The University System of Maryland’s investment vehicle, the Maryland Momentum Fund, has provided $250,000 to a Baltimore medical device company. It is the fund’s second investment.
NextStep Robotics received the money from the Maryland Momentum Fund as part of an initial funding round where it raised $750,000.
NextStep Robotics is developing a robotic therapy to help treat “foot drop” syndrome developed by stroke patients. The company’s technology is based on research from the University of Maryland, Baltimore School of Medicine; Baltimore Veterans Affairs Medical Center and the University of Maryland, College Park A. James Clark School of Engineering.
“We are very pleased the Maryland Momentum Fund has been able to once again broaden the base of co-investors and a university startup, this time to include an international consortium,” David Wise, director of the Maryland Momentum Fund, said in a statement.
The Maryland Momentum Fund was created last year and funded by the University System of Maryland Board of Regents to invest in technology developed by the university. The system committed $10 million to the fund and it aims to raise an additional $15 million from venture capitalists and angel investors.
Last December, the fund made its first investment in MF Fire, which creates an environmentally friendly wood-burning stove using University of Maryland, College Park technology.