U-M venture fund makes first investment after reaching $2M first-close fundraising milestone
This is an article about portfolio company, Accelerate Blue.
The Accelerate Blue Fund, a University of Michigan early-stage venture fundraised through philanthropy, has reached its first fundraising milestone and made its first investment in a U-M tech startup.
The recipient of the fund’s first investment is Movellus Inc., which provides technology to boost semiconductor chip design for cloud computing, artificial intelligence, and other applications. Movellus, based in San Jose, California, with operations in Ann Arbor, launched in 2016 with help from U-M’s Office of Technology Transfer.
Accelerate Blue has made an initial investment of $150,000 in Movellus as part of a $3 million bridge round.
View source version on news.umich.edu: https://news.umich.edu/u-m-venture-fund-makes-first-investment-after-reaching-2m-first-close-fundraising-milestone/