On July 18th, 2013, the city of Detroit filed for Chapter 9 bankruptcy, becoming the largest city in American history to do so. Just four years earlier, Chrysler and General Motors—automobile companies that were long a staple of the Detroit economy—had filed for Chapter 11 bankruptcy. “You hear stories about the Great Depression in the … Continue reading “How 3 Detroit Founders Built Tech Startups Despite City’s Bankruptcy”
Tag: Renaissance Venture Capital Fund
Pfizer, Merck Lead Strata Oncology’s $26M Series B Round
In what company leaders describe as a “huge step,” Ann Arbor, MI-based precision medicine startup Strata Oncology this week closed a $26 million Series B investment round led by Pfizer Ventures and the Merck Global Health Innovation Fund. Other contributors to the round include Deerfield Management, Renaissance Venture Capital Fund, Arboretum Ventures, and Baird Capital. … Continue reading “Pfizer, Merck Lead Strata Oncology’s $26M Series B Round”
Renaissance VC Adds $81M to Draw More Outside Capital to Michigan
Renaissance Venture Capital Fund, an Ann Arbor, MI-based fund-of-funds, has racked up another $81 million after closing its third capital round last week. The firm has raised a total of $205 million since it was established in 2008, says CEO and fund manager Chris Rizik. Renaissance invests in VC funds across the country in order to … Continue reading “Renaissance VC Adds $81M to Draw More Outside Capital to Michigan”
Renaissance VC’s Chris Rizik Wins EY Entrepreneur of the Year Award
Detroit/Ann Arbor Xconomist Chris Rizik is an interesting guy. He’s a venture capitalist who runs his own soul music website on the side; as a graduate of both Michigan State University and the University of Michigan, he roots for both teams despite a bitter rivalry between them; he’s a close friend of Governor Rick Snyder, … Continue reading “Renaissance VC’s Chris Rizik Wins EY Entrepreneur of the Year Award”
MI Roundup: Court Innovations, A2 Tech Trek, SoccerStub, and More
Here’s a look at recent innovation news from around the state: —Ann Arbor-based Court Innovations, a startup spun out of the University of Michigan’s law school, has closed on a $1.8 million funding round. The round was led by Belle Michigan Fund, with contributions from Northern Michigan Angels, Michigan Angel Fund, U-M’s student-led Social Venture Fund, … Continue reading “MI Roundup: Court Innovations, A2 Tech Trek, SoccerStub, and More”
High-Net-Worth Michiganders: Time to “Get Off the Dime,” Brophy Says
When the Michigan Venture Capital Association (MVCA) unveiled the findings in its 2017 annual report at a public event in April, there was a lot to celebrate: a 48 percent increase in venture-backed startups over the past five years; every dollar invested by a Michigan firm attracting $4.61 in out-of-state capital; and a total of … Continue reading “High-Net-Worth Michiganders: Time to “Get Off the Dime,” Brophy Says”
Renaissance VC Fund Backs New-to-Michigan Next Coast Ventures
Ann Arbor, MI-based Renaissance Venture Capital Fund announced this week that it has invested in Austin, TX-based Next Coast Ventures. The fund-of-funds, which puts money into out-of-state VC funds to help entice them to invest in Michigan startups, did not disclose the amount of the investment. Chris Rizik, CEO of Renaissance and Detroit/Ann Arbor Xconomist, … Continue reading “Renaissance VC Fund Backs New-to-Michigan Next Coast Ventures”
Roundup: ManagedWay, RVCF, TechTown Detroit, PatientPing, & More
Here’s a look at innovation news from around Michigan: —ManagedWay, the provider of cloud computing, fiber optic Internet, and colocation services, has opened a new 45,000-square-foot data center in Troy. In a press release, the company described the new facility as incorporating the latest advancements for business reliability, security, and efficiency. ManagedWay now operates two … Continue reading “Roundup: ManagedWay, RVCF, TechTown Detroit, PatientPing, & More”
Millendo Therapeutics Receives $62,000,000 Series B Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=6794ee49-4c1d-40fe-898b-b602349ea9ff Date 1/4/2016 Company Name Millendo Therapeutics Mailing Address 301 N. Main St. Ann Arbor, MI 48104 USA Company Description Millendo Therapeutics is focused on developing a portfolio of disease-modifying treatments for endocrine disorders caused by hormone dysregulation. Our product candidates seek to improve the quality of life for patients with orphan … Continue reading “Millendo Therapeutics Receives $62,000,000 Series B Funding”
Renaissance, MVCA Program Lures Half-Dozen Investors to Michigan
Though Michigan’s startup community has experienced a ton of growth in the past 10 years, the state remains a place that is “underserved” when it comes to investment capital, says Chris Rizik, CEO and fund manager at Renaissance Venture Capital. With that in mind, Renaissance partnered with the Michigan Venture Capital Association for the past … Continue reading “Renaissance, MVCA Program Lures Half-Dozen Investors to Michigan”
