, Maryland鈥檚 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.
鈥淥ur company has made incredible progress during the past year since TEDCO chose to invest in our vision,鈥� said , CEO of Novel Microdevices 鈥淭his investment will play an important role in ensuring our product, NovelDx, makes an impact in the healthcare industry.鈥�
, 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 鈥� 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.
鈥淲e are hopeful that this follow-on investment into Novel Microdevices will support the continued progression of their rapid PCR testing,鈥� said Katherine Hill Ritchie, senior director of TEDCO鈥檚 Venture Funds. 鈥淭EDCO鈥檚 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.鈥�
Novel Microdevices has received other investments from TEDCO including those from the聽听颈苍听听补苍诲听.
鈥淔or entrepreneurs like Andrea, embracing the resources and support available is essential,鈥� said聽, senior director of TEDCO鈥檚聽. 鈥淭hat鈥檚 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.鈥�
For more information about funding and eligibility requirements, visit our page at聽.
About TEDCO
, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at聽.
