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…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
