Bays recently produced Scott Walker - 30 Century Man and the Oscar-winning short Six Shooter.
Microwave, which is producing 10 features with budgets under $202,000 (£100,000), is gearing up to start principal photography on its second feature, Shifty. The first shoot was for horror film Mum and Dad.
The Shifty shoot starts Monday on location in Borehamwood for three weeks.
Eran Creevy, who previously made commercials and music videos, makes his feature directorial debut as the writer and director of the film.
Ben Pugh and Rory Aitken are producing for Between The Eyes.
Riz Ahmed, who previously appeared in The Road To Guantanamo, plays a young Asian crack cocaine dealer who must outsmart a rival, played by Jason Flemyng. Daniel Mays and Francesca Annis also star.
The BBC also backs Microwave.