TEDCO’s Maryland Innovation Initiative Brings Innovative Technologies From Lab to Market

$1.8 million invested in 12 companies and more $4.4M awarded to 36 project grants

COLUMBIA, Md., November 22, 2021 /PRNewswire/ — TEDCO, Marylands economic engine for technology companies, announced its recent round of funding, including investments in 12 start-up companies and funding of 36 university projects through the Maryland Innovation Initiative (MII).

“The past year has seen a record number of applications across various sectors of the industry.” – dr. Arti Santhanam

Founded 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 mission of the program is to bring promising technologies with significant commercial potential to the market while leveraging the strengths of each partner university.

“The past year has seen a record number of applications for new, innovative technologies in various sectors of industry,” said Dr. Arti Santhanam, MII Executive Director. “We are always looking for new opportunities and we are determined to grow our portfolio companies and take their technologies to the next level.”

The invested fund $150,000 each in the following 12 companies through the business formation phase of the program:

  • BLOCKsyncop, located in Highland, is a Johns Hopkins University spinout, developing a monitoring device that provides an objective measure to quantify controlled delivery and effectiveness of neural blocks on pain.

  • Capsulomica, located in Baltimore, is a Johns Hopkins University spin-out, resolving diagnostic and prognostic uncertainty to help prevent, detect and treat gastrointestinal diseases.

  • Empower Therapeutics, located in Baltimore, is a University of Maryland, Baltimore spinout, a digital therapeutics company using functional targeting for non-invasive neuromodulation of pain sensitivity.

  • Evincis Bio, located in Baltimore, is a Johns Hopkins University spin-out, solving therapeutic challenges in urology with innovative medical technologies.

  • Geminus Therapeutics, located in Baltimore, is a University of Maryland, Baltimore spin-out, the development of the best artemisinin (ART714) for the treatment of leukemia.

  • Geothermal technologies, located in call Air, is a Johns Hopkins University spin-out, the development of the technology to provide clean, economically competitive energy.

  • Haystack Solutions, located in College Park, is a University of Maryland, College Park spinout is developing a revolutionary assessment for identifying cybersecurity talent and optimizing human capital.

  • Kubanda Cryotherapy, located in Baltimore, is a Johns Hopkins University spinout, which provides affordable pet cancer care through a new, low-cost cryoablation device.

  • ML4Cyber, located in Baltimore, is a University of Maryland, Baltimore County spinout develops machine learning cybersecurity solutions.

  • PreSquared, located in Cockeysville, is a University of Maryland, Baltimore County spinout that builds products to help health organizations prioritize patient care based on risk levels.

  • Silvec Biologics, located in Rockville, is a University of Maryland, College Park spin-out, producing a commercial solution to reduce deadly citrus tree diseases.

  • Synteris, located in Rockville, is a Johns Hopkins University spinout, the development of premium precursor powders for high temperature ceramic 3D printing.

A full list of funded companies can be viewed on the MII website. To watch a MII highlights video, visit TEDCO’s YouTube channel: https://youtu.be/2rxq9EcjQNQ.

The program also funded a total of 36 grants to FY21 for its technology assessment projects. These projects reflect the technological excellence and diversity in our Maryland partner universities, including:

  • By Johns Hopkins University, development of cryptoplasmic transfer cell (CTC) therapy for retinitis pigmentosa

  • By University of Maryland, College Park, developing capacitive touch cuffs to track hand and finger movements

  • By University of Maryland, Baltimore County, creating safe and flexible rechargeable alkaline Zn batteries (RZB)

A full list of the awarded grants can be viewed on the MII website.

As startup companies join TEDCO’s MII portfolio, they also have access to a range of TEDCO resources — from mentors and CEO roundtables to lent executives. These companies get the help and support they need with team building, balancing the financing elements and negotiating deals.

“Over the past nine years, the program has shown the impact it can have on Marylands entrepreneurial community,” said Robert Hallenbeck, MII board chairman. “MII’s latest round of funding is an excellent example of the innovation we have in the state and we are committed to helping these companies move through the next stages of development.”

In the nine years since its launch, MII has paid out $43 million, took the risk of 276 unique technologies and created 119 start-ups. MII’s portfolio of start-ups is more than $571.5M in follow-up financing and has led to seven exits to date. In addition to being an essential part of the Maryland startup ecosystem, these companies have created economic value by creating full-time employment for highly skilled technical workers with an average salary of $100,000.

“For nearly a decade, MII has supported the commercialization of innovative research from Marylands world-class universities,” stated Renee Winsky, Leadership Maryland CEO. “We MII board members are all grateful to play a part in the management of this remarkable program.”

To view MII’s 2021 Annual Report, click here.

Visit www.tedcomd.com/MII for more information on eligibility and application requirements.

About TEDCO
TEDCO, the Maryland Technology Development Corporation, promotes the growth of economic empowerment by fostering 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 Marketing & Communication Officer, TEDCO
tthomas@tedco.md

TEDCO’s Maryland Innovation Initiative Fund invested $150,000 each in the following 12 companies through the business formation phase of the program.

(PRNews photo/TEDCO)

(PRNews photo/TEDCO)

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