David Wise named director of University System of Maryland's early-stage investment fund - Technical.ly Baltimore

Business

Aug. 11, 2017 8:17 am

David Wise named director of University System of Maryland’s early-stage investment fund

Wise will lead the Maryland Momentum Fund, which was created to provide more funding for USM-affiliated startups.
David Wise

David Wise

(courtesy photo)

The University System of Maryland recently named a leader for its early stage investment fund that is seeking to back early-stage startups.

On July 24, David Wise began as director of the Maryland Momentum Fund.

Initially announced last year and launched in March, the fund is seeking to provide early-stage capital that can help develop startups that launch out of research and inventions that originate at state universities. Startups working at USM-affiliated incubators or other facilities such as the University of Maryland BioPark in Baltimore are also eligible, as well as those founded by Maryland grads.

The fund has an initial commitment of $10 million from the University System of Maryland, and leaders want it to grow to $25 million.

Wise brings experience working with startups in the region.

After retiring as CEO of the Genetics & IVF Institute, Wise shifted his focus to helping innovation in Maryland. He quickly got involved around the Baltimore community, becoming a venture advisor to Abell Foundation President Robert Embry. He also lent his advice by joining advisory boards for UM Ventures, Betamore and the Lifebridge Bioincubator at Sinai Hospital, and judging pitch competitions such as the AccelerateBaltimore finals and Beta City.

“Its very similar to what I was doing before with Abell,” which focuses on Baltimore, he said. “Now I’m going to focus on the entire university system and the state of Maryland.”

He said he already began visiting each of the 12 campuses and making connections. Existing ties to the investment community will also help where the fund’s investments require a one-to-one match by outside investors.

said the fund aiming to provide support to startups that can help as they develop following initial seed funding. He said the timeline would likely fall 12-18 months before a Series A round. At launch, the fund was envisioned as providing investments of $50,000-$500,000.

“There is a perceived need in the market generally for this type of investment,” Wise said.

Advertisement

Along with addressing funding needs directly, Wise also believes more startup successes can create a “virtuous cycle” that leads to more interest and funding in the area. The recent acquisition of University of Maryland School of Medicine spinout Living Pharma is one example of an event that can help. Wise believes the fund will play a role in creating more in the future.

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

These 8 ventures are entering Loyola’s first Baltipreneurs accelerator

Galen Robotics investment shows how the Opportunity Zone program can fund startups

Camden Partners leads $6M funding round for Techtonic

SPONSORED

Baltimore

How this lawyer is helping entrepreneurs bark up the right tree

Philadelphia

Vistar Media

Sr. Software Engineer

Apply Now

Philadelphia

Vistar Media

Front End Engineer

Apply Now

Baltimore, MD

14 West

Qlik Developer

Apply Now

3 ways Innov8MD supports student entrepreneurs in Maryland

Between Two Founders: AlgenAir wants to change how you think about algae

MICA receives $5M to launch Ratcliffe Center for Creative Entrepreneurship

SPONSORED

Baltimore

Get to know SmartLogic’s culture of plants, podcasts and productive client relationships

Baltimore, MD

14 West

Senior Qlik Developer

Apply Now

Baltimore, MD

14 West

Lead Qlik Developer

Apply Now

Baltimore

14 West

Senior Business Analyst

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!