Ambiq Micro wins $250K in global business plan competition

Wednesday, July 14, 2010 | Source: Concentrate

Ambiq Micro is a small company specializing in the development of ever smaller sensors, but it's starting to bring in big dollar figures for seed capital.

The Ann Arbor-based start-up, founded in January, recently won a $250,000 grant at the Global Business Plan Competition, which is sponsored by Draper Fisher Jurvetson (a global venture capital firm) and Cisco. Ambiq Micro is also wrapping up its first major financing round this summer and expects to use the funds to develop its principal product and hire a few people later this year.

The University of Michigan spin-off creates micro sensor chips that can survive on very little electricity. Ambiq Micro's founders believe these chips can be used in everything from the eyes of patients to smart labels for perishable foods.

"We want to put a chip in absolutely everything," says Scott Hanson, CEO and co-founder of Ambiq Micro. "We want to make everything smart."

The company started with three co-founders, including Hanson, a recent PhD graduate, and two U-M professors. It recently made its first hire and expects to add four more by the end of the year as it continues to develop its product prototype.

"By next year we expect that number to double," Hanson says.

Source: Scott Hanson, CEO and co-founder of Ambiq Micro
Writer: Jon Zemke