Xconomy Detroit/Ann Arbor Aims to Capture Spirit of Collaboration
As we approach the end of our fifth year in Michigan, Xconomy Detroit is rebranding. We’re calling it Xconomy Detroit/Ann Arbor in recognition of the ongoing collaboration between the two communities so crucial to the state’s efforts to innovate and diversify—collaboration we hope to help foster. First, some history: When Xconomy decided to expand its … Continue reading “Xconomy Detroit/Ann Arbor Aims to Capture Spirit of Collaboration”
ArborMetrix Joins Michigan Consortium to Help Analyze Genetic Tests
ArborMetrix, the Ann Arbor company using private, cloud-based analytics to help healthcare providers improve care, has experienced a lot of growth since Xconomy first profiled it in 2012. Back then, the company was in an office out on Plymouth Road with 21 employees; today, it has more than doubled its staff and it has a … Continue reading “ArborMetrix Joins Michigan Consortium to Help Analyze Genetic Tests”
Ford, Magna, Verizon Help Launch Techstars Program in Detroit
If you’re looking for further validation that Detroit’s tech ecosystem is gaining respect in the eyes of the world, here it is: Ford, in partnership with global auto supplier Magna International and Verizon Telematics, will announce today that it is helping to bring the esteemed Techstars startup accelerator to the Motor City. Techstars Mobility will … Continue reading “Ford, Magna, Verizon Help Launch Techstars Program in Detroit”
Michigan Roundup: Renaissance VC Fund, ICIC, Cadillac, Urban Science
Here’s a look at some of the news from around Southeast Michigan’s innovation community that you might have missed: —Earlier this month, Renaissance Venture Capital Fund, a Detroit-based fund-of-funds created by Business Leaders for Michigan, invested in Ann Arbor, MI-based VC fund Plymouth Venture Partners III. The terms of the deal were not disclosed. Plymouth … Continue reading “Michigan Roundup: Renaissance VC Fund, ICIC, Cadillac, Urban Science”
ArborMetrix Lands $1,300,000 Series B Funding
Feed Type Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=8354ff84-c154-4855-b6d9-277a844c9167 Date 2/11/2014 Company Name ArborMetrix Mailing Address 2929 Plymouth Road Ann Arbor, MI 48105 Company Description ArborMetrix’s combination of clinical insight and statistical science powers one of the most strategic and flexible solutions your organization can deploy to measure clinical performance and efficiency. Website http://www.arbormetrix.com Transaction Type Venture Equity Transaction Amount … Continue reading “ArborMetrix Lands $1,300,000 Series B Funding”
MVCA Celebrates Year’s Top Deals, Names New Board Chair
The Michigan Venture Capital Association (MVCA) held its annual awards dinner this week to honor the year’s most important deals and VCs. During the dinner, the MVCA also named Jim Adox of Venture Investors as its new board chair. Carrie Jones, executive director of the MVCA, says that 2013 was a good year for Michigan’s … Continue reading “MVCA Celebrates Year’s Top Deals, Names New Board Chair”
Roundup: Swift Biosciences Raises $7M Round, Free Wi-fi Now in Downtown Detroit
Here’s a look at news from around Southeast Michigan’s innovation community: —Ann Arbor-based Swift Biosciences announced this week that it has raised a $7 million Series B round. Fletcher Spaght Ventures led the round, and the Renaissance Venture Capital Fund, the Mercury Fund, the Michigan Accelerator Fund, and individual investors participated in the round. Swift … Continue reading “Roundup: Swift Biosciences Raises $7M Round, Free Wi-fi Now in Downtown Detroit”
Who Knew? Fun Facts About Southeast Michigan’s Innovators
When people ask me for a “fun fact” about my life, I usually tell them some version of the story of how a friend and I stalked Canadian film director Guy Maddin all the way to Winnipeg, an incident that wound up as a chapter in Maddin’s book. I’m not the only one with amusing … Continue reading “Who Knew? Fun Facts About Southeast Michigan’s Innovators”
Michigan: An Unexpected Role Model for Growth
A few years ago, there seemed to be a continental divide between the “old economy” and the “new economy,” and the state in which I live, Michigan, appeared to much of the world as the poster child for the former. Never mind that Michigan had been in the top 5 nationally for such important innovation … Continue reading “Michigan: An Unexpected Role Model for Growth”
JumpStart, NEI Plan New High Tech Accelerator in Detroit
