Angels helped fund was Thermavance, solid state heating and cooling technology owned by the company Promethient.

Thermavance is built into seats and heats or cools without using airflow. This makes the technology ideal for vehicles like motorcycles that are often exposed
to the elements. Since Thermavance doesn’t use airflow, there are no holes in the seat that can get clogged with dirt or rainwater.

Promethient CEO Bill Meyers said the Northern Michigan Angels have provided diverse industry experience, as well as funding,
“They’ve been a great sounding board for ideas, our business plan. It’s one thing to get an investor but it’s another thing to get, really a consultant that
can help you scale a business, in addition to providing the funds that help you get there,” he said.

According to Cannon, Northern Michigan Angels plans to continue investing in endeavors that can benefit Northern Michigan.

“We say ‘we invest on the jockey, not the horse,’ meaning we invest in the entrepreneur. In their ability to pivot as needed, their ability to take advice,
because that is what is going to be needed along the way,” she said.

Atlas Space Team

Investment angels seek more members to expand Northern Michigan presence

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This article appeared in The Petoskey News-Review – September 21, 2021

Written by Paul Welitzkin

GAYLORD — One of the biggest obstacles fledgling entrepreneurs face is raising capital to get a business off the ground. In many cases, the entrepreneur’s idea is so new that traditional forms of financing such as bank loans may not be available.

That’s where angel investors enter the picture.

According to the Angel Capital Association, angels are high net-worth individuals who invest their money in start-up companies in exchange for an equity share of the businesses in many cases. 

Here in Northern Michigan, the Northern Michigan Angels (NMA) have provided over $6.7 million in investment to over 30 companies over a nine-year period.

“The best way to think about angel investing is this: companies start out with funds from the owners and their families. Then at some point venture capitalists come into the picture. Angel investors are in between those two groups,” said John Zaloudek of Williamsburg, an NMA board member.

Right now the NMA is looking to expand its membership.

“We started out in 2012 focused on Traverse City,” Zaloudek said. “We are currently expanding that geographical area for new members from Charlevoix, Gaylord, Harbor Springs and Petoskey.”

By adding new members, Zaloudek said the group will generate more investment capital and add industry and functional experience that will help NMA to assess the benefits and risks of companies it considers for investment.

There are requirements from the Securities and Exchange Commission that must be met before becoming an accredited investor. Zaloudek said investors must have a net worth of at least $1 million excluding the primary residence or an annual salary of at least $200,000 for two years.

Make no mistake, angel investing is considered a high risk opportunity. The businesses are startups with “high risk and everyone who is a member understands that,” Zaloudek said.

Someone has an idea for a product or service and they develop it into something they think is marketable,” said Zaloudek. “They make a presentation to us and then we decide whether or not to invest in the business.”

The investment can range from $5,000 and up.

“Each member decides whether to invest or not. They don’t have to invest in a certain number each year,” added Zaloudek. “We usually have two companies pitch to the membership each month and then one usually gets an investment while the other doesn’t.”

Traverse City-based Atlas Space Operations is among the companies that the angels have invested in, pumping over $1 million into this company over a five year period.

The NMA investment enables Atlas to maintain updates to its trademarked Freedom software that is designed to enable seamless communication between clients’ satellites and Atlas’ collection of ground antennas.

Another firm is Ann Arbor-based BlueWillow Biologics, a privately held clinical-stage biopharmaceutical company that produces nasal vaccines to protect global populations from respiratory infections, sexually transmitted diseases, and food allergies.

The NMA has invested $750,000 into Promethient, Inc. over five years. The Traverse City company uses a carbon-based, flexible material called graphene to deliver “Human Scaled Climate Control” under its Thermavance brand.

In June, NMA launched a new website. Included is an easy way for start-up business founders to alert NMA about their product or service and stage of development.

Zsuzsanna Fluck of the Eli Broad Graduate School of Business at Michigan State University said there are several companies that have received angel funding at their seed stage including well known names like Uber and DoorDash. Some more recent examples include Digg, Adstage, Handshake, and Misfit Wearables.

“Angels invest their own money. Venture capitalists, in contrast, raise funds from institutions, endowments, investment offices of wealthy individuals, retirement funds, and invest ‘other people’s money’ via venture capital funds,” said Fluck.

She said angels invest a smaller amount of capital than venture capitalists (typically around $25,000-$200,000).

