ANN ARBOR Good news continues on the Michigan Venture Capital front. EDF Ventures in Ann Arbor said Wednesday that a San Diego based wireless company in which EDF invested $5.2 million was sold for $98 million, more than doubling EDFs investment.
Zyray Wireless will be acquired by Broadcom, a leading provider of highly integrated semiconductor solutions enabling broadband communications. Zyray develops next-generation Wireless Code Division Multiple Access semiconductor products for third generation mobile devices.
EDF General Partner Beau Laskey has served on the company’s board of directors since its inception. He said EDF owned about 25 percent of Zyray.
“This is a tremendous achievement for Zyray,” Laskey said. Its also great for us by providing an exit for our investors, which allows us to raise our fourth fund and make investments in this region.
While the Zyray profits go into EDF Fund III, this financial success will make it easier for EDF to raise money from Limited Partnerships primarily pension funds and university endowments for EDF Fund IV, in which the company hopes to collect $100 million.
Were seeing new opportunities in Michigan, Ohio, Indiana, Illinois and Minnesota, Laskey said. Were still very interested in investing in promising technology companies the Midwest.
