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Michigan Biomedical Venture Fund

MBVF

The Michigan Biomedical Venture Fund (MBVF) invests in biomedical startup companies with U-M licensed IP in the domain of therapeutics, devices, diagnostics, or health IT. The MBVF is a collaborative effort between the U-M College of Engineering’s Center for Entrepreneurship (CFE) and U-M Medical School’s Fast Forward Medical Innovation program (FFMI) program.

With a $3 million gift from the Monroe-Brown Foundation, the MBVF awards $50,000-300,000 to biomedical startup companies. The Fund serves to drive the university’s world-class leadership by creating a critical pipeline between research and the biomedical innovation life cycle. The goal is to continue in our efforts to attract world-class research talent to U-M and the broader Ann Arbor entrepreneurial ecosystem.

This fund is exclusively for biomedical startups or companies with U-M IP or license. Most applicants need to successfully complete an existing U-M translational program such as CoulterMTRACNSF I-Corps and, or be recommended by the Deal Flow Council (DFC). Companies can also directly apply after consulting with the Program Manager. Applicants are required to complete the online proposal and submit any relevant material.

FAQs

Any U-M startup that has a U-M license/option and has a biomedical or healthcare focus is eligible to receive funding. Since this is an early-stage venture fund we fund at the angel or seed level, and in some case at the Series A stage. We do not make our first investment in rounds later than the Series A stage.

Yes, you can still apply while the licensing is still in progress. The final funding is contingent on obtaining the license/option.

Yes, you can still apply while the company formation is in progress. The final funding is contingent on company formation, and proof of business entity registration is required.

Applications are accepted on a rolling basis. It is highly recommended that you contact the program manager before applying. Once we receive a company’s application, we’ll begin the initial due-diligence process (about 4-6 weeks). Select teams will be recommended to present to the external Investment Advisory Board (IAB). During this time, companies have to address issues raised by the Board and the Program Manager as they perform further due diligence (4-8 weeks). In most cases, companies are funded after addressing feedback from the introductory meeting with the Board. Typically, the entire process takes 2 to 4 months.

Sorry, at this moment we are not considering student-IP owned startups from U-M.

Since most companies are very early-stage, we want to keep the terms as simple and easy as possible. We are open to using a Simple Agreement for Future Equity (SAFE) agreement or a convertible note. In cases where syndicates are being formed, we are happy to follow the lead investor’s term sheet subject to certain provisions.

Name: Hirak Parikh
Uniqname: hparikh
Department: CFE
 
Photo: Joseph Xu, Michigan Engineering Communications & Marketing
 
www.engin.umich.edu

Hirak Parikh, Ph.D.

Program Manager
hparikh@umich.edu

Matthew Okoneski-2019

Matthew Okoneski

DEAL FLOW COUNCIL MEMBERS

The Deal Flow Council (DFC) is comprised of 4-7 members that review applications, as well as recommend U-M start-ups to consider for funding. DFC members include individuals that are closely connected to U-M research and innovation, and U-M translational programs, eg: Office of Tech Transfer Licensing and the Venture Center, I-Corps, Med and CoE units (including the department chairs), U-M MTRAC for Life Sciences Innovation Hub, and the Coulter Program. DFC members are:

Drew Bennett, M.B.A., Licensing, U-M Technology Transfer

Charles Cole, M.B.A., Venture Center, U-M Technology Transfer

Jonathan Fay, Ph.D., I-Corps, U-M Center for Entrepreneurship

Michelle Larkin, M.S., MiTRAC for Life Sciences, Fast Forward Medical Innovation

Tom Marten, M.B.A., Coulter Program, U-M Biomedical Engineering

Brad Martin, Ph.D., Fast Forward Medical Innovation

Mike Psarouthakis, M.B.A., M.S., Venture Center, U-M Technology Transfer

Dave Repp, M.B.A., M.S., Venture Center, U-M Technology Transfer

INVESTMENT ADVISORY BOARD MEMBERS

The Investment Advisory Board (IAB) is comprised of 7-10 members and advises on all investment decisions. IAB members include individuals with domain expertise, successful venture capitalists, entrepreneurs, and other investors in healthcare and biotech. Members do not have an official U-M appointment or specific ties to existing U-M funding programs (one representative is appointed to the IAB by the U-M Investment Office). The IAB is operationally independent from the Deal Flow Council. IAB Board Members are:

