Estrakon has recently received $400,000 in fresh seed capital and plans to add a few hundred thousand more as it preps for a significant growth spurt.
The Ann Arbor-based LED light manufacturer has raised close to $150,000 from its founders and another $250,000 from the Michigan Pre-Seed Capital Fund. The company's executive team is in the process of wrapping up the fund-raising round with a few more sizeable investments.
"We're still trying to bring in a couple more investors," says Philip Ochtman, president of Estrakon
. "We think we will end up in the $600,000-$700,000 range when we're done."
manufactured signs that are illuminated with LED lights, the most energy-efficient light on the market today. It plans to use this new seed capital to buy equipment, explore international sale and partnership options, and for use as working capital.
The company, which started with three people, currently has 12 employees and a few independent contractors. It plans to bring on an intern soon. Twelve more jobs are planned over the next year, with another 11 in 2013.
Source: Philip Ochtman, president of Estrakon
Writer: Jon Zemke