In its continued effort to spur economic development and bring concepts from the laboratory to the marketplace, The Maryland Technology Development Corporation (TEDCO) announced today that 16 companies have received a total of $1,170,885 in funding from the organization. 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 biotechnology, education, food, medicine and disease treatment, fitness, environmental innovation and entertainment. Assay Biomarker, Inc.; Circulomics, Inc.; Curiosityville LLC; Foodem.com; GlycoPure, Inc.; KYDES Pharmaceuticals LLC; Nexercise, Inc.; OTraces, Inc.; Smart Imaging Systems, Inc.; Subject7 LLC; Tocreo Labs LCC; Unbound Concepts LLC; ViiNetwork, Inc. and Woofound, Inc. each received $75,000. Emerald Sky Technologies LLC received $74,885 and rel-MD, Inc.received $46,000 from TEDCO’s Maryland Technology Transfer and Commercialization Fund (MTTCF).
“MTTCF remains the core of TEDCO’s mission,” said Rob Rosenbaum, president and executive director of TEDCO. “As the first place entrepreneurs in Maryland often look for support, TEDCO is in a unique position to help companies make their businesses a commercial reality. Each of these companies show great promise and marketability and we look forward to tracking their growth.”
MTTCF provides funding to companies that want to develop technology-based products or services 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.
To date, 160 companies have received MTTCF funding and completed their projects. With an investment of over $11 million these companies have gone on to receive downstream funding from angel and venture investors, federal awards and other resources exceeding $488 million. This is a leverage of the State’s investment through TEDCO of $43 to $1 for a program designed to foster greater collaboration between businesses, Maryland universities and federal laboratories in order to bring technology into the marketplace.
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