On Wednesday, the professionally supervised equity fund, Michigan Angel Fund, said that it invested in BioPhotonics. BioPhotonics was an East Lansing-headquartered technology corporation. No financial terms were revealed although the MAF, not long ago, closed US$2 million for its fund.

MAF concentrated on capital-efficient early stage corporations. It recently closed its fund to new venture capitalists. MAF was a US$2 million worth fund with up to 70 members. It was considered as the biggest angel group in Michigan.

MAF made its initial investment in BioPhotonics Solutions. Biophotonics was a Michigan State University spin-out business enterprise. It produced technology that automated the procedure of shaping and squeezing ultrashort laser pulses.

"MAF is an important addition to Michigan's evolving entrepreneurial eco-system," explains Skip Simms, MAF's managing director. "The venture industry in our state has grown dramatically the past few years, with hundred of millions of dollars ready to be deployed in companies needing several million to grow. Our focus is on funding companies that do not need a lot of capital to get to profitability. Most VCs aren't interested in these investments because the companies are too small, but these smaller companies can still generate significant ROI and contribute to the overall health of our economy."