TEDCO, Maryland’s economic engine for technology companies, recently announced a funding round from the Maryland Innovation Initiative (MII), including $600,000 for three new Baltimore companies and $1.6 million for 12 project grants.
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 mission of the program is to accelerate and support the commercialization of promising technologies from the test bench to the market through investments in innovation, entrepreneurship and business creation.
So far in fiscal 2023, the fund has invested $600,000 in the following companies:
- Baltimore-based ComputChem is a technology company developing next-generation platform solutions for in-silico covalent drug design and lead optimization.
- Baltimore-based Prompt Diagnostics, LLC is a biotechnology company dedicated to supporting diagnostic tests that are rapid, affordable and easy-to-use while providing uncompromised sensitivity and specificity for disease detection at the point-of-care.
- Baltimore-based Blue and Green Energy Solutions developed the EnergyMaster system, an innovative floating hybrid tidal/wave/wind energy harvesting system.
Start-up companies that join TEDCO’s MII portfolio have access to a variety of TEDCO resources, including mentoring opportunities and CEO roundtables for on-league executives. A full 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 $1.6 million technology assessment grant. Each of these projects reflects the technological excellence and diversity found at our partner universities in Maryland. A full list of grantees can be found on the MII website.
Since its inception, MII has disbursed more than $47 million, founded and supported 144 startups, and helped create nearly 300 jobs in Maryland. Additionally, these portfolio companies have continued operating, raising more than $692.7 million in follow-on funding and creating full-time employment opportunities for highly skilled technology professionals with competitive salaries averaging $100,000.