Contact: Georgia H. Whalen FOR IMMEDIATE RELEASE
(978)697-2664 July 19, 2011
LEID Products Awarded $250,000 from Michigan Pre-Seed Capital Fund
Detroit, MI — Auburn Hills, MI-based LEID Products, LLC, a cutting edge technology company offering electronic storage solutions with asset tracking and management software, announced today that in June the company was awarded $250,000 from the Michigan Pre-Seed Capital Fund.
Matched by $125,000 in private funds, LEID Products has gained a total of $375,000 in funding to be used to accelerate sales growth.
LEID Products manufactures electronic locker, cabinet and gun rack storage with biometric asset protection and control. LEID’s proven Biometric Access Control Systems (BACSTM), streamlines operations at military facilities, medical facilities, crime and research labs, law enforcement departments, universities/colleges, libraries, and large corporations by securing, tracking and providing full accountability to clients’ critical assets, evidence, medications, and weapons.
”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 Products 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. ”
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.
LEID Products has also expanded into the Library market; offering a brand new cost effective solution to help libraries expand their services to growing communities where building a new brick and mortar branch is not the best solution. LEID offers a standalone self-service library branch as an economical flexible solution to increase library visibility and provide expanded access to services.
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.
Skip Simms, Senior Vice President of Ann Arbor SPARK, and manager of the Michigan Pre-Seed Fund, commented on LEID Products plans for funding, “Providing capital for start-ups as they near commercialization is what the program is about. Using this investment for building a sales team is an ideal use of funds.”
Visit www.LEIDProducts.com to learn more about LEID Products.
About LEID Products
Law Enforcement Intelligent Devices (LEID), LLC was originally founded to assist police departments in securing their assets (guns, weapons and radios) through an electronic tracking and fingerprinting system. LEID’s products since have been utilized to track many other type of business assets such as radios at amusement parks; books, tapes and magazines within a library system; and even the securing of business documents to selected personnel. For more information and to see on-line demonstrations of our products, log on to www.leidproducts.com