JumpStart Inc., a Cleveland-based nonprofit focused on entrepreneurship and economic development, will team with the New Economy Initiative (NEI) to open a new high-tech accelerator in Detroit, says NEI executive director David Egner. Egner (an Xconomist) says a variety of state and regional investors will fund the accelerator and he expects it to have an … Continue reading “JumpStart, NEI Plan New High Tech Accelerator in Detroit”
Back For More: Renaissance Venture Capital Funding Arboretum Ventures III
The Renaissance Venture Capital Fund is doubling down on Arboretum Ventures. After already committing $5 million to Arboretum II, Renaissance is helping to bankroll Arboretum’s new $125 million fund, its third since 2002, Renaissance CEO Chris Rizik told Xconomy. Arboretum previously pulled together $73 million and $24 million for its first two funds. The Ann … Continue reading “Back For More: Renaissance Venture Capital Funding Arboretum Ventures III”
If Michigan Were a Stock, I’d Buy a Bunch of Options
Maybe it’s a line they hand out to every Michigander, because I have heard it several times in various configurations. But it’s heartfelt. It’s a message to people around the country complaining about current economic conditions. The gist goes something like this: “You think you had it bad? Michigan’s recession began years ago—and it was … Continue reading “If Michigan Were a Stock, I’d Buy a Bunch of Options”
Get Set for Michigan 2031: Xconomy’s First Detroit Event to Examine State’s Innovation Landscape 20 Years Ahead
Michigan may be many things, but lazy isn’t one of them. A prominent investor told me the other week that the state boasts an incredible work ethic, one that rivals the frenetic pace of Silicon Valley. Given the automobile industry’s long decline, the state has made several bets on its economic future: clean energy and … Continue reading “Get Set for Michigan 2031: Xconomy’s First Detroit Event to Examine State’s Innovation Landscape 20 Years Ahead”
The Story of Detroit Added Some Significant Chapters in 2010; Here Are 10 of Them
When Xconomy Detroit launched in April 2010, I wrote that this city is a verb, in a constant state of action, of “becoming,” of striving for something greater. Having lived in Michigan for much of my life, I can say that this was true even in good times, and certainly even more so in bad. … Continue reading “The Story of Detroit Added Some Significant Chapters in 2010; Here Are 10 of Them”
Michigan Venture Funds: A List of Recent Closings and Firms Raising Money Now
It’s not exactly a secret that this isn’t the greatest time for venture capital. Returns over the past decade have gone negative after the heady dotcom bubble years, and with the recession lingering many funds have either closed or found themselves significantly smaller as it became harder and harder to attract capital. These national trends … Continue reading “Michigan Venture Funds: A List of Recent Closings and Firms Raising Money Now”
Michigan’s Emerging Startup Economy—A Conversation with Renaissance Venture Capital’s Chris Rizik
On Labor Day, the Renaissance Venture Capital Fund announced the final close of its fund, bringing the total raised to just under $50 million. The Ann Arbor-based Renaissance is a fund of funds: instead of investing money directly into startups, it invests in other venture funds, thereby hedging its bets in one sense, but also … Continue reading “Michigan’s Emerging Startup Economy—A Conversation with Renaissance Venture Capital’s Chris Rizik”
Michigan’s Renaissance “Fund of Funds” Closes at Nearly $50M, Ready to Make Connections Between VCs and Entrepreneurs
To Chris Rizik, one of the best things about yesterday’s announced final close of nearly $50 million in investment funds for the Renaissance Venture Capital Fund is that the money comes with no government strings attached. “There’s not one government dollar in this,” says Rizik, CEO of the Detroit and Ann Arbor, MI-based “fund of … Continue reading “Michigan’s Renaissance “Fund of Funds” Closes at Nearly $50M, Ready to Make Connections Between VCs and Entrepreneurs”
Renaissance VC Invests in DFJ Mercury
Renaissance Venture Capital Fund, with offices in Ann Arbor, MI, and Detroit, has invested $3 million in Houston VC firm DFJ Mercury, which says it will actively seek opportunities in Michigan. Renaissance CEO Chris Rizik says DFJ Mercury is a good fit for Michigan because of its focus on advanced materials, bioscience, and information technology, … Continue reading “Renaissance VC Invests in DFJ Mercury”
TechTown’s New $5M Fund Only a Baby Step for FastTrac Entrepreneurs
Don’t get Randal Charlton wrong. The executive director at the TechTown business incubator in Detroit is thankful for a recent announcement of $5 million coming his way to help graduates of his FastTrac business training program launch their companies. But, he says, look at it this way: The money, granted by the New Economy Initiative, … Continue reading “TechTown’s New $5M Fund Only a Baby Step for FastTrac Entrepreneurs”