LEID Products LLC was awarded $250,000 from the Michigan Pre-Seed Capital Fund in June and $125,000 in matching private funds to accelerate sales growth, the company announced.
LEID Products manufactures electronic locker, cabinet and gun-rack storage with biometric asset protection and control, including the Biometric Access Control Systems (BACS).
"The Pre-Seed funding will be instrumental to accelerate LEID Products market penetration of our proven cutting edge storage and tracking technology," said Sam Hoff, LEID's president. "The funding will allow us to invest in vital sales and marketing resources to take our company to the next level in sales growth."
The Michigan Pre-Seed Capital Fund supports high-tech, young companies by providing access to early-stage capital investment or micro loans to accelerate company development, bringing innovative technologies to the marketplace more quickly. The Michigan Pre-Seed Capital Fund is funded by the Michigan Economic Development Corporation, supported by a consortium of Michigan SmartZones and administered by the Ann Arbor SPARK Business Accelerator.
"Providing capital for start-ups as they near commercialization is what the program is about," according to Skip Simms, senior vice president of Ann Arbor SPARK and manager of the Michigan Pre-Seed Fund. "Using this investment for building a sales team is an ideal use of funds."
Law Enforcement Intelligent Devices (LEID) LLC was originally founded to assist police departments in securing their assets (guns, weapons, and other valuable equipment) through an electronic RFID tracking and biometric fingerprinting system. LEID's products since have been utilized to track evidence, medications, software development materials many other type of business assets. Clients include police departments, military facilities, federal agencies, hospitals and major software corporations.