$2.1M invested in seven companies to advance innovations from lab to market in Maryland
COLUMBIA, Md., Aug. 13, 2024 /PRNewswire/ — TEDCO, Maryland’s economic engine for technology companies, announced a recent round of investments through its Maryland Innovation Initiative (MII), marking a significant milestone in promoting the commercialization of groundbreaking research from Maryland’s prestigious academic institutions.
“The latest awards highlight the innovative research in university labs with tremendous commercial potential across multiple industries,” said Abi Kulshreshtha, Ph.D., executive director, MII. “We are excited to continue MII’s role in advancing Maryland’s innovation-driven economic development strategy.”
The fund recently invested $2.1 million into seven companies who are pushing the boundaries of innovation:
- Gelectric Medical, Inc., located in Baltimore, Md., is a University of Maryland, College Park (UMCP) spinout commercializing a reversible soft-tissue suture alternative for intestinal tissue repair: AnastoTape.
- Imagining Reality Insights and Solutions, located in Baltimore, Md., is a UMCP spinout commercializing IRIS Reads, an XR based reading intervention app for children with dyslexia and other struggling readers.
- Reversal Therapeutics, located in National Harbor, Md., is a UMCP spinout commercializing a new therapeutic to address drug misuse and addiction.
- FlexiCharge: Harnessing Human Energy to Power Wearable Devices, located in Ellicott City, Md., is a University of Maryland, Baltimore County spinout developing technology to power wearable devices with body heat.
- US Plasma, located in College Park, Md., is a UMCP spinout that is working to electrify manufacturing and synthesis of new materials with minimal to negative carbon emission.
- Relai.ai, located in Bethesda, Md., is a UMCP spinout that enhances the reliability of AI models.
- New Copper, located in College Park, Md., is a UMCP spinout enabling 3D printed electronics through a conducting technology using recycled copper.
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.
MII’s Funding Opportunities
The MII program, administered by TEDCO (the Maryland Technology Development Corporation), was created as a collaboration between the State of Maryland and five leading academic research institutions—Johns Hopkins University, Morgan State University, University of Maryland, Baltimore, University of Maryland, Baltimore County, and University of Maryland, College Park— that aims to leverage each institution’s strengths to transition promising technologies into the commercial sector.
“We are excited to see the research and development taking place in our university laboratories,” said Renée Winsky, MII board chair. “These seven investments highlight the diverse array of innovative minds we have in Maryland’s university laboratories, and we are committed to supporting their continued growth. With the appointment of Abi as the MII executive director, we are confident that this initiative will continue driving innovation from the lab to the commercial market.”
In addition to investments, MII provides grant opportunities, through two phases of awards: Technology Assessment and Company Formation. The Technology Assessment phase is outlined as a nine-month project that focuses on technology validation and market assessment, while the Company Formation phase supports the commercial launch of technologies. This structure is designed to support the full commercialization journey, from lab to market. These two phases recently underwent changes to enhance the current support MII offers.
Since inception, MII has expanded its reach to include two additional comprehensive universities, Frostburg State University and Bowie State University, as part of the MII Pilot Programs. This initiative aims to foster innovation and bring more research to the market.
To view MII’s 2023 Annual Report, click here, and for more information about the MII program, eligibility requirements and funding available, visit https://www.tedcomd.com/funding/maryland-innovation-initiative.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]
SOURCE TEDCO
