Ann Arbor, Michigan, July 23, 2013 — Coherix Inc., a leader in advanced 3D vision based measurement and inspection solutions for manufacturing, received its first $500,000 EB-5 investment on July 18. The Coherix EB-5 Project is approved by the United States Federal Government and will raise USD 10 million in total from 20 foreign investors, seeking immigration into the United States through the Green Card Process.
The EB-5 Program is administered by the United States Citizenship and Immigration Services (USCIS) and provides opportunities for accredited foreign nationals to achieve permanent legal residency status in the U.S. through an investment in an USCIS approved project. This project is required to generate a specific number of jobs in the United States. The first EB-5 investor is a graduate student from China who is currently attending the University of Michigan.
Dwight Carlson, Coherix CEO said “EB-5 capital is critical to Coherix’s business development and growth. With the USD 10 million EB-5 capital, Coherix will accelerate its business expansion and create jobs within the targeted employment area. The fact that Coherix has a Research and Development partnership with the S.M. Wu Manufacturing Research Center at University of Michigan and is in close proximity to the campus, provides international students a convenient channel to obtain permanent residence status in the United States.” The EB-5 investment capital will be primarily used in the R&D of the company’s advanced 3D product lines and in the expansion of Coherix’s sales and marketing efforts.
Dr. Jun Ni, (renowned Professor at the University of Michigan) is keenly aware of the difficulties in raising growth capital to fund Michigan’s advanced manufacturing technology companies. Dr. Ni sits on the newly created Leveraging Innovation Technology Team (LIT Team) specifically focused on helping advanced manufacturing technology companies succeed in Michigan. The U.S. Citizens Immigration Service’s EB-5 Program is an excellent investment vehicle to solve this critical capital need with expectations of having the same positive economic impact in Michigan as enjoyed in Silicon Valley.
Coherix: is a global supplier of high-speed, high-definition 3D visualization and inspection solutions designed to improve manufacturing processes. The company has technical centers in Europe and the Asia Pacific Region, serving companies such as Intel, Amkor, BorgWarner, Ford, Honda, Allison, Ford, Chrysler, General Motors, Micron, Infineon, John Deere, Volvo and Aisin.
GDRC: Designated by USCIS on August 30, 2010, the GDRC encompasses the Detroit Metropolitan Area (MSA) and is dedicated to alternative energy projects, renewable energy systems, hybrid transportation, and other related advanced manufacturing technology. GDRC is also dedicated to creating manufacturing jobs in the United States which is currently favored by USCIS.