Success Story - Ardesta Ventures LLP

An investment of up to $7.5 million through the Michigan 21st Century Investment Fund will be made in the new Ardesta Ventures I, LP venture capital fund. The fund will focus on investments in nanotechnology, life sciences and alternative energy technology companies based in the Midwest.

Co-founding partners of the new Ardesta Ventures I, Rick Snyder, Chris Rizik and Steve Johns, have together raised over $180 million since 1997 with two previous ventures, Avalon Technologies LLC and Ardesta LLC. They have a strong network of close relationships with universities, research institutions and companies in Michigan. Snyder, former President and COO of Gateway Computers, is a member of the University of Michigan’s Technology Transfer National Advisory Board and the Chairman of the Board of Ann Arbor SPARK. Rizik serves as President and Chairman of NextEnergy, the Detroit nonprofit alternative energy incubator and maintains strong ties with Wayne State University. The principals of Ardesta Ventures I have shown a commitment to building and growing technology companies in Michigan. To date, they have invested in 15 companies in the state and expanded employment at those companies more than ten-fold.

Including this investment, a total of up to $62.5 million of investments in venture capital, mezzanine, and private equity funds have been approved through the 21st Century Investment Fund since January.