November 18, 2014 - Inventev scored a win at the Accelerate Michigan Innovation Competition earlier this month, adding $25,000 in seed capital to its current fundraising efforts.
"It will really help us with analytics so we can continue to match our product to customer needs," says Dave Stenson, founder & CEO of Inventev. "It will also help us with raising financing."
The TechTown-based startup is aiming to raise $5 million to bring its automotive hybrid technology to market. The company is looking to raise two tranches of money, and Stenson expects to close on the first $1.5 million in the first quarter of next year.
Inventev is developing a hybrid-electric system for commercial trucks. The technology is a new transmission architecture that allows electric machines to operate other aspects of the trucks, such as the hydraulic lift. That way the trucks' diesel engines don't need to idle while they dump their loads. The truck would also generate its own electricity so workers could use it as a generator.
"This isn't just a work truck," Stenson says. "This is a truck that is a job-site tool."
That technology won the Advanced Transportation category of the Accelerate Michigan Innovation Competition, which comes with $25,000 in seed capital. Inventev’s team of five people used the event to sharpen the startup’s business plan and help move the company toward its fundraising goal.
"It's a top-shelf event that is becoming even more well-known and respected in and outside of the state," Stenson says.