ThreeFold Sensors raises VC cash, plans to hire in Ann Arbor

Within the next couple of years, ThreeFold Sensors plans on growing three fold …in a couple of different ways . The Ann Arbor-based employs eight people and six independent contractors. It received $2.6 million in Michigan 21st Century Jobs Fund money in 2007 to commercialize its sensor technology.Well, the company has been working on that for the last 18 months. It is at the tail end of closing on another $4.8 million in financing soon. Once that money comes in the firm expects to expand its staff to about 35 people.”Once we raise that money we hope to raise the number of employees,” says Richard Farkas, CEO of ThreeFold Sensors. ThreeFold Sensors, recently named one of Michigan’s 50 Companies to Watch, was originally set up in 1992. Its commercial sensor technology is for medical diagnostic platform for point-of-care treatment. That means emergency room staff would use it to help assess a patients condition when time and information can be the most valuable. Farkas says ThreeFold Sensors’ technology is 1,000 more sensitive and works much faster than what is in the market today. He thinks it could prove to be a “game-changer” when it hits the market in 2011.Source: Richard Farkas, CEO of ThreeFold SensorsWriter: Jon Zemke