Participated · Seed · Nov 2022

Wave Engine Corp. is developing a low‑cost, fuel‑versatile, and sustainable jet propulsion technology that uses pressure waves instead of rotating machinery to generate thrust. Its engines require no moving parts, which the company says reduces production costs and maintenance needs for commercial and defense aviation. Wave Engine has completed successful flight demonstrations and is focused on commercialization and deployment of its technology for industry and government partners. The company recently opened a 7,500 sq. ft. facility in Baltimore to support development and manufacturing as it scales. Financially, Wave Engine has a history of seed funding and government support, including a $1.45 million seed round in 2018, a $2.85 million DARPA investment in 2019, and a $1 million USAF contract announced in 2021. The new capital from the latest round is intended to support continued development, manufacturing, and commercialization efforts.

Participated · Equity · Sep 2022

Up To Date Laundry operates a large HLAC‑certified healthcare laundry facility in Baltimore, processing close to 70 million pounds of healthcare linen annually and offering rental, customer‑owned processing, full exchange cart programs, a non‑acute division, and consulting services. The company employs a diverse base of 200+ full‑time and 300+ temporary workers, pays above‑market wages and benefits, and aims to add up to 50 jobs in Baltimore over two years. Recent capital will fund increased automation at its main plant, multiple energy efficiency improvements, and purchases of linens for new linen‑rental customers to support growth. The firm has pursued sustainability upgrades (including PACE financing) projected to reduce greenhouse gas emissions by roughly 1,900 MT CO2e annually and improve water utilization. UTD served as an essential service during the pandemic, supporting major hospital clients in the region such as University of Maryland Medical System and Johns Hopkins. The company emphasizes workforce training and local hiring as part of its community impact.

Participated · Seed · Sep 2020

Spine Align is a Baltimore, MD-based medical device company developing a portfolio of intraoperative products that assess and assist with corrective surgeries for spinal alignment. Its flagship product, LiveAlign, is designed to enable surgeons to measure, visualize and adjust patients' spinal alignment during surgery. The company closed a $1.75M seed round to support development efforts to achieve FDA 510(k) clearance for LiveAlign in 2021. Spine Align was co-founded by Amir Soltanianzadeh (CEO), Dr. David Gullotti (CTO) and Dr. Nicholas Theodore. The venture originated as a spinout from the Johns Hopkins Center for Bioengineering Innovation and Design.

Participated · Equity · Aug 2020

NextStep Robotics is a three-year-old company born out of a decade of research at the University of Maryland, Baltimore and the Baltimore Veterans Affairs Motor Performance Laboratory. Its core product, AMBLE, is a wearable robotic device paired with software that uses AI to assign training and support patients with foot drop during therapy. The company raised $500,000 in a bridge round to help progress toward a product launch. The round included returning investors Maryland Momentum Fund and the Abell Foundation, plus new investor University of Maryland Global Campus. Maryland Momentum Fund previously invested $25,000 in 2018 when NextStep was the fund’s second investment; the Abell Foundation invests early with an emphasis on creating jobs in Baltimore. The raise is positioned to advance commercialization and clinical deployment steps toward launch. NextStep Robotics builds a robotic device intended for use in physical therapy clinics to treat foot drop, a common impairment after stroke. Its device was developed from a decade of research at the University of Maryland School of Medicine and the Baltimore VA Motor Performance Laboratory, and technology was licensed from the University of Maryland Baltimore. The device uses software with an "assist as needed" approach and can be operated by trained clinic staff, freeing therapists for hands-on care; a single device can serve about 100 patients per year. The company is planning a clinical trial with over 120 stroke survivors at the Rehabilitation and Orthopaedic Institute in Forest Park as part of a planned Phase II effort. NextStep is based in Baltimore, was founded in 2017, and is led by CEO Brad Hennessie. Recent financing activity and the NIH agreement are intended to help finalize the device design and move the product toward market. NextStep Robotics has developed a wearable, clinic‑based personalized robotic therapy that treats foot drop using an adaptive, assist‑as‑needed software protocol. The device is positioned as a training device (not an assistive device) that promotes motor learning in a few weeks and can be operated by trained clinical staff. One robot placed in a clinic can provide training to as many as 100 patients per year, and the company says the protocol can elicit neuromotor reeducation with higher reimbursement than typical gait training or therapeutic exercise. The technology is based on more than a decade of research and on intellectual property licensed from the University of Maryland. The company plans to use the proceeds from its second funding round to transition from prototyping and development to manufacturing and sales. Since spring 2017 NextStep has been housed in the Maryland Development Center to commercialize technologies emerging from Baltimore‑area universities and hospitals. NextStep Robotics develops a robotic device to treat foot drop syndrome. The device targets patients who cannot lift a toe while walking, a condition common after stroke and in people with diabetes and Parkinson’s disease. The company is Baltimore-based and led by CEO Brad Hennessie. It recently closed on $750,000 in new funding. The Maryland Momentum Fund invested $250,000 in the round and a group affiliated with Vancouver-based Ford Capital co-invested. The Maryland Momentum Fund was created by the University System of Maryland to back startups based on technology developed at state schools; NextStep is the second company to receive its investment.

Participated · Series A · Apr 2020

LifeSprout is a Baltimore-based regenerative medicine company that licensed technology from Johns Hopkins University. It has developed a proprietary Regenerative Matrix platform comprising biomimetic, biocompatible materials engineered to look and feel like natural tissue. The first product, Lumina™, is a next-generation aesthetic filler that combines the proven safety of hyaluronic acid with biostimulatory effects. The company is also developing additional cell therapy products intended to offer regenerative solutions, including treatments for patients with orphan diseases. LifeSprout closed a $28.5M Series A financing and intends to use the proceeds for clinical development of novel therapeutic products from its Regenerative Matrix platform. The company is led by co-founder Sashank Reddy, MD, PhD, with Adam Gridley serving as Executive Chairman. LifeSprout is developing a synthetic material designed to provide space for the body to regenerate its own soft tissue over time. The company aims to bring its soft tissue replacement technology to market for applications such as reconstruction after trauma or disease. Leadership includes CEO Sashank Reddy and founders Russell Martin, Hai‑Quan Mao, Justin Sacks and Sashank Reddy. The startup recently closed a financing round to support development and commercialization efforts. The article does not disclose operating metrics such as revenue or user counts.