Prem Bodagala
Venture and Director, ID Ventures at Invest Detroit
Ann Arbor, Michigan
Overview
Work Experience
Senior Vice President, Venture and Director, ID Ventures
2024 - Current
ID Ventures is a seed stage venture capital fund which scales promising early-stage ventures in Michigan into thriving companies.
Director
2020 - 2024
Conceptualized and built the team for Michigan Rise, a $25M early-stage venture capital fund which provided both equity and Purchase Order financing to nearly 100 Michigan tech startups in three years.
We provide debt, equity and purchase order financing for early-stage, high-tech businesses in Michigan, in partnership with the MEDC.
Director
2019 - 2024
Red Cedar Ventures is a venture capital fund with an investment thesis built around technology startups within Michigan State University Foundation's entrepreneurial ecosystem.
Early-stage fund in support Spartan Innovations supporting startups throughout Michigan.
Director
2017 - 2019
Led investments in 19 portfolio companies at $15M early-stage investment fund, with 5 exits and cumulative funding of over $290M to date. Was observer on the boards of Akadeum Life Sciences, Genomenon, ONL Therapeutics, Orbion Space and Shoulder Innovations.
The InvestMichigan! Growth Capital Funds are managed by Beringea and GCM Customized Fund Investment Group, L.P.
Research Assistant
2016 - 2017
Conducted research with Dr. Casey Pierce to investigate physician referral patterns in US health systems.
Informatics Analyst
2016 - 2016
Performed needs assessment evaluation studies for cancer informatics tools by conducting contextual inquiries with oncologists & certified tumor registrars and quantifying qualitative data using survey methodology. Collated user needs, technology solutions and cost-benefit analysis of each solution for the project management leadership.
Business Development Analyst
2016 - 2016
Collated development, launch and scale-up cost data for the ADT (Admit-Discharge-Transfer) and the Medication Reconciliation health information exchange services by collaborating with the product, finance, and legal teams. Built multi-level pricing models for private and public payers.
Portfolio Manager - Entrepreneurship, Innovation and Venture Capital
2013 - 2015
Managed a portfolio of 3 venture funds, 20 tech startup companies, an incubator and a statewide business plan competition as a core member of the Entrepreneurship, Innovation & Venture Capital team at MEDC. Observer on boards of Rubicon Genomics, Armune Bioscience, Algal Scientific, Vestaron, and Pixel Velocity.
MEDC focuses on promoting economic development and create jobs.
Investment Banking Associate
2011 - 2013
Led the analysis, research and project management functions across the buy-side, sell-side, valuation and capital raise practice of Charter Capital Partners, for the firm’s healthcare, furniture, automotive, defense, nutraceutical, oil & gas, and facilities management clients resulting in transactions totaling over $100 MM.
Venture Capital Associate
2011 - 2013
Member of three-person team which raised the first early-stage focused venture capital fund in West Michigan in 2011. Assisted sourcing and led diligence on investment in 7 portfolio companies, which resulted in total equity raise of $190 MM and 3 exits to date.
Michigan Accelerator Fund I is an investment partnership headquartered in Grand Rapids,Michigan.