2021 Exits Are a Success Story for Companies and the State of Maryland
COLUMBIA, Md. (March 15, 2022)—TEDCO, Maryland’s economic engine for technology companies, announced today the successful exits of 15 portfolio companies in 2021. The portfolio companies received a total of $7 million from three TEDCO funds and reported a total fair market value in 2021 of over $12.6 million.
“We’re glad that these TEDCO investments resulted in a multitude of benefits for both the exiting companies and our state,” said Troy LeMaile-Stovall, TEDCO CEO. “While founders celebrate their thriving companies, Maryland also benefits from the addition of new and diverse innovators to our state ecosystem, the creation of good-paying tech jobs for residents, and an expanded tax base to fund Maryland’s top priorities.”
Exits are meaningful for many startup founders and investors, as well as more broadly for an entrepreneurial ecosystem. An exit is the deal where the company sells its stock to another company, a private equity firm, or does an initial public offering (IPO).
The exiting companies received investments from TEDCO’s Builder, Seed and Venture Funds from 2014 to 2020. The companies produce an array of tech products ranging from privacy protection to healthcare and educational software and platforms.
“We’re proud to have connected with these successful companies in their earliest stages and help set them on a growth trajectory. One example is Xometry, which received support from our Venture Funds and recently made Deloitte’s nationwide list of the 500 fastest growing technology companies in North America,” said Jack Miner, chief investment officer at TEDCO. “We encourage emerging Maryland tech entrepreneurs to reach out to us to identify ways to launch your success story through one of our investment funds.”
Entrepreneurs have a variety of fund options to explore, to include the following:
- The Social Impact Funds are purposefully designed to engage and invest in economically disadvantaged founders and communities. One of these funds is the Builder Fund, which invests with the goal of helping startups reach meaningful milestones and become healthy companies, going on to either attract larger institutional investors or become independent of the venture investor path.
- The Seed Funds are a family of four funds each investing in early-stage technology and life sciences companies. Investments are made through convertible debt and equity instruments with support ranging from $100,000 to $500,000.
- The Venture Funds are early-stage, evergreen venture capital funds dedicated to funding and growing outstanding Maryland businesses, with investments ranging from $500,000 to $2,000,000 per applicant.
The 15 exiting companies include: ANRA Technologies, LLC, Attila Security, Inc., Avhana Health, Inc., CareSave Technologies, Inc. (dba Homecare.com), ClearMask, Communications APPtitude, Inc. (dba InferCabulary), Envelop (dba QxBranch Inc.), Eyrus, Inc., Mindoula Health, Inc., Pinkaloo Technologies, LLC, ReFirm Labs, Inc., Smart Imaging Systems, Inc., TopBox, Inc., VoiceVibes, Inc., and Xometry, Inc.
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.