“Congratulations to the finalists and all the companies that advanced in the InvestMaryland
Challenge. To stand out from the field of 260 applicants is an
achievement in itself and a testament to the strength of the companies
competing for the top prizes,” said Dominick Murray, DBED Secretary.
“For two years in a row, Maryland has been named the #1 state in the
country for innovation and entrepreneurship and companies like those
competing in this Challenge are the reason why. They are the future
leaders of Maryland’s Innovation Economy and we are proud to support
them as they grow and create jobs.”
Now in its second year, the InvestMaryland
Challenge drew 260 applicants, including 29 companies from 11 other
states and Washington D.C. The field was narrowed over two rounds of
judging by more than 80 investors, successful entrepreneurs, business
executives and other members of the Maryland startup community. In early
March, panels of judges interviewed 41 semifinalists — 14 in IT, 10 in
Life Sciences, 11 in General Industry and six in Cybersecurity — and
selected the 12 finalists from that pool. IT, Life Sciences and
Cybersecurity were open to only Maryland companies. The General category
was open to out-of-state companies as well as Maryland companies.
IT Finalists:
DinnerTime, Lutherville
ClickMedix, Gaithersburg
Pulse8, Annapolis
Life Sciences Finalists:
Harpoon Medical, Stevensville
Brain Sentry, Bethesda
Vasoptic Medical, Columbia
General Finalists:
Healthify, New York, NY
Foodem.com, Baltimore
Staq, Baltimore
Cybersecurity Finalists:
Light Point Security, Baltimore
Luminal, Frederick
ZeroFox, Baltimore
The
state-run Maryland Venture Fund and the BioMaryland Center are funding
the $100,000 top prizes. The list of special prizes is topped by two
Army Research Lab packages that will provide office space in Adelphi and
Aberdeen incubators, opportunities to collaborate with Army scientists
and engineers and exposure to potential government and military
customers. Other special awards include TowsonGlobal incubator
memberships for three companies, consulting services from BioHealth
Innovation Inc., a software package from Microsoft BizSpark,
opportunities for three companies to pitch the Baltimore Angels
investing group, and a $10,000 grant for a rural Maryland entrepreneur
provided by the Eastern Shore Entrepreneurship Council and the Rural
Maryland Council. One of the first Challenge winners, i-Lighting, is
also contributing a $2,500 cash prize.
The first InvestMaryland
Challenge awarded $425,000 in prizes. The category winners were RedOwl
Analytics (Baltimore, IT), GrayBug (Baltimore, Life Sciences), and
i-Lighting (North East, General Industry). In addition to fueling
entrepreneurship, the Challenge helps build a pipeline of innovative
companies for the State’s InvestMaryland program, the largest
venture capital investment initiative in Maryland’s history. Created by
Governor Martin O’Malley and passed by Maryland’s General Assembly in
2011, the program raised $84 million to support small, high-tech
startups. Two-thirds of the funding – $56 million – is being managed by
carefully screened private venture firms that will invest the funds and,
if successful, return 100% of the principal and 80% of the profits to
the State’s general fund. The remaining third of the InvestMaryland capital is largely allocated to direct investments by the state-run Maryland Venture Fund.
The
Maryland Venture Fund is a regionally recognized leader in seed and
early-stage investing and a national model for state-supported
investment programs. With nearly two decades of experience and numerous
successful investments, MVF invests in highly innovative technology
companies across the full range of industry sectors including software,
communications, cybersecurity and life sciences companies in the areas
of healthcare IT, medical devices and diagnostics.
About DBED:
The
Maryland Department of Business and Economic Development stimulates
private investment and creates jobs by attracting new businesses,
encouraging the expansion and retention of existing companies, and
providing workforce training and financial assistance to Maryland
companies. The Department promotes the State's many economic advantages
and markets local products and services at home and abroad to spur
economic development and international investment, trade and tourism.
Because they are major economic generators, the Department also supports
the Arts, film production, sports and other special events. For more
information, visit www.choosemaryland.org.
