MCN leaders discuss activities involving four portfolio companies, while outlining latest developments involving new Fund V
September 23, 2025
As a state steeped in the agri-business industry, Michigan is known for its bountiful harvests. Whether its berries, cherries and vegetables in the summer, or peaches, apples and pumpkins in the fall – farmers and foodies alike look forward to a good yield that comes from planning, perseverance, and patience.
The same can be said for the venture capital industry. And 2025 proved to be an especially bountiful year for member-investors with Michigan Capital Network (MCN), as several of its portfolio companies went through some form of acquisition or public stock offering (IPO). As you might expect, these transactions were the center of conversation at MCN’s annual Fall Fund Update event on September 10 at the Frederik Meijer Gardens and Sculpture Park.
“This has been a remarkable first eight months in 2025 and nationally we’re expecting to see even more activity through the end of the year,” said Paul D’Amato, MCN’s CEO and Managing Director. “We all know that the past three years have seen a lower level of M&A activity due to challenging economic conditions. While this has been frustrating in some ways, it also has allowed our portfolio companies to focus on growth and strengthening their position. We’re now seeing the fruits of that patience and perseverance.”
The biggest and most recent transaction was the majority acquisition of HistoSonics in early August by a group of new and existing investors, including K5 Global based in San Francisco, Jeff Bezos’ Bezos Expeditions, and Boston-based Wellington Management, for $2.25 billion. MCN was among several Michigan investors who started supporting HistoSonics after it spun out from the University of Michigan in 2009. HistoSonics patented the Edison Histotripsy System, an ultrasonic medical devices that destroy or shrink tumors through noninvasive methods. The technology brings new hope to people dealing with life threatening tumors.
Just a week earlier, Micro-LAM, another long-supported MCN portfolio company, was acquired by Chicago-based IDEX Corporation for $90 million. Micro-LAM is based in Portage and was a spin out from Western Michigan University in 2017. The company manufactures laser-assisted machining solutions, ultra-precision diamond tools, and custom optics. In a news release announcing the acquisition, Micro-LAM founder, Deepak Menon said: “Micro-LAM brings an innovative culture, a customer-driven mindset, and a best-in-class ability to solve complex problems with elegant solutions. IDEX brings powerful resources, global reach and operational expertise. Together we can scale faster, innovate deeper, and deliver greater value to the industries and customers who trust us to serve their needs.”
Blue talked about the importance of trust and support from the outside. “I give credit to the board and the investors for believing that we could get the job done. Now I look back and say it was that trust that gave us the ability to develop what physicians, healthcare systems, and patients wanted.”
Four other MCN portfolio companies also went through some form of ownership transition within the past 12 months. They include:
Opus Genetics, which was acquired in late 2024 by Ocuphire Pharma of Farmington Hills, Michigan, in an all-stock transaction, with a current market cap of $80MM. The North Carolina firm is credited with developing first-in-class retinal gene therapies for the treatment of inherited retinal diseases and therapies to treat patients with other retinal and refractive disorders.
Advanced Architectural Products, an Allegan-based company that manufactures advanced, high-performance building enclosure and continuous insulation systems, such as GreenGirt CMH™ and SMARTci®. The firm exited from its investor stock program by going through a company redemption earlier this year.
In July, Atlas Space Operations Inc., based in Traverse City, was acquired by the parent company of York Space Systems, a defense tech company based in Denver. Atlas Space, which was founded in 2015 by Corey Geer, Sean McDaniel, and Brad Bode, is a ground-based satellite communications firm startup with 30 employees. York specializes in spacecraft manufacturing, mission-ready satellite platforms, and integrating hardware and software to provide mission autonomy. The acquisition came about when York Space sought to acquire a partner to strengthen its communications capabilities, particularly for the Department of Defense’s Golden Dome project.
Also in July, Ambiq Micro, Inc., a University of Michigan spin out, went through a reverse merger and into a public stock offering on the New York Stock Exchange, raising $96 million. The Texas based company develops energy-efficient semiconductor solutions used for smart home applications like wearable devices, industrial machine use, health monitors, and augmented reality glasses. Ambiq Micro was founded in 2010 by Scott Hanson. He worked with UM professors Dennis Sylvester and David Blaauw to commercialize the technology.
”Each of these transactions demonstrate the impact of MCN,” said D’Amato. “Our team identifies promising start-ups, conducts the necessary due diligence, and then shares the investment opportunity with our members, who can then choose whether they want to support the future growth of these companies. This process often unfolds over many years, but as we’ve seen in recent months the outcomes are beneficial to all.”
The other hot topic at this year’s event was the first regulatory filing with the Securities and Exchange Commission for MCN’s new Fund V. The fund includes a public-private investment component involving the Small Business Administration and the Department of Defense. MCN was one of 16 companies selected late last year for inclusion in this first-ever matching commitment from the Office of Strategic Capital (OSC). The OSC goal is to encourage investment in tech areas that are critical for national security, specifically with early-stage companies in space technologies, artificial intelligence, cybersecurity, energy storage, semiconductors, autonomous systems, biotechnology, quantum computing, and advanced materials.
“2023 and 2024 required perseverance on the part of our portfolio companies and patience on the part of our investors,” said D’Amato. “At times, there was a sense of stagnation that was due to forces beyond our control. However, we focused on optimizing the performance of our portfolio companies and we can now see the results. We thank our members for their continued trust and support in our team, and we look forward to providing them outstanding service in the future.”