“They provide financing for companies too young to appear on the venture capitalists’ radar. Angels are typically willing to agree to more flexible terms. Unlike venture capitalists, they are not bound by the partnership agreement of a fund or by fund economics,” she added.

Fluck said angel investing can be useful in rural areas like Northern Michigan where venture capital funds are farther away.

“Angels play a very important role in helping to launch promising startups by providing them with funding (and advice) in the pre-revenue stage. Once the startup achieves some milestones such as a prototype or some revenue, the angels can help to connect the startups to venture capitalists for more investment and mentoring,” said Fluck.  

 

Ron Jolly Radio Interview

NMA Featured on Ron Jolly Radio Show

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This morning Northern Michigan Angel’s Executive Director Deanna Cannon and Board Members Dave Summers and John Zaloudek were interviewed by local radio personality and newsman Ron Jolly. The interview focused on NMA’s new growth and developments going forward.

Ron Jolly Radio Show Interview
Photo of a Previous Appearance

Ron and Co-host/Producer, Colleen Wares, cover current topical stories from northern Michigan, around the state, and the world. Ron Jolly has covered northern Michigan on radio and TV for over 30 years. He’s known for featuring the latest news or hear nuggets of unusual historic facts weekday mornings between 7-10am.

Listen to the full interview here: https://soundcloud.com/ronjolly/n-m-angels-deanna-cannon-john-zaloudek-dave-summers-8-19-21mp3

20 Fathoms Logo

Update From Our Partner: 20Fathoms

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Here is an update from our community partner 20 Fathoms…

“…our inaugural HealthSpark Accelerator wrapped up with our Demo Day last month, but we’ve got news of a brand-new tech event — Northern Michigan Startup Week — kicking off in May 2022.  Our Beer30 networking events have been flourishing, and the Women in Tech meetup is increasing in attendance each month. Feel free to join us and meet more of the startup/tech community!

Other news of interest in this newsletter:

HealthSpark Accelerator graduates first cohort of digital and telehealth startups

The HealthSpark Accelerator, a program of 20Fathoms, recently graduated the 10 companies in the first cohort.  On June 30, they presented their final pitches to a panel of VIP judges and successfully completed the intensive, 12-week program. During the accelerator, these founders networked with industry and investment experts, raised funds, expanded their businesses, made friends, won pitch competitions, and applied their learnings to help scale their businesses.

Meet the Mentor: Dave Summers

Dave is a 20Fathoms mentor, in addition to serving as Vice Chairman of SCORE Traverse City and a Director with Northern Michigan Angels. Over the span of his career, he has worked with over 100 companies in chairman, director, investor, senior leadership, and mentor positions. Recently, we asked him to share some insights from his deep expertise advising companies.

Why coworking and entrepreneurship spaces are crucial to digital economic development

The Center on Rural Innovation recently identified three pieces of necessary infrastructure that rural communities need for digital economy ecosystems: Broadband, coworking and entrepreneurship spaces, and local leadership capacity. They’ve also highlighted how their communities model them, and offer best practices for how other rural communities can enhance their own infrastructure.
Related: 20Fathoms, a nonprofit organization, is now accepting donations via our website. We rely on the support of our community to help us provide educational programming, office space, resources, and community that fuels growth in Northern Michigan.

New Members

We are pleased to welcome (and welcome back) a plethora of new members to our space!

  • Alaura Anderson, Owner/President of Arrowhead Bookkeeping
  • Nick Beadleston, Founding Partner at Good Impacts
  • Marisa Behnke, Customer Experience Strategist at Signet Jewelers
  • Spencer Couturier, Radiologist at Grand Traverse Radiology
  • Joel Evenhouse, Client Success Manager RIA at Betterment
  • Nathaniel Harris
  • Pamela Harris-Kenwabikise, Owner/Operator of Chippewa Creations
  • Jacob Miller, Director of Foundational Informatics, IBM Watson Health
  • Nicole Raphael, Ojimaakwe of Financial Literacy Services by Indigi Qkwe
  • Elaine Tait, Principal and Futurist at Great Lakes GrowthWorks
  • Marion Wabanimkee-Minzey, CEO of MPC Backwoods

Join Our Community

Our members are tech entrepreneurs who include startup leaders, small business owners, chief technology officers, developers, and designers. At 20Fathoms they’ve each found a home and an environment that promotes productivity, creative problem solving, and new connections. Learn more about our workspace.

