U-M Startups Raise $760M During FY22, Added 433 Inventions

The University of Michigan in Ann Arbor generated 433 new inventions and 16 new startup companies — including genetic data accessibility to internet interfaces for the visually impaired — during fiscal year 2022.
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Genomenon, an AI-driven genomics company, is one of 16 startups produced out of University of Michigan. // Stock Photo

The University of Michigan in Ann Arbor generated 433 new inventions and 16 new startup companies — including genetic data accessibility to internet interfaces for the visually impaired — during fiscal year 2022.

U-M startups raised $760 million in capital and continued to make substantial strides in commercialization during the fiscal year. One such startup, Genomenon in Ann arbor, an AI-driven genomics company, raised more than $20 million in Series B financing during the year.

The funds will be used to expand the company’s commercial operations and support the development of their genomic data hub, which will allow health care systems to access genetic data more easily.

“Thanks to our strong partnerships with U-M’s amazing community of innovators, we can report a successful fiscal year with a strong showing in commercialization agreements, invention disclosures, new startup company formation, and industry collaboration,” says Kelly Sexton, associate vice president for research and innovation partnerships.

“I’m proud of the U-M research ecosystem for continuing to provide us with such amazing innovations to foster. And with the creation of our new Corporate Research Alliances team, we are positioned to provide even better service to U-M faculty in the years to come.”

Another U-M startup seeing success is NewHaptics in Ann Arbor, which is working to commercialize a new method of internet interface for the visually impaired. The company’s patented tactile display technology can be used in portable “screens” that allow for the delivery of multiple lines of braille in a single compact field.

Corporate research alliances (CRA) is a new faculty service unit within Innovation Partnerships, based in the office of the vice president for research, that helps university researchers establish research collaborations with industry.

This team’s first year resulted in 94 new corporate-sponsored research awards totaling $37.4 million, thanks in part to the direct relationship and negotiation support provided by the CRA staff.

This new team also manages large corporate research collaborations, including those with Ford Motor Co., Great Lakes Discovery, and the Toyota Research Institute. CRA plans to continue to create, grow and sustain these partnerships and alliances by providing access to faculty research expertise, laboratory capabilities, inventions, and faculty startup companies.

In addition, Innovation Partnerships has grown their financial support of U-M startups through venture capital provided by the Accelerate Blue Fund, the evergreen venture fund managed by the unit. During 2022, the Accelerate Blue Fund invested in three new companies: Ecovia Renewables, which provides water-soluble polymer solutions for personal care, agriculture and industrial applications; Mountain Pass, an academic institution management software provider; and Cubeworks, offering temperature and geolocation real-time monitoring hardware and software-as-a-service solution for pharma cold tracking.

“Our research community continues to generate and implement innovative products and solutions that transform, improve and enhance the world around us,” says Rebecca Cunningham, U-M vice president for research.

“The U-M research community has really cultivated an ecosystem for innovation, and because of this, U-M is consistently recognized nationally for its technology commercialization efforts. With the leadership, support, and expertise of our Innovation Partnerships team, we are better positioned than ever before to ensure that every U-M innovation has a chance to positively impact the world.”

To view the whole impact report, click here.

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