Crossbar has raised $20.59 million, according to a filing with the Securities and Exchange Commission. The memory chip maker, which has backing from Kleiner Perkins Caufield & Byers, Artiman Ventures, Northern Light Venture Capital and the University of Michigan, had set out to raise $21 million, the filing said. Another $445,000 of equity remains to be sold.
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University of Michigan’s Frankel Commercialization Fund provided an initial investment to Ambiq Micro, which is developing microcontroller. The amount invested was not disclosed. Frankel Commercialization Fund is a student-led pre-seed investment vehicle. Ambiq Micro won a $250,000 prize in July from Draper Fisher Jurvetson and Cisco’s co-sponsored Global Business Plan Competition for university and business school students.