COLUMBIA, Md. (Oct. 11, 2007) The Maryland Technology Development Corporation (TEDCO) announced today that seven Maryland technology companies have received $524,335 total in funding to help transfer technologies from laboratories into the marketplace. One of the firms is located in Port Tobacco, Charles County. Another firm, although based in Frederick, works with the Naval Air Systems Command (NAVAIR) at Patxuent River. Each firm received $75,000 in funding.
This program is designed to foster collaboration between businesses and Maryland universities and federal laboratories to bring technology into the marketplace.
New Agriculture, Inc., located in Port Tobacco, Md., employs one person and is working with University of Maryland College Park (UMCP) to develop technologies to market the potential of high-value proteins from plant leaves. The company has already developed proprietary technology that recovers these proteins, which are functional in both food and non-food industrial products. The technology used to produce these leaf proteins can also create a new source of renewable energy.
OxiCool, Inc., located in Frederick, Md., employs one person and is working with the Naval Air Systems Command (NAVAIR) at Patuxent River to develop an enclosed personal micro-climate system, using non-toxic, eco-friendly materials. Oxicool and the U.S. Navy have signed a Cooperative Research and Development Agreement (CRADA) to further develop this technology for commercial and military applications.
"TEDCO is pleased to provide these innovative companies with funding to aid in the development, transfer and commercialization of valuable technologies into the marketplace," said Renée Winsky, president and executive director at TEDCO. "The state of Maryland greatly benefits from the success of their research, and we are proud to offer our support."
Applications for funding programs are accepted continually and reviewed monthly by the TEDCO funding review team, which includes representatives from TEDCO, the Maryland Department of Business and Economic Development, affiliated venture capital groups and the Johnson & Johnson Corporate Office of Science and Technology. Applicants must submit a proposal, a commercialization plan for the technology to be developed, a scope of work and a budget.
The Maryland Technology Development Corporation (TEDCO), an independent entity, was established by the Maryland General Assembly in 1998 to facilitate the creation of businesses and foster their growth in all regions of the State. TEDCO's role is to be Maryland's leading source of funding for seed capital and entrepreneurial business assistance for technology transfer and development programs. TEDCO connects emerging technology companies with federal laboratories, research universities, business incubators and specialized technical assistance.
For the fourth consecutive year, TEDCO was recognized as the most active early/seed stage investor in the nation in the July 2007 issue of Entrepreneur Magazine.
For more information on TEDCO and its programs and resources, visit www.MarylandTEDCO.org.