January 2014
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.
