The Maryland Venture Fund (MVF), the equity investment arm of the Maryland Department of Business and Economic Development (DBED), has made follow-on investments totaling $700,000 in two of its portfolio companies. KoolSpan, developer of a suite of patented, hardware-based mobile security encryption solutions, received $400,000. BrainScope, which is pioneering sophisticated neurotechnology to quickly assess traumatic brain injury at the initial point of care, received $300,000. Both companies are located in Bethesda. The investments were made with funds raised by InvestMaryland, Governor Martin O’Malley’s key initiative designed to spur growth and development of small, high-tech companies in Maryland.
“KoolSpan and BrainScope have both made tremendous progress since the Maryland Venture Fund first invested in them, and we are excited to make these follow-on investments,” said Governor O’Malley. “In Maryland we are committed to supporting the growth of future leaders in industries that keep us safer, healthier and better connected than ever before. KoolSpan and BrainScope are perfect examples of the innovative, high-tech companies that set Maryland’s economy apart and provide the family-sustaining jobs of today and tomorrow.”