TEDCO's Maryland Innovation Initiative Supports Start-Ups With $5.6 Million in Funding
Program accelerates technology commercialization through start-up formation
BALTIMORE (June 29, 2017)—TEDCO, Maryland’s economic engine for technology companies, announced its recent investments through the Maryland Innovation Initiative (MII). With the latest round of funding, MII’s funding count for FY18 includes 38 technology assessment grants and seven start-up investments for a total of $5.56 million. True to its technology agnostic funding history, this year the startups ranged from medical devices to aeronautics and the sports industry.
Established in 2012, the MII program was created as a partnership between the State of Maryland and five Maryland academic research institutions: University of Maryland, College Park, University of Maryland, Baltimore County, University of Maryland, Baltimore, Johns Hopkins University and Morgan State University. The program’s mission is to accelerate promising technologies with significant commercial potential to market while leveraging each partner University’s strengths.
“This program has been instrumental in transitioning companies from idea and development phases to successful commercialization,” said John Wasilisin, President and COO of TEDCO. “MII’s funding over the past five years is representative of the entrepreneurial ecosystem we are committed to growing throughout Maryland and beyond.”
- Radiopharmaceutical Imaging and Dosimetry, LLC (RAPID)
RAPID currently provides precision dosimetry services to the pharmaceutical industry for approval of Radiopharmaceutical Therapeutics (RPTs) and working to develop these services into a commercial software product.
- CykloBurn Technologies, LLC
CykloBurn is developing a biomass-to-energy solution that delivers significantly higher burn efficiency (97%) with lower capital and operating costs than traditional Fluidized Bed Combustion Systems. Initially targeted for poultry litter, the system is expected to be commercially viable for the individual farm through boosting profits by generating electricity and capturing heat for chicken houses.
- Living Canopies Ltd.
Living Canopies’ green patio umbrella uses live plants to provide smart-green technology solutions to the hospitality industry. Its portability, smart irrigation and multiple plant species choices make it ideal for restaurants, hotel patios, street side seating, parks, backyard sundecks, and swimming pools.
- NextStep Robotics, Inc.
NextStep is developing a personalized robotic medical device to treat foot drop in stroke patients. The company works with physical therapists to help patients improve walking function with the goal of discarding their assistive device.
- Thermohalt Technology, LLC
Thermohalt is developing a battery management system for Li-ion batteries to support mission critical applications such as in electric vehicles, aerospace and defense and medical devices.
- Airgility, Inc.
Airgility is developing HorseSHU, a complete Unmanned Aerial System solution for multiple applications. The HorseSHU employs a patent-pending tilt nacelle design that combines Vertical Takeoff and Landing as well as hover capabilities of a multi-rotor with the fast and efficient forward flight capabilities of an airplane into one practical platform.
- Freestate Optics, LLC
Freestate is developing the Pitch Perfect Electronic Home Plate—a training tool (device and software) for baseball that can track pitch speed, location and trajectory.
As start-up companies join TEDCO’s MII portfolio, they are provided with a range of resources—from mentors and CEO roundtables to loaned executives. They receive the assistance and support they need as they move through team building, balancing the funding elements, and negotiating deals.
“Our latest round of funding through MII showcases an impressive handful of companies, and we’re excited to help move entrepreneurs forward in a number of different industries,” said Robert Hallenbeck, MII Board Chairman. “TEDCO is committed to supporting start-ups in every aspect of their early-stage process, and MII is an ideal representation of the kind of support and guidance these companies can leverage to jumpstart their innovative products.”
In the five years since its launch, MII has disbursed $29M and invested in 56 startups resulting in over $155M in follow-on funding for these investments and five exits. An additional 22 startups have been spun out of promising technology grants through the MII program. In total, these companies have created 84 jobs with an average salary of $83,660.
“These metrics demonstrate the success of the program model in driving technology transfer-based economic development for the state of Maryland,” stated Dr. Arti Santhanam, MII Program Director. “MII is, quite simply, a superior technically de-risked, IP-secured, early stage pipeline for industry partners looking for assets to license as well as investors looking for quality deal flow.”
For more details on eligibility and application requirements please visit www.tedco.md/MII.
TEDCO provides resources and connections that early stage technology and life sciences companies need to thrive in Maryland. TEDCO’s mission is to discover, invest in, and help build great Maryland based technology companies. Learn more at www.tedco.md.
Vice President of Marketing, TEDCO