Northern Michigan Startup Week

Save the Date!: May 9-15, 2022
Join us for Northern Michigan Startup Week, hosted by 20Fathoms in collaboration with Northern Michigan Angels and Newton’s Road. There are three tracks available: High School Invention Competition, College Startup Competition, and the TechStars Startup Weekend.

Beer30

Thursday, Jul. 29 and Aug. 12, 3:30 – 5:30 pm
20Fathoms
Join us for a relaxed evening of beers (provided by The Workshop Brewing Company), conversation, and gorgeous views of West Bay. This is a great way to reconnect with 20Fathoms or check out our new space! Please RSVP.

Women in Tech

Thursday, Aug. 19, 6 – 8 pm
The Filling Station
Women in Tech is a northern Michigan social group for anyone who identifies as a woman and is working in/interested in the tech industry or tech-related roles. They promote building local connections, professional growth, and supporting women entering and advancing in the industry. Questions? Drop us a line at womenintech@workwithloop.com.
In this role of Vice President — IT and Software Engineering (with a 20Fathoms member company), you will leverage your background and expertise in software development, financial services, cloud architectures, and agile methodologies to internally drive the planning and delivery of a custom FinTech platform. Please send resumes and leads to careers@20fathoms.org.
20Fathoms member business Allovance is a software start-up focused on strategic prioritization, strategic alignment, and decision-making. They are seeking a Full Stack React Developer (Contract).
The position of Senior Software Developer is an exciting opportunity to join the growing tech team at Starboard Solutions, a 20Fathoms member business. This is a remote position, although candidates must live in Michigan, Colorado, or Montana.
As a member of the Portland Team, the Associate will be responsible for building, maintaining, and improving advanced financial models. This position requires a high level of understanding of the energy industry and project financing. Please send resumes or leads to careers@20fathoms.org.
20Fathoms seeks to hire an Associate, Strategy & Innovation. As a member of the Innovation Team, this associate will help lead efforts to develop unique energy solutions for data centers utilizing both on- and off-site energy assets. Please send resumes or leads to careers@20fathoms.org.

Job Board for Local and Remote Tech Professionals

Looking for your next opportunity in tech? Check out our Tech Job Board, curated weekly for remote job opportunities for developer, design, and marketing tech professionals.

Local Innovator: Cherry Capital Foods and Tamarack Holdings

Traverse City-based Cherry Capital Foods and their family of companies under the Tamarack Holdings umbrella are local food industry leaders. They, along with partners throughout the state, are working on a grant-funded project to analyze and develop solutions to food waste. They intend to use technology to align supply chain management with consumption.”

Learn More at 20Fathoms.org

New Milestone and Enduring Growth

[Traverse City, MI – June 30, 2021]  Northern Michigan Angels reached another milestone – over $6.6 Million invested in more than 30 entrepreneurial early-stage companies over the last decade. 

In the first half of 2021 NMA members invested $538,500 in five early stage Michigan companies – three are current portfolio companies – Atlas Space and Promethient, both located in Traverse City, and Esperovax. Investments were also made in two new companies – PassiveBolt and Claira. .   

NMA is actively planning for future growth – new members, new sponsors and the use of technology for members to learn about prospective investment opportunities. To support these efforts NMA launched a totally new website at NorthernMichiganAngels.com.  Anyone interested in becoming a member, a sponsor or making a pitch about their early stage company can use the website capability to indicate their interest.   

For most of 2020 and the first half of 2021 pitches by business founders continued regularly and successfully using technology – mostly Zoom.  With a computer and access to the internet members and presenters can participate no matter where they may be located at the time of a scheduled pitch presentation. In June pitch presenters and members participated in-person and virtually.  Current plans are to realize the benefits and continue this approach for the foreseeable future.  

Current NMA membership stands at 44 members. To support the geographically expansive membership efforts, a new ad was created by Idea-Stream which appeared in the July 2021 issue of Traverse City Business News (TCBN). Both are Traverse City businesses and are among our seven valued sponsors displayed prominently in the ad.  

About Northern Michigan Angels (www.NorthernMichiganAngels.com)

Northern Michigan Angels (NMA) was founded January 2012 and is a 501 (c) 6 non-profit.  Members invest in scalable entrepreneurial companies whose potential success will have an economic and quality of life impact in Michigan, especially in northwestern Lower Michigan. Each member makes their own investment decision. NMA is not a fund and does not provide investment advice.  NMA is a member of the Angel Capital Association (ACA).