The Venture Michigan Fund I (VMFI) dedicated its first round investments to three venture capital firms committed to growing Michigan companies with promising early stage technologies. Individual commitments were not disclosed but the fund manager for VMFI (Credit Suisse’s Customized Fund Investment Group) will make investments totaling $95 million to the funds for up to three years.
The Venture Capital firms selected were:
Ann Arbor-based Arboretum Partners, a firm that focuses on medical device and healthcare services investments. They have made commitments to Asterand, HandyLab, HealthMedia, and Thermocure.
Nth Power, a San Francisco VC firm that will partner with Detroit-based NextEnergy to identify promising alternative energy investments within Michigan. Nth Power currently has Ann Arbor-based STM Power, as part of its portfolio.
Madison, Wisconsin-based Venture Investors, LLC which will open an office in Ann Arbor to invest in local health care and information technology companies.
The Venture Michigan Fund was created last year to develop VC funds that target Michigan-based start-ups pursuing technology and new product development. In particular, investments will be directed toward emerging technologies in advanced manufacturing, alternative energy, life sciences, and information technology. Any fund receiving capital investment is required to match that invest in Michigan-based companies.
VMF I is a $95 million venture capital program formed under the Michigan Early Stage Investment Act of 2003. For more information visit their website at www.venturemichiganfund.org.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.