TEDCO’s Q1 Investments Top $2.7M to Fuel Innovation Across Maryland’s Diverse Startup Ecosystem
TEDCO deployed more than $2.7M of diverse investments in Maryland’s burgeoning technology and biotech sectors, driving innovation and economic growth
April 11, 2024
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Maryland’s tech landscape continues to grow with the support of TEDCO, the state’s leading technology development corporation. In just the first quarter of 2024, TEDCO has made significant investments in technology ranging from agtech to cancer therapeutics. These investments highlight TEDCO’s commitment to fostering entrepreneurship and driving innovation in the state of Maryland.
Here’s a look at TEDCO’s investments in 2024 so far:
Aloe Therapeutics – Biotechnology company taking a different approach to deliver cancer cures
Columbia, Maryland
TEDCO investment: $100,000
Aloe Therapeutics, a biotechnology company based in Germantown, Maryland, has received a $100,000 investment from TEDCO’s Pre-Seed Builder Fund, which aims to support economically underserved founders and communities. Led by CEO Martha Sklavos, Aloe Therapeutics is pioneering a novel approach to cancer treatment by utilizing their cell-based therapeutic vaccine, Allo-Immunotherapy (AIM), to target hard-to-treat solid tumors. By implanting AIM directly at the tumor site, the therapy stimulates the immune system, transforming immune cell-deficient “cold” tumors into immune cell-rich “hot” tumors, thus enhancing response rates to checkpoint immunotherapy. TEDCO’s support underscores its commitment to fostering innovative solutions in the biotech sector, providing funded companies with vital resources and mentorship opportunities.
IPGen – Maryland-based company taking advantage of AI tools to support IP processes
Baltimore, Maryland
TEDCO investment: $150,000
IPGen, a Baltimore-based legal software company, has received a $150,000 investment from TEDCO’s Pre-Seed Builder Fund to support its innovative use of artificial intelligence (AI) in intellectual property (IP) processes. Led by CEO James Brinkley, IPGen aims to simplify and automate IP protection, making it more accessible and cost-effective for a wide range of users, from novices to experts. Through its software-as-a-service (SaaS) platform, IPGen provides a comprehensive solution for managing the entire IP lifecycle, catering to entrepreneurs, law firms, investors, and more.
LAZARRUS – Minority-led company working to make an impact in the medical industry through their innovative technology
Baltimore, Maryland
TEDCO investment: $50,000
LASARRUS, a Baltimore-based medical device company, has received a $50,000 investment from TEDCO’s Pre-Seed Builder Fund to support its innovative technology aimed at improving care for Chronic Obstructive Pulmonary Disease (COPD) patients. Led by co-founder and CEO Lloyd Emokpae, LASARRUS has developed WearME, a wearable device that integrates various sensors for precise lung function monitoring. This investment reflects TEDCO’s commitment to supporting minority-led companies and their impactful contributions to the medical industry. LASARRUS previously received funding from TEDCO in 2022 for the development of their patented WearME device.
Innate Technologies, Inc. – Maryland-based company creating software solutions to support manufacturing
North Bethesda, Maryland
TEDCO investment: $500,000
Innate Technologies, Inc., based in North Bethesda, Maryland, has received a $500,000 investment from the Maryland Equity Investment Fund (MEIF), managed by TEDCO’s Venture Funds, to support its software solutions for the manufacturing sector. Led by CEO Shawn Springs, Innate Technologies aims to revolutionize manufacturing practices by addressing the need for data integration. Their flagship product, the InnateIQ platform, leverages advanced data methodologies and machine learning to enhance profitability and productivity for businesses. This investment aligns with TEDCO’s mission to foster economic growth and increase venture capital in Maryland.
Sonogen Medical – Life science company working to develop ultrasonic bone fracture healing technology
Baltimore, Maryland
TEDCO investment: $200,000
Sonogen Medical, a Baltimore-based life science company, has received a $200,000 investment from TEDCO’s Seed Funds to support its development of ultrasonic bone fracture healing technology. Led by CEO Jason Winder, Sonogen Medical aims to address the challenge of bone fractures that fail to heal on their own by creating a device that promotes faster and more efficient healing processes. The company’s innovative approach utilizes therapeutic ultrasound signals to support bone growth, offering a reliable and cost-effective solution for patients. This investment aligns with TEDCO’s mission to support early-stage technology companies with promising innovations, particularly in the life sciences sector.
Minnowtech – Maryland company developing solutions to support the agriculture industry
Baltimore, Maryland
TEDCO investment: $200,000
Minnowtech, a Baltimore-based agtech company, has received a $200,000 investment from TEDCO’s Seed Fund to support its innovative solutions for the agriculture industry. Led by CEO Suzan Shahrestani, Minnowtech aims to assist shrimp farmers with their BRS-1 device, which utilizes sonar technology to accurately assess shrimp stock in turbid water conditions. This investment reflects TEDCO’s commitment to supporting early-stage technology companies with promising innovations.
Linshom Medical – Maryland company continues toward goal of supporting improved patient safety
Baltimore, Maryland
TEDCO investment: $400,000
Linshom Medical, a Baltimore-based medical device company, has received a $400,000 investment from TEDCO, in collaboration with the Abell Foundation, to support its innovative wearable sensor technology aimed at improving patient respiratory monitoring. This investment, comprising $250,000 from the State Small Business Credit Initiative (SSBCI) and $150,000 from TEDCO’s Venture Funds, underscores Maryland’s commitment to fostering advancements in patient safety. Led by CEO Ric Hughen, Linshom Medical’s FDA-cleared system provides continuous respiratory monitoring, enabling early detection of respiratory decline and potentially preventing adverse events and ICU transfers.
Pathotrak – A biotech company working to improve food safety COLUMBIA, Md.
College Park, Maryland
TEDCO investment: $300,000
Pathotrak, a biotechnology company based in College Park, Maryland, has received a $300,000 investment from TEDCO’s Venture Funds to support its mission of improving food safety. Led by CEO Javier Atencia, Pathotrak is dedicated to providing producers and manufacturers with cost-efficient tools to expedite the detection of foodborne pathogens. Their patented technology aims to significantly reduce the detection time from 22 hours to approximately 5.5 hours, thereby minimizing food safety risks, lowering costs, and preventing food outbreaks.
Impruvon Health – Maryland-based technology company offering a platform to improve medication management care
Baltimore, Maryland
TEDCO investment: $300,000
TEDCO has invested $300,000 from its Seed Funds into Impruvon Health, a startup based in Baltimore, Maryland, dedicated to improving medication management in long-term care facilities. Led by CEO Justin Amoyal, Impruvon Health’s connected and automated medication platform aims to simplify complex manual workflows, reduce errors, and enhance efficiency in medication administration. The platform offers tools to optimize processes, maximize staff performance, and support regulatory compliance. This investment underscores TEDCO’s commitment to supporting innovative solutions in healthcare and technology, to promote higher-quality care and improving outcomes for residents.
Tomorrow’s Bio Today – Rural Maryland business working to create innovative, cost-effective technologies to improve health
Princess Anne, Maryland
TEDCO investment: $25,000
Tomorrow’s Bio Today, a biotechnology company based in Princess Anne, Maryland, has received a $25,000 investment from TEDCO’s Rural Business Innovation Initiative (RBII) Rural Pre-Seed Fund. Led by CEO David White, Tomorrow’s Bio Today aims to improve animal healthcare by providing physicians with more efficient and cost-effective tools. Their solution, a multi-camera tablet, offers a potentially safer and less traumatic alternative to traditional colonoscopies and endoscopies.
PediaMetrix – Maryland biotechnology company promotes improved patient outcomes for infants with body deformities
Rockville, Maryland
TEDCO investment: $200,000
PediaMetrix, a Rockville-based biotechnology company, has received a $200,000 investment from TEDCO’s Life Science Investment Fund (LSIF) to support its efforts in improving patient outcomes for infants with body deformities. Led by founder and CEO Dr. Fereshteh Aalamifar, PediaMetrix has developed the SoftSpot™ app, an FDA-cleared tool that enables early detection of infant skull deformities, allowing for timely intervention. By incorporating artificial intelligence (AI) and computer vision into pediatric care, PediaMetrix aims to reduce healthcare costs and enhance patient outcomes. This investment underscores TEDCO’s commitment to supporting innovative solutions in healthcare and fostering the growth of promising biotechnology companies in Maryland.
Rendr – Maryland-based company developed a technology solution for contractors
Columbia, Maryland
TEDCO investment: $300,000
Rendr, an Ellicott City-based company, has received a $300,000 investment from TEDCO’s Seed Funds, facilitated through the State Small Business Credit Initiative (SSBCI). Led by founder and CEO A.J. Ballantine, Rendr has developed a technology solution to streamline remodeling processes for contractors and buyers. Their app enables users to utilize digital tools, eliminating the need for hand-drawn floor plans and expediting the measurement process. This investment reflects TEDCO’s commitment to supporting innovative solutions in the technology sector and fostering efficiency in home improvement and renovation projects.
