Tech firms receive funding from TEDCO initiative

TEDCO, Maryland’s economic engine for technology companies, announced a recent round of funding through the Maryland Innovation Initiative (MII), including $600,000 for three new Baltimore ventures and $1.6 million awarded to 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 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.

So far in the 2023 fiscal year, the fund invested $600,000 into the following companies:

• ComputChem, located in Baltimore, is a technology company building next-generation platform solutions for in silico covalent drug design and lead optimization.
• Prompt Diagnostics, LLC, located in Baltimore, is a biotechnology company supporting diagnostic testing that is fast, affordable and easy-to-use, while still providing uncompromising sensitivity and specificity for detection of disease at the point of care.
• Blue and Green Energy Solutions, located in Baltimore, 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 $47 million, created and supported 144 startups, and supported the creation of nearly 300 Maryland jobs. Additionally, these portfolio companies have continued, raising more than $692.7 million in follow-on funding and creating full-time employment opportunities for highly skilled technology employees with competitive salaries, averaging $100,000.