Fraunhofer Forms Venture Capital Arm

Fraunhofer Gesellschaft, a network of German industrial research organizations of which one was the inventor of the MP3 digital audio format, has formed a VC arm, Fraunhofer Venture-Group, based in Munich.

Fraunhofer is finalizing terms with undisclosed investors on a 20 million euro (about $24 million) initial tranche of capital…Fraunhofer hopes to raise 50 million euro (about $60 million) in total.

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