Launched in October, the $25m Michigan Investment in New Technology Startups (MINTS) fund invests in companies built from its academics' research as long as an independent venture capital firm leads the round.

Crossbar, a US-based maker of computer memory devices, has received an undisclosed amount as the first deal from the University of Michigan’s (UM) $25m venture fund.

Venture capital firms Kleiner Perkins Caufield & Byers, Artiman Ventures and Northern Light Venture Capital led the series B round for Crossbar.

Launched in October, the $25m Michigan Investment in New Technology Startups (MINTS) fund invests in companies built from its academics’ research as long as an independent venture capital firm leads the round.

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