TEDCO, Maryland’s economic engine for technology companies, announced its recent round of investments in six start-up companies and funding to 15 university projects through the Maryland Innovation Initiative (MII).
Established in 2012, the MII program was created as a partnership between the State of Maryland and five Maryland academic research institutions: Johns Hopkins University; Morgan State University; University of Maryland, Baltimore; University of Maryland, Baltimore County; and University of Maryland, College Park. The program’s mission is to accelerate promising technologies with significant commercial potential to market while leveraging each partner University’s strengths.
The fund created and invested $150,000 each in the following six companies through the Company Formation Phase of the program:
- EpiWatch, Inc., located in Baltimore, is a Johns Hopkins University spinout that has developed a mobile disease management (DM) software application for people with epilepsy (PWE) that runs on a smartwatch and its companion phone.
- NuMoon Technologies LLC., located in Columbia, is a University of Maryland, Baltimore County spinout, commercializing innovative detection solutions that enhance the safety and security of military and civilian lives.
- AliquantumRx, Inc., located in Baltimore, is a Johns Hopkins University spinout developing antibiotic, Cethromycin, for the treatment of dormant malaria.
- Softhread, Inc., located in Catonsville, is a University of Maryland, Baltimore County spinout building a scalable and intrusion tolerant permissioned blockchain system.
- Astek Diagnostics LLC., located in Baltimore, is a University of Maryland, Baltimore County spinout developing an automated system that determines the existence of bacteria in a blood sample and performs antibiotic susceptibility testing (AST) in less than one hour.
- Vectech LLC., located in Baltimore, is a Johns Hopkins University spinout developing an AI-driven computer vision system, to empower public health organizations in the global fight against mosquito borne disease.
Earlier in the year the fund invested in the following three companies: Neurologic Solutions, Inc, Halocytech LLC, and Prebeo, Inc.
As start-up companies join TEDCO’s MII portfolio, they also have access to a range of our TEDCO resources—from mentors and CEO roundtables to loaned executives. They receive the assistance and support they need as they move through team building, balancing the funding elements, and negotiating deals.
In the eight years since its launch, MII has disbursed $39M, de-risked 252 unique technologies and created 102 start-ups. MII’s portfolio of start-ups have gone on to raise over $476M in follow-on funding and resulted in seven exits thus far. In addition to being a vital part of the Maryland start-up ecosystem, these companies have created economic value by creating full-time employment for highly skilled tech employees with an average salary of $103,000.
To learn more, visit the TEDCO website.