Maryland jet engine startup raises $1.45M from USM, Abell Foundation - Technical.ly Baltimore

Business

Apr. 5, 2018 12:59 pm

Maryland jet engine startup raises $1.45M from USM, Abell Foundation

North American Wave Engine Corporation grew out of research at the University of Maryland College Park.

NAWEC's wave engine.

(Photo courtesy University System of Maryland)

A University of Maryland College Park–born startup developing new jet propulsion technology raised $1.45 million in funding from a group of investors in the state.

The funding for North American Wave Engine Corporation was organized by the University System of Maryland Momentum Fund and the Baltimore-based Abell Foundation. Each contributed $350,000. Other investors included Gula Tech Adventures, the investment firm of Tenable cofounders Ron and Cyndi Gula, and former Harpoon Medical CEO Bill Niland also contributed funding, according to a release.

The company is developing a wave engine, which is a jet engine that does not have moving parts. The idea is to offer a cheaper and more fuel-efficient alternative to what’s currently availabe. It’s seeking to enter the market both for planes and aviation, as well as unammed aerial vehicles.

The company is looking to move toward flight testing at the college’s Unmanned Aircraft Systems test site in Southern Maryland. It plans to use the funding for that activity and a new incubator near Naval Air Station Patuxent River in St. Mary’s County called TechPort @ The Airport.

Baltimore appears to factor into future plans, as well.

“We’re excited that this innovative technology is expected to seed a new industry that, looking ahead, will create manufacturing jobs in Baltimore,” Abell Foundation President Robert C. Embry, Jr. said in a statement.

The company is led by CEO Daanish Maqbool, who is currently a lecturer at UMD. Maqbool received his Ph.D. at the engineering school there, and worked on a NASA project on rocket engine cooling project for graduate research.

It’s the third investment in less than a year for the Maryland Momentum Fund, which was established by the university system to provide funding and links to other investors for startups that originated at the university. The other two investments so far went to MF Fire and NextStep Robotics.

Advertisement

-30-
LEAVE A COMMENT

Advertisement

Johns Hopkins spinout Neuraly launches with $36M funding round

Meet the Columbia-based Y Combinator alums looking to make ecommerce simple

SilcsBio’s drug design algorithms get patent

SPONSORED

Baltimore

Win up to $360,000 for your startup at the WeWork Creator Awards

Baltimore

Terbium Labs

Terbium Labs | IT Specialist

Apply Now
Philadelphia, PA (or surrounding areas)

Technically Media

Events Coordinator

Apply Now
Philadelphia or Baltimore Area

Enigma Technologies

Director, Data Acquisition & Strategy

Apply Now

Maryland companies raised $247M in venture funding during the second quarter of 2018

Federal funding powers development of waste-to-energy technology for poultry farmers

With prototypes in tow, Chord starts crowdfunding campaign for smart pet collar

SPONSORED

Baltimore

How Think|Stack and Year Up are cultivating local tech talent

Philadelphia, PA OR Remote

Stitch, Inc.

Director, Alliances

Apply Now
Baltimore, MD 21201

14 West

Software Trainer

Apply Now
Baltimore, MD 21201

14 West

Technical Course Specialist

Apply Now

Sign-up for daily news updates from Technical.ly

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