Maryland-founded healthcare company continues to lead in medical diagnostic innovation
COLUMBIA, Md., (February 18, 2025) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 dual investment in Novel Microdevices, a company aiming to provide quality point-of-care diagnostics. This investment included $250,000 from the Venture Funds and $250,000 from the Inclusion Fund, a fund under the Social Impact Funds umbrella.
“Our company has made incredible progress during the past year since TEDCO chose to invest in our vision,” said Andrea Pais, CEO of Novel Microdevices “This investment will play an important role in ensuring our product, NovelDx, makes an impact in the healthcare industry.”
Novel Microdevices, located in Baltimore, Md., is a medical device company developing a solution for clinical diagnostics. Through research and development efforts, the company founded the NovelDx device – a solution that seeks to challenge the point-of-care antigen and molecular testing market by providing lab-level PCR tests in under 15 minutes.
“We are hopeful that this follow-on investment into Novel Microdevices will support the continued progression of their rapid PCR testing,” said Katherine Hill Ritchie, senior director of TEDCO’s Venture Funds. “TEDCO’s Venture Funds are dedicated to supporting the next generation of early-stage businesses in Maryland by equipping entrepreneurs with the funding they need to bring their innovation to market.”
Novel Microdevices has received other investments from TEDCO including those from the Pre-Seed Builder Fund in 2018 and 2023.
“For entrepreneurs like Andrea, embracing the resources and support available is essential,” said Jean-Luc Park, senior director of TEDCO’s Social Impact Funds. “That’s why TEDCO curates programs, funds and resources like the Inclusion Fund to provide accessible support that can increase the odds for successful growth throughout Maryland.”
For more information about funding and eligibility requirements, visit our page at tedcomd.com/funding/.