Money flowing into OU’s tech growth fund

Oakland University is looking to get a boost of funding to boost companies in the technology sector in the region. An Arbor-based venture capital firm wants to raise $30 million for a technology growth fund that will be based out of the school to assist growing companies.

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The fund will target growth-stage companies that need capital to complement access to bank capital, Bund said. It will be made available to companies across Southeast Michigan and the Great Lakes region, and it would be able to co-invest with the roughly $20 million Plymouth Ventures I fund.

“We’re interested in a wide variety of applied technology including medical technology,” he said.

The OU INCubator is working with eight companies, including four that are using the incubator space, said David Spencer, the center’s executive director. An additional five or six are in the pipeline awaiting approval.

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