Maryland Technology Development Corporation (Tedco), an independent seed investor in spin-outs, has announced its investments for 2014 so far stand at $1.5m spread across 15 companies.
The funding supported the commercialisation process of spin-outs focused on a range of sectors from health care to professional development. Each company was supported with $100,000 in funding. The companies have since gone on to raise a combined $678m from other sources including angels and venture capitalists.
Since its inception, Tedco has supporte 225 early-stage companies. It accepts funding applications on an ongoing basis, and reviews them every other month.
To be eligible, companies must employ fewer than 16 staff and be a university spin-out that is either less than five years old or has secured venture funding of less than 50,000. Half the workforce must be based in Maryland.
Rob Rosenbaum, president and executive director at Tedco, said: “Early-stage companies in Maryland benefit immensely from the investment of capital the Technology Commercialise Fund is able to provide. The portfolio of this core Tedco programme includes some of the most dynamic emerging companies in the state, and we are proud to support the 15 newest startup additions.”