Keith Brophy, M.S.I.S., Director of Business Lab, Blue Cross Blue Shield Emerging Markets

Rafael Castilla, J.D., Director of Investments and Structuring, U-M Investment Office

Brian Gallagher, Ph.D., Partner, SR One

David Gregorka, M.B.A., Venture Partner, Baird Capital

Rekha Hemrajani, M.S., Ex-COO FLXBio

Dan Kidle, M.B.A., Principal, Arboretum Ventures

Jason Lettman, M.B.A., Partner, Lightstone Ventures

Julia Owens, Ph.D., President & CEO, Millendo Therapeutics

C.R. Sincock, COO, Avfuel

PORTFOLIO COMPANIES

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ARBORSENSE

Ann Arbor, MI

Girish Kulkarni, President & Co-Founder

Arborsense makes wearable devices for continuous monitoring of blood alcohol content and other analytes directly from the skin. | More info: arborsenseinc.com

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BRIO LLC

Ann Arbor, MI

Hannah Hensel, Co-Founder & CEO

Brio’s insertion stylets minimize reliance on clinician skill for success and are designed to assist users in locating the trachea and maneuvering the endotracheal tube through the mouth, throat and airway. | More info: briodevice.com

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EVOQ THERAPEUTICS

Ann Arbor, MI

William Brinkerhoff, Co-Founder & CEO

EVOQ offers nano-vaccine technology that is able to evoke potent anti-tumor T-cell responses that can eradicate tumors and establish long-term immunity against tumor recurrence. | More info: evoqtherapeutics.com

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GENOMENON

Ann Arbor, MI

Mike Klein, CEO

Genomenon’s software simplifies genome interpretation to improve diagnostic accuracy in clinical practice and speed genetic discoveries in research laboratories. | More info: genomenon.com

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Invenio

Santa Clara, CA

Jay Trautmann, President & CEO

Invenio’s NIO imaging system enables intraoperative histology, reducing downtime in the OR and allowing examination of specimens from multiple sites in the surgical cavity. | More info: invenio-imaging.com

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MDI Therapeutics

Ann Arbor, MI

Stephen Benoit, President & CEO

Leveraging the world-renown research of founder Dan Lawrence in serpin biology, MDI Therapeutics has discovered a new class of small molecule inhibitors of plasminogen activator inhibitor-type 1 (PAI-1) for the treatment of fibrosis. | More info: mditherapeutics.com

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MOUNTAIN PASS

Ann Arbor, MI

Tom Simon, CEO

Mountain Pass Solutions (MPS) offers a fully configurable workflow management system as a SaaS product. | More info: gomountainpass.com

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ONL THERAPEUTICS

Ann Arbor, MI

David Esposito, President & CEO

ONL offers a first-in-class therapy to protect the vision of patients with retinal disease, using a Fas inhibitor designed to protect against retinal cell death. | More info: onltherapeutics.com

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PARABRICKS

Ann Arbor, MI

Mehrzad Samadi, CEO and Co-founder

Parabricks helps companies and researchers sequence whole human genomes 48x faster than conventional next-generation sequencing pipelines saving on computation costs with a faster throughputs. | More info: parabricks.com

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RIPPLE SCIENCE

Ann Arbor, MI

Peter Falzon, CEO

Ripple Science offers program management software for recruiting subjects for academic or industry studies. | More info: ripplescience.com

If you're interested in partnering with the CFE, click the button to reach out and learn more about how.