COLUMBIA, Md., Jan. 8, 2020 /PRNewswire/ — TEDCO, Maryland’s economic engine for technology companies, announced its recent round of funding for select projects through the Maryland Innovation Initiative (MII). This round of funding includes project grants for technology assessment and investments in the spin-out companies, from its five partner universities for a total of $2.63M.
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.
“MII is an ideal representation of the support TEDCO gives to companies from idea and development phases to successful commercialization,” said Arti Santhanam, executive director of MII. “We are especially proud that the MII portfolio is a reflection of the diversity of technology space and applicants that these partner universities bring to the table. Our companies have leveraged these strengths to jumpstart their innovative products and bolster the innovation ecosystem in Maryland.”
Thus far for FY20, the program has awarded grants to 19 Technology Assessment Phase projects to de-risk commercially promising technologies, including:
- From University of Maryland, College Park, an integrated onboard charger and smart control system for electric vehicles.
- From University of Maryland, Baltimore County, “Windmaster,” an improved hybrid vertical axis wind turbine.
- From University of Maryland, Baltimore, a development of the DART therapeutic nanoparticle platform for Fn14-Positive cancers.
- From Johns Hopkins University, OcuGel, a disruptive technology for improved drug delivery to the eye.
- From Johns Hopkins University, engineered bispecific antibodies for targeted inhibition of cancer metastasis.
A full list of the grant awardees can be viewed on the MII website.
The fund also created and invested in the following three companies through the Company Formation Phase of the program:
- Neurologic Solutions, Inc., located in Baltimore City, is a Johns Hopkins University spinout developing a novel tool for seizure localization in medically refractory epilepsy.
- Halocytech, LLC, located in Baltimore City, is a Morgan State University spinout developing large-scale production of natural bio-products from cyanobacteria.
- Prebeo, LLC, located in Baltimore City, is a University of Maryland, College Park spinout developing an organ viability assessment system to improve kidney transplant outcomes.
As start-up companies join TEDCO’s MII portfolio, they are often provided 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 a handful of exciting new projects, and we’re looking forward to helping these companies through the next stages of development,” said Robert Hallenbeck, MII Board Chairman. “MII’s funding over the past seven years is representative of the entrepreneurial ecosystem we are committed to growing throughout Maryland.”
In the seven years since its launch, MII has disbursed $36M, de-risked 238 unique technologies and created 91 start-ups. MII portfolio of start-ups have gone on to raise over $443M in follow-on funding and resulted in seven exits thus far. In addition to being a vital part of the MD start-up ecosystem, these companies have created economic value by creating full-time employment for highly skilled tech employees with an average salary of $103,000.