The UMCP jet propulsion spinout has become the third company to secure the backing of University System of Maryland's Momentum Fund.
North American Wave Engine (Nawec), a US-based jet propulsion technology spinout from University of Maryland College Park, secured $1.5m on Wednesday from investors including University System of Maryland’s (USM’s) Momentum Fund and non-profit agency Abell Foundation.
The Maryland Momentum Fund and Abell each provided $350,000 for the round, which also featured private investors Ron Gula, Cyndi Gula and Bill Niland.
Nawec develops wave engines, machines for jet propulsion that lack the mobile components found in conventional jet engines. Wave engines could help unmanned and manned aerial vehicles operate with greater efficiency and a reduced weight load.
Prototype engines have been ground-tested for the general and unmanned aviation sectors, and the funding will support more experimental programs at the University of Maryland Unmanned Aircraft Systems Test Site.
Additional proceeds will help Nawec acquire office space at TechPort at the Airport, a USM-managed incubator situated alongside a local US naval air station.
Nawec is the third company to receive backing from the $25m Momentum Fund, after medical device maker NextStep Robotics in February 2017 and sustainable fireplace manufacturer MF Fire in November 2017.
The spinout is led by chief executive Daanish Maqbool, a lecturer in University of Maryland’s A. James Clark School of Engineering.
