University of Michigan will supply an initial $2.75m in funding to MemryX, Ripple Science, GreenMark Biomedical, and Give and Take, and could invest as much as $20m altogether.
University of Michigan (U-M) yesterday confirmed it will invest a total of $2.75m in four of its spinouts, with up to $20m altogether available through follow-on rounds.
The money will come from the Michigan Investment in New Technology Startups (Mints) fund, a vehicle managed by the U-M Investment Office that was launched in 2011 to back technologies developed by faculty. Eligible spinouts have to secure external VC funding first.
The four spinouts include MemryX, which will receive $1m to continue developing an in-memory computing system that outperforms current processing powers when it comes to data-intensive tasks. The spinout is based on work by mechanical engineering professor Wei Lu.
Ripple Science will obtain $750,000 in capital. The spinout is working on an online platform to recruit and manage participants in research studies, including tracking study tasks and handling appointments. It is based on research by psychology professor Nestor Lopez-Duran.
GreenMark, which is based in U-M’s accelerator, has created a minimally invasive early detection and treatment for tooth decay. The spinout exploits research into biopolymer particles produced from food-grade starch by Joerg Lahann, professor of chemical engineering, materials science and engineering and biomedical engineering.
Both GreenMark and the fourth spinout, Give and Take, will collect $500,000 in funding. Give and Take was co-founded by Wayne Baker, professor of management and organisations, and has created a software platform, Givitas, that facilitates collaboration, information sharing and problem solving in work environments.
U-M Tech Transfer, the university’s technology transfer office, has helped form more than 129 companies since 2010. It nearly doubled its spinout generation rate during the last fiscal year.
Kelly Sexton, associate vice-president for research-technology transfer and innovation partnerships at U-M, said: “The university’s commitment to supporting the success of its startup companies ensures that research discoveries created on campus have the opportunity be brought to the market as new products that will improve our quality of life and enhance societal well-being.
“These four investments in startup companies located in Ann Arbor will accelerate the growth of our region’s entrepreneurial ecosystem.”
