Tech lab space opening in new 4MLK building, thanks to $2M in public funds

It’s proven to be a busy fall in the Baltimore region, especially in the biotech sector, with companies at various stages announcing funds and local universities pouring capital into new projects. 

Keep reading to get the details on these and other Money Moves in the area. But first, check out our monthly look at which companies are hiring for tech jobs in Baltimore.

University of Maryland BioPark lands $2.2M

The combined money from the state and city supports a tech lab space in the soon-to-open 4MLK science and office building in West Baltimore. 

Maryland and Baltimore put forth $2 million and $200,000, respectively, in conditional loans for the development of 4MLK Connect Labs. The funding was secured by the state’s Commerce Department and the public-private Baltimore Development Corporation (BDC). 

Connect Labs incorporates 35,000 square feet of flex lab facilities within the University of Maryland BioPark’s forthcoming building. It will be run by a joint venture of the real estate firms Wexford Science and Technology in Baltimore and Ventas in Chicago. Its first tenants include biotech company and 2024 RealLIST Startup Irazú Oncology, as well as BDC venture ETC Baltimore and two of its portfolio companies, per Wexford. 

“We are very pleased to work with the University of Maryland, Baltimore leadership and Baltimore Development Corporation to support this project, which is critically needed to ensure Maryland remains competitive in the life sciences industry,” said Maryland Commerce Secretary Kevin Anderson in a press release. “We have tremendous innovation coming from our universities and our private sector and this new space will help those ideas to grow from the lab to the marketplace.”

4MLK is expected to formally open on Jan. 15, though some of its spaces are already in use. In the meantime, check out some renderings of the Connect Labs facilities:

Medical device firm closes Series A-2 

Sonavex announced a $15 million raise, which will go toward further developing and testing its ultrasound technologies that measure blood flow and other vascular data. 

The EchoMark and EchoSure devices will be tested in an upcoming randomized controlled trial, per a press release. Sonavex is enrolling 304 patients for that testing. The intention is to use the technology in dialysis clinics. 

“This fundraise represents the culmination of the extraordinary multidisciplinary team effort over the past several months,” said David Narrow, CEO of the Johns Hopkins spin-out. 

Medical hardware startups score TEDCO investment 

The state-affiliated economic development agency invested $200,000 in NextStep Robotics. 

The medical device company built a robotic ankle training device to help patients with their walking abilities after developing mobility issues due to a stroke or other medical problems. 

“With traditional treatments, patients were left with uncomfortable orthotics or assistive devices,” said CEO Bradley Hennessie in a press release. “However, with this latest investment from TEDCO, we are excited to continue moving forward to provide more appealing solutions and support patients and physical therapists alike.”

TEDCO also invested $250,000 in the medical device company NeuroIntact, whose tech manages temperature in the human brain and body without using drugs. It wrapped its first human trial results in 2024, about eight years after its founding in 2016. 

Other Baltimore-area raises and awards

• Loyola University Maryland is expanding its science programs through a $78 million project, the Baltimore Business Journal reported. The school plans to renovate its Donnelly Science Center and build an 18,000-square-foot addition. The new building should be completed in the fall of 2026.  
• A Charlotte, North Carolina-based cybersecurity firm won a pitch competition hosted by the Fulton startup foundry DataTribe. Frenos and three other companies split a $25,000 award. 
• The White House requested $98.4 billion in disaster aid, including a $500 million reimbursement to clean up the wreckage from the Key Bridge collapse, Maryland Matters reported. 
• Capital Logistics, a trucking company based in Sparrows Point, landed $25 million in federal funding to build electric truck charging infrastructure by the Port of Baltimore, the Baltimore Business Journal also reported.  
• UMBC and the Digital Harbor Foundation scored a $1.98 million grant from the National Science Foundation to research and develop inclusive STEM learning environments for kids with autism.

Raises found in SEC filings 

• $500,000 for Drizzle Health
• $2 million for Gliknik