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.
Maryland life sciences startups are securing funding despite a tightening investment landscape.
Neurotechnology company Longeviti Neuro Solutions received a $10 million infusion from healthcare investment firm Soleus Capital to support its work building medical devices for brain surgery.
The state also allocated funds for new housing initiatives, while the Baltimore Children and Youth Fund (BCYF) awarded $10 million to community groups this year. Plus, companies throughout Maryland landed millions in investments.
Get all the details on the latest money moves below the chart, where we look at the top 10 companies hiring for tech jobs in the Baltimore market and how that’s changed since the previous month.
Baltimore biotech company nabs $10 million
City Garage-based Longeviti Neuro Solutions formed a $10 million partnership with healthcare investment firm Soleus Capital. The neurotechnology company builds medical devices and develops other technology for use during brain surgery.
Soleus Capital typically invests in new medical technologies and life sciences tools.
The majority of the new funding will go to expanding the Longeviti team, specifically its sales force: The company plans to add around 20 sales staffers by the end of the year, according to CEO Jesse Christopher.
“Additionally, the funds will be used for product development, developing further therapeutic applications including an AI-powered app with handheld ultrasound device company Clarius, advancing critical research with General Electric, and providing medical education efforts across the United States and abroad,” Christopher said in an email to Technical.ly.
Longeviti also named Tim Scannell, former president of medical device company Stryker Corporation, as its new board of directors chair.
Grants support youth community work
The Baltimore Children and Youth Fund (BCYF) awarded $10 million in fiscal year 2025 to organizations supporting young people in the city.
Funded by a dedicated Baltimore City property tax — three cents for every $100 of assessed value — along with private donations, the program awarded 175 grants this year. The awards support community groups working on a variety of projects, from job training to arts programming.
A Prosperous Tomorrow received a $250,000 award from BCYF’s Grassroots Fund to support the organization over the next five years. CEO Devin Jackson said the nonprofit plans to use the funding to expand existing programs, including Future Tech Pioneers, which teaches young Baltimoreans technology skills and provides career mentorship opportunities.
“We want to really use the funding to complete our programming, but also use the opportunity to build a platform that really expands the voices that are typically not heard,” Jackson told Technical.ly.
State funding for housing investments
The Maryland Board of Public Works approved $787 million in state funding for projects across Maryland at its Aug. 27 meeting. The funding includes $24.3 million in grants for 25 projects focused on community revitalization.
Part of the allocation will go to ReBUILD Metro, a Baltimore nonprofit that renovates abandoned houses in the city, according to CBS News.
“Statewide leaders recognized that for Baltimore to reach its full potential, it needed this kind of investment after years of disinvestment,” said Comptroller Brooke Lierman in a press release. “Revitalizing properties, rehabbing the vacant homes, rebuilding wealth in the city, is a much better use of our precious tax dollars than deploying armed forces.”
Other money moves:
- Baltimore-area venture capital firms Squadra Ventures and Savano Capital Partners joined a $75 million Series C funding round for Arlington, Virginia-based cybersecurity company Shift5, according to citybiz+.
- The Maryland Department of Commerce granted a dozen local manufacturers a total of $180,000 to implement smart manufacturing strategies that increase energy efficiency.
- PediaMetrix, a Rockville-based biotechnology company, received a $2 million award from the National Institutes of Health’s Commercial Readiness Program to advance its mobile app for pediatric skull-shape screening.
- The Baltimore Business Journal reported that Nava Health, a Columbia health care company, has to pay a contractor $2 million after failing to pay its bills.
- The Baltimore distillery Sagamore Spirit projected a $2 million loss from Canada’s US alcohol boycott.
- Baltimore developer Brandon Chasen reported owing $71 million, according to recent bankruptcy filings.
TEDCO invests in several startups
The State of Maryland-founded investment vehicle put money into several businesses over the past couple of months, including:
- Baltimore-based biotech company Kubanda Cryotherapy landed $500,000 through the Pre-Seed Builder Fund.
- Montgomery County’s Oaks Hospitality Group, best known for its boutique inns, is a recipient of the Concert Capital Program, which offers convertible notes between $25,000 to $50,000.
- LePrix, a pre-owned luxury goods platform in Bethesda, received $750,000 from the Inclusion Fund.
