More badly needed venture capital money is making its way into Michigan now that the Venture Michigan Fund has invested an undeclared sum of money into Ann Arbor-based North Coast Technology Investors.
The venture capital firm focuses on finding and investing in early-stage companies in the information technology, life sciences and industrial technology sectors.
"We are very excited about the opportunity to support an experienced and high-quality fund manager with an investment focus on Michigan’s growing high technology sectors," said Kelly Williams, fund manager for the Venture Michigan Fund. "North Coast's strategy of investing in information technology, life sciences and industrial technology sectors adds some new and valuable resources to the Venture Michigan Fund program. The firm has an established track record of helping Michigan-based companies grow and achieve value and it will continue to invest in local companies while attracting outside capital to their deals."
North Coast joins a handful of venture capital firms from across the country in Venture Michigan Fund's existing program, which was created in 2006. Those companies include Arboretum Ventures, Ardesta Ventures and RPM Ventures, which are all based in Ann Arbor. The program has invested $6.4 million into six Michigan-based companies, helping create more than 60 jobs.
"As the state's top-tier universities and research institutions continue to develop innovative technology, it is imperative that Michigan's venture capital community continues to grow and support up-and-coming entrepreneurs," says Thomas Kinnear, chairman of the Venture Michigan Fund board and director of the University of Michigan’s Institute for Entrepreneurial Studies. "With its local presence, its high technology sector focus and its close relationships with university technology transfer groups in Michigan, North Coast will play a major role in further strengthening Michigan’s venture capital community."
Source: Venture Michigan Fund
Writer: Jon Zemke
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