Ann Arbor-based software startup InfoReady Corp. said today that it had secured $1.1 million in early-stage venture capital.

The firm, a spinoff of Ann Arbor-based software consultancy GDI Infotech, offers a product that helps users mine databases for governmental funding opportunities.

The early-stage venture capital included $250,000 from Oakland County-based economic development group Automation Alley, $50,000 from the First Step Fund and funding from a variety of undisclosed private sources.

InfoReady said it would use the funding to expand its capacity in sales and product development. The company's top product, previously called InfoReady4Grants and recently renamed In4Grants, is being used by 25 clients, including Eastern Michigan University and Ann Arbor SPARK.

InfoReady CEO Bhushan Kulkarni believes that the company's software can tap into a $2 billion market for assistance in tracking down funding opportunities.

“Organizations realize grant funding is no longer a luxury,” he said in a statement. “Grants are now mission critical, and administrators say they are spending too much time searching for opportunities and managing the pre-award process. In4Grants makes their jobs easier and gives them substantially more time to craft winning proposals.”

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