A new venture capital firm with Ann Arbor roots this week received $6 million in funding from the Michigan Economic Development Corp.'s Strategic Economic Investment and Commercialization board, officials said.

The firm, called Huron River Ventures and led by investors Tim Streit and Ryan Waddington, will invest directly in high-tech companies. Another Grand Rapids-based firm calling itself Michigan Accelerator Fund I also received $6 million.

"The SEIC board ... this year was unable to fully fund another business-plan competition through the state’s 21st Century Jobs Fund," Business Review West Michigan reported. "The board instead opted to fund creation of two new accelerator funds to address one of the most pressing needs for young companies — access to early-stage capital."

Crain's Detroit Business reported that Huron River Ventures plans to make investments in companies throughout the state.

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