The Maryland Momentum Fund has made its second investment, providing $250,000 to NextStep Robotics.
NextStep Robotics, a US-based medical device manufacturer based on research at several Maryland institutions, has raised $750,000 in funding from investors including the Maryland Momentum Fund.
The fund, a $25m set up by University System of Maryland in March 2017, supplied $250,000. It participated alongside a group of investors affiliated with boutique investment banking advisory firm Fort Capital.
NextStep Robotics is working on a robotic device that treats foot drop syndrome – a weaknessor paralysis of muscles that prevents patients from lifting their toes while walking – commonly experienced by patients suffering from stroke, diabetes or Parkinson’s disease.
The spinout’s technology acts as a device that can be used by clinic staff during physical therapy. It uses a combination of hardware and software to understand exactly how a patient is moving their foot and how much assistance they require.
The robots send signals that promote brainwave motor learning in as few as 18 hours.
The technology is based on research at University of Maryland, Baltimore’s School of Medicine, University of Maryland, College Park’s A. James Clark School of Engineering and Baltimore Veterans Affairs Medical Center.
David Wise, director of the Maryland Momentum Fund, said: “We are very pleased the Maryland Momentum Fund has been able to once again broaden the base of co-investors and a university startup, this time to include an international consortium.”
NextStep Robotics marks the Maryland Momentum Fund’s second investment. It previously backed a $1.2m round for MF Fire, the developer of an app-controlled woodfire stove called Catalyst that aims to reduce air pollution and chimney fires, in November 2017.
