Student-led investment fund invests in Ann Arbor's Ambiq Micro

Wednesday, September 8, 2010 | Source: Concentrate

The University of Michigan's Frankel Commercialization Fund is investing in Ambiq Micro, a U-M spin-off that specializes in making tiny, energy-efficient microprocessors.

The student-led fund did not disclose the amount of the investment, but the Ann Arbor-based start-up expects to use the money to hire 4-6 people over the next year. More importantly, it will seek and attract customers for its technology.

"It’s a very important part of the sales process," says Scott Hanson, CEO and founder of Ambiq Micro. "It establishes credibility."

The 9-month-old firm is developing energy-efficient micro-processors that dramatically extend the battery life of wireless devices. They can be utilized in several different applications, ranging from smart credit cards to sensors that control temperature to medical devices. Hanson expects to have the first engineering samples ready by next year and to launch the product by 2012.

Ambiq Micro started with three founders and now has two employees and 3-4 independent contractors. It recently made its second hire. The Frankel Commercialization Fund, based at the U-M Ross School of Business, is the country's first student-led pre-seed investment fund, not to be confused with the school's venture capital fund: the Wolverine Venture Fund.

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