Beet Analytics Technology was already on a significant growth spurt. Now it has a win at last week's Accelerate Michigan Innovation Competition to add to that momentum.
The Plymouth-based tech firm won the Manufacturing category of the Accelerate Michigan
competition, putting $25,000 in seeding capital toward its growth plans. The 3-year-old manufacturing software startup plans to use the prize money toward further developing its platform and acquiring more hardware for it.
"We are prepared for another leap forward," says David Wang, CEO of Beet Analytics Technology
. "We have had a lot of interest."
Beet Analytics Technology is developing diagnostic and analytical tools that accelerate problem solving in complex manufacturing and automation operations. Its software improves problem identification and reduces production downtime so the user can optimize productivity gains. The company has landed a couple of contracts with original equipment manufacturers (OEMs) from around the world and now claims to have landed contracts or is in talks to sign with half of the 10 largest OEMs in the world. It has hired seven people over the last year, expanding its staff to a dozen employees.
This activity led it to give the Accelerate Michigan competition a try this year. The annual business plan competition is Michigan's pre-eminent contest for startups, awarding $1 million in seed capital and services each year. The top prize is for $500,000. Wang and his team left the competition impressed with what they saw.
"I was amazed by how many quality entrepreneurs there are in Michigan," Wang says. "I was happy to meet all of them."
Source: David Wang, CEO of Beet Analytics Technology
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.