TEDCO (Maryland Technology Development Corporation), Maryland’s economic engine for technology companies, has officially announced a slew of investments through its Maryland Innovation Initiative (MII), thus marking a significant milestone in promoting the commercialization of groundbreaking research from the state’s prestigious academic institutions. According to certain reports, TEDCO would pledge a collective investment of $2.1 million, which will be disbursed to support a total of seven companies that are presently leading the innovation charge in their own respective disciplines. Talk about these companies on a slightly deeper level, we begin from Gelectric Medical, Inc. Located in Baltimore, Md., the company is actually a spinout of University of Maryland, College Park (UMCP), a spinout which is now focused on commercializing a reversible soft-tissue suture alternative for intestinal tissue repair i.e. AnastoTape. Next up, we have Imagining Reality Insights and Solutions. This one, like Gelectric, is operating out of Baltimore. Another similarity between two companies is that it also happens to be a UMCP spinout. As for what is its unique proposition, the answer remains rooted in the company’s plan to commercialize IRIS Reads, which translates to an XR based reading intervention app for children with dyslexia and other struggling readers. Then, there is another UMCP spinout in Reversal Therapeutics. Located in National Harbor, Md., Reversal Therapeutics is working to bring to market a new therapeutic that addresses drug misuse and addictions.
“The latest awards highlight the innovative research in university labs with tremendous commercial potential across multiple industries,” said Abi Kulshreshtha, Ph.D., executive director of MII. “We are excited to continue MII’s role in advancing Maryland’s innovation-driven economic development strategy.”
Joining the mix is FlexiCharge: Harnessing Human Energy to Power Wearable Devices, which has its base in Ellicott City, Md. Understood to have emerged from University of Maryland, Baltimore County, FlexiCharge is striving to develop a technology, which on its part, can power wearable devices with body heat alone. Moving on, we now must dig into US Plasma. With its headquarters in College Park, Md., US Plasma is seemingly working to electrify manufacturing and synthesis of new materials. Markedly enough, this it will try and achieve with minimal to negative carbon emission. Among other beneficiaries of TEDCO’s latest investment is Relai.ai. Operating out of Bethesda, Md., the stated company is expected to dedicate the newly-promised funds to enhance the reliability of AI models. Bringing up the rear for seven companies that were selected here is New Copper, which comes from College Park to empower 3D printed electronics. The company’s idea to realize that is inspired by a type of conducting technology that can work seamlessly alongside recycled copper.
Not just funding, though, start-up companies joining TEDCO’s MII portfolio will also have access to a variety of TEDCO resources, including mentor opportunities and CEO roundtables to loaned executives.
“We are excited to see the research and development taking place in our university laboratories,” said Renée Winsky, MII board chair. “These seven investments highlight the diverse array of innovative minds we have in Maryland’s university laboratories, and we are committed to supporting their continued growth. With the appointment of Abi as the MII executive director, we are confident that this initiative will continue driving innovation from the lab to the commercial market.”
Turning our attention towards TEDCO’s MII program, it was originally created as a collaboration between the State of Maryland and five leading academic research institutions i.e. Johns Hopkins University, Morgan State University, University of Maryland, Baltimore, University of Maryland, Baltimore County, and University of Maryland, College Park. The overarching objective to do so was leveraging each institution’s strengths to transition promising technologies into the commercial space. Now, we referred to the initiative’s commitment towards providing financial and educational support, but what we haven’t yet mentioned is how it also provides grant opportunities, through two phases of awards: Technology Assessment and Company Formation. While the Technology Assessment phase is outlined as a nine-month project that focuses on technology validation and market assessment, the Company Formation phase supports the commercial launch of technologies.
