$600,000 invested into 3 new ventures and $1.6Million awarded to 12 project grants
COLUMBIA, Md. (March 29, 2023) – TEDCO, Maryland’s economic engine for technology companies, announced a recent round of funding 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 and support the commercialization of promising technologies from bench to market through investments in innovation, entrepreneurship and venture creation.
“Since MII’s inception, the program has seen innovators seeking to change the world for the better, and last year was no different,” said Arti Santhanam, Ph.D., MII executive director. “The 2023 awardees show the exceptional research and innovation Maryland has to offer.”
So far in the 2023 fiscal year, the fund invested $600,000 into the following companies:
- ComputChem, located in Baltimore, Md., is a technology company building next-generation platform solutions for in silico covalent drug design and lead optimization.
- Prompt Diagnostics, LLC, located in Baltimore, Md., is a biotechnology company supporting diagnostic testing that is fast, affordable, and easy-to-use, while still provide uncompromising sensitivity and specificity for detection of disease at the point of care.
- Blue and Green Energy Solutions, located in Baltimore, Md., created the EnergyMaster system—an innovative floating hybrid tidal/wave/wind energy harvesting system.
Start-up companies joining TEDCO’s MII portfolio have access to a variety of TEDCO resources including mentor opportunities and CEO roundtables to loaned executives. A complete list of funded companies can be found on the MII website.
In addition to these companies, the program funded an additional 12 projects for its technology assessment grant for a total of $1.6 million. Each of these projects reflects the technological excellence and diversity that can be found in our Maryland partner universities. A full list of the grant awardees can be found on the MII website.
Since its inception, MII has disbursed more than $47M, created and supported 144 startups, and supported the creation of nearly 300 Maryland jobs. Additionally, these portfolio companies have continued, raising over $692.7M in follow-on funding and creating full-time employment opportunities for highly skilled technology employees with competitive salaries, averaging $100,000.
“For the last 10 years, MII has shown the impact it can have on the entrepreneurial community in Maryland,” said Renee Winsky, MII board chair. “The last round of funding is a great example of the innovative minds we have in the state. We’re committed to supporting these innovators through their next stages of development.”
To view MII’s 2022 Annual Report, click here. For information on eligibility and application requirements, visit https://www.tedcomd.com/MII.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
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Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com