The Maryland Technology Development Corporation (TEDCO) announced today that five companies received a total of $500,000 in funding through its Seed Investment Funds.
“TEDCO’s Seed Investments exist to support Maryland companies in their effort to develop and commercialize new technology-based products,” stated TEDCO President John Wasilisin. “Our seed investment companies generally have fewer than 20 employees and are less than five years old. Therefore, TEDCO’s investment truly makes a difference in helping them advance their technologies further along the commercialization pathway, which can increase the company’s valuation and lead to follow-on investment, sustainability, and job creation.”
TEDCO’s mission is to facilitate the creation of tech businesses and foster their growth across Maryland through the commercialization of technology. Nationally recognized as one of the most active seed/early-stage investors in the nation, TEDCO has a portfolio of more than 400 seed investments since 1998 through eight funding and six mentoring and education programs. TEDCO’s $22 million awarded to start-ups led to more than $1 billion in follow-on funding; 4,358 jobs created at an average salary of $74,700; and $35.8 million government revenues attributed to TEDCO activities through fiscal year 2015.
The five companies, who were vetted by the Seed Investment Review Committee comprising of independent industry experts, investors, and C-Suite Executives, in addition to select members of the TEDCO team, are:
- Visybl Inc, located in Germantown, addresses a critical and pervasive need in the enterprise: real-time, continuous asset visibility. Visybl’s IoT-based turnkey solution brings consumer-grade simplicity in an enterprise-grade solution. Visybl intends to continue enhancing the simplicity and intuitiveness of the user-experience, with a goal to making asset visibility an integral part of every business’s operations.
- SecuLore Solutions LLC, located in Odenton, focuses on cybersecurity for Public Safety (9-1-1). Its flagship product – Paladin™ – is a patent-pending network appliance that monitors data between the firewall and external sources, visualizes the traffic and provides sophisticated and dynamic protection of the network.
- GrekTek LLC, located in Potomac, is an mHealth solutions provider. GrekTek is developing HealthyWatch, a connected platform, empowering patients to dramatically improve their cardiac health condition.
- Beacon Tech, Inc., located in Baltimore, is a digital health company developing an enterprise platform for text-based psychotherapy that scales with artificial intelligence.
- Network Alarm Corporation, located in Silver Spring, provides affordable and effective real-time intrusion detection to small and medium-sized businesses through its uniquely engineered Red Gravity™ Cyber Security. Designed to meet the needs of the smaller business that works with a Managed Services Provider or its own IT staff, Red Gravity™ provides round-the-clock cyber security protection usually only available to major corporations.
“We are excited to get this support from TEDCO,” stated Visybl Founder and CEO PV Subramanian. “It’ll enable us to further enhance Visybl’s asset monitoring portfolio, setting it apart as the easiest solution in the market to deploy and use.”
Seed Investment Funds applicants should use TEDCO’s online submission system, at http://tedco.md/program/seed-funding-program, to complete a simple application form and attach a short executive summary to initiate the process. If the business seems to meet TEDCO’s investment criteria, the applicant will be contacted to set-up an initial meeting with members of TEDCO’s Deal Team to discuss the details of the business. For more information on investment terms and application process, please contact McKeever Conwell at mconwell@tedco.md or 410-715-4180.