The Renaissance Venture Capital Fund isn't wasting time when it comes to investing in Michigan and bridging the gap between Detroit and Ann Arbor.

The VC, formed by Detroit Renaissance, made its first investment of $5 million into Ann Arbor-based Arboretum Ventures II. Renaissance expects to invest another $10 million to $20 million in 2009. That money will go either toward venture capital firms looking to invest in the state or firms based in Michigan, such as Arboretum.

"It is clearly a fast-rising venture capital firm right now," says Chris Rizik, CEO of the Renaissance Venture Capital Fund. "It is a really smart firm with the right niche. Even with the current economic problems we're finding they are really well positioned to be successful."

Arboretum focuses mainly on investing in up-and-coming companies that make medical devices. However, the money from Renaissance's investment doesn't come with strings attached on what it must kind of firm or technology to invest.

Jan Garfinkle and Tim Peterson formed Arboretum in 2002. Renaissance has been in the works for a few years, but didn’t become a reality until late this year. One of its main tenants is to create more new economy connections between Ann Arbor and Detroit.

Source: Chris Rizik, CEO of the Renaissance Venture Capital Fund
Writer: Jon Zemke