Sensicore was founded in 2000 by the Ann Arbor-based venture capital firm Ardesta LLC. Spun out of research conducted at the University of Michigan in Ann Arbor, the company has developed an innovative "lab-on-a-chip" multi-sensor device. Applications include a wide variety of environmental and municipal water quality monitoring functions, including the development of widely dispersed sensor networks to monitor the quality of water right up to the home.
With the expansion, Sensicore expects to add about 156 new jobs.
"We look forward to becoming a productive part of Michigan's small-tech economic development and toward a continuing strong relationship with the University of Michigan in our effort to ensure the quality of our nation's water supply and improve its homeland water security efforts," says Malcolm Kahn, Sensicore president and CEO.
Sensicore will receive a single business tax credit from the Michigan Economic Development Corp. worth more than $1.5 million over the next eight years.
"Michigan's high-tech business sector scored another important win today," said Don Jakeway, MEDC president and CEO. "This project confirms the importance of the state's technology transfer efforts. The tax credit will ensure that this homegrown technology stays in Michigan and creates jobs for our families."
"The MEDC's proactive approach toward keeping advanced technology in the state was a major contributor in our decision to remain in Ann Arbor," says Kahn.
The city of Ann Arbor Water Plant has agreed to work with Sensicore on market and technology validation testing. The support of the water plant could potentially save Sensicore $73,000 over the next five years.
"The high-paying jobs and investment this project brings is a magnet for further high-tech expansion in the state," Gov. Jennifer Granholm says. "We appreciate that Sensicore has chosen Michigan to commercialize and grow this exciting new technology."
An economic analysis conducted by the University of Michigan estimates that another 182 jobs will be created indirectly as a result of the expansion, in addition to the initial 156. The project will result in a net state revenue gain of more than $8.2 million over the life of the employment tax credit.
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