This story was made possible through support from TEDCO, the Maryland Technology Development Corporation, which 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 tedcomd.com. All stories are independently reported, with no partner review.
Howard County’s tech scene stacked up some wins last month.
Balance Theory in Columbia landed a $19 million Series A round to continue developing its platform for cybersecurity investment decisions. Nearby, BTS Software Solutions acquired a firm to expand its government contracting work.
Meanwhile in Baltimore, TEDCO — which also chipped into Balance Theory’s recent raise — doled out a new round of cash for innovations tied to local universities.
Get all the details and more money moves below.
Balance Theory raises $19M Series A to grow team
Columbia-based Balance Theory secured $19 million to help expand its hiring efforts while advancing its cybersecurity platform.
Its platform reviews a company’s existing software and uses market data to help leaders decide which security tools to buy.
Syn Ventures led the round, with support from existing investors DataTribe and TEDCO. The latest news follows a $3 million seed round in 2022.
Balance Theory declined to disclose its current client count, but did say the platform supports over $1 billion in cybersecurity operations. Moving forward, the team plans to continue recruiting heavily from Maryland’s intelligence community.
“We think Maryland has some of the best cybersecurity and AI development talent in the world,” CEO Greg Baker wrote via email, “and we’re privileged and honored to be part of the Maryland ecosystem.”
BTS Software acquires Augury
BTS Software Solutions has acquired Augury for an undisclosed amount to help expand its capabilities for government customers.
Augury brings experience developing advanced technology systems and hardware, according to the press release. BTS’s work centers on cybersecurity, AI and software for government and defense organizations.
“This is an exciting milestone for BTS,” CEO David Tohn said in the release. “Augury brings exceptional technical talent and engineering depth that naturally complements our existing capabilities.”
TEDCO backs university tech with $665k in fresh funds
TEDCO awarded roughly $665,000 across 13 projects in its latest round of Baltimore Innovation Initiative funding.
The program aims to push academic research out of university labs and into the commercial market.
This cohort includes eight technology advancement grants totaling over $389,000. Johns Hopkins University researchers swept seven of those awards, with projects including an AI-powered bladder cancer screening and wearable devices for COPD relief.
Five additional grants will fund expanded entrepreneurship programming across the region. Several institutions landed support, including Morgan State University for a pre-incubator program and the Maryland Institute College of Art for creative venture commercialization.
More Money Moves
- The Baltimore Development Corporation launched a public design competition for three entrance corridors in the city. The program boasts a $450,000 prize pool, with 12 finalists receiving $25,000 to expand their proposals. Interested participants have until Aug. 23 to apply.
- A community food center in Baltimore City secured $800,000 in federal funding to expand its operations.
- Baltimore-based biotech company Sonavex reported a $3.1 million raise, according to an SEC filing.
- TikTok virality helped wound care company BC3 Technologies double its revenue, per the Baltimore Business Journal.
- Baltimore cybersecurity company Vigilant Sec landed $3.6 million, according to an SEC filing.
- TEDCO awarded $200,000 to Columbia-based healthtech firm CurieDX for its AI-powered diagnostics platform.
