TEDCO Invests $1.3 Million in 13 Maryland Startups
Organization awards funding through the Technology Commercialization Fund
COLUMBIA, Md. (Jan. 14, 2014) – The Maryland Technology Development Corporation (TEDCO) announced today that 13 companies have received a total of $1.3 million in funding from the organization’s Technology Commercialization Fund (TCF) since July 2013. The funding will be used to advance the companys’ technology and product commercialization efforts. Funds were awarded to startups representing a wide-range of industries including medicine and disease treatment, health care, biopharmaceuticals, software development and systems integration. Companies including Allovue, LLC; Altenera Technology, Inc.; An Estuary, LLC; Ariadne Diagnostics, LLC; Citelighter, Inc.; Graftworx, LLC; I-lighting, LLC; Integrata Security, LLC; Maryland Energy and Sensor Technologies, LLC; Noble Life Sciences, Inc.; PrintLess Plans, LLC; Rehabtics, LLC and SurveySnap, Inc. were each awarded $100,000.
“The Technology Commercialization Fund is a core TEDCO program that makes critical early-stage funding available to promising companies in Maryland,” said Rob Rosenbaum, president and executive director of TEDCO. “The diversity in technology and industry that spans our TCF portfolio is impressive and TEDCO is energized and optimistic about the promise of these 13 companies.”
TCF provides funding to companies which want to develop technology-based products in collaboration with the universities and/or federal labs in the state. To be eligible for an award, companies must be collaborating with a federal lab or university, be located in an affiliate incubator company in the state, be involved in either the ACTiVATE® or INNoVATE programs, or participate in TEDCO’s Rural Business Initiative (RBI²). In addition, companies must have fewer than 16 employees, be a university spin-off less than five-years-old or have venture investments under $500,000. All companies must have more than 50 percent of their employees present in the state.
Since the program’s inception, 192 companies have received TCF funding and completed their projects. With an investment of almost $14 million these companies have gone on to receive more than $563 million in downstream funding from angel and venture investors, federal awards and other resources. Companies that have been awarded TCF funding since July 2013 include:
• Allovue, LLC, located in Baltimore, streamlines school financial management processes into one data visualization application that helps school leaders navigate the budget process, manage multiple funding streams, track expenses, allocate spending money to teachers, identify trends over time, and plan for future capital investments.
• Altenera Technology, Inc., located in Bethesda, has a goal to provide innovative alternatives to resolve some of the challenges common to current clean energy solutions on the market.
• An Estuary, LLC, located in Baltimore, builds social platform technology and technology-integrated professional development solutions for educators.
• Ariadne Diagnostics, LLC, located in Rockville, is developing companion diagnostic tests in the areas of metastatic colorectal cancer and neurodegenerative/neuromuscular diseases based on proprietary panels of biomarkers.
• Citelighter, Inc., located in Baltimore, is a research and writing platform that helps students organize and access materials for writing papers and also lets teachers track their students’ progress before they turn in their papers.
• Graftworx, LLC, located in Bel Air, is an early stage medical device company developing a novel solution for detecting blockages of peripheral arterial bypass grafts.
• I-lighting, LLC, located in North East, maximizes the longevity and performance of LED lighting with its patented Easy PlugTM Installation System and low voltage DC power supplies.
• Integrata Security, LLC, located in Baltimore, develops and implements highly innovative solutions that increase the resiliency of information systems for enterprises and government agencies that require the highest level of information security.
• Maryland Energy and Sensor Technologies, LLC, located in College Park, is developing commercial applications of thermoelastic cooling technology and is the exclusive licensee of this cost effective highly efficient green technology.
• Noble Life Sciences, Inc., located in Gaithersburg, provides in vitro and in vivo preclinical drug development services including experimental design and testing, animal and cellular disease models, cell line development and protein production, selection and validation of biomarkers, and vivarium services.
• PrintLess Plans, LLC., located in Baltimore, develops large format auxiliary displays offering architecture, engineering, and construction professionals a durable, mobile means to view libraries of digital drawings in their original size.
• Rehabtics, LLC, located in Baltimore, is developing a software system for physical rehabilitation using motion-controlled video games for use both in institutions and at home.
• SurveySnap, Inc., located in Columbia, develops software for architecture, engineering and construction industry professionals that do site-surveys, building assessments and job estimating.
Applications for funding programs are accepted continually and reviewed every two months by the TEDCO funding review team, which includes representatives from TEDCO, the Maryland Department of Business and Economic Development and affiliated venture capital groups. Applicants must submit a proposal, commercialization plan for the technology to be developed, scope of work and budget to be considered for funding.
The Maryland Technology Development Corporation (TEDCO) is the go-to source for entrepreneurial support and guidance for start-ups and early-stage companies engaged in bringing innovative ideas to market. For more than a decade, the organization has provided funding, mentoring and networking opportunities to support Maryland’s innovation ecosystem. While founded by the Maryland General Assembly, TEDCO is an independent entity that makes seed/early-stage investments and manages private capital for angel and venture capital funds. It is frequently ranked as one of the most active seed/early-stage investors in the nation. The organization plays a key role in bringing research created in Maryland’s educational institutions and federal laboratories into the commercial marketplace. For more information on TEDCO and its programs and resources, visit www.TEDCO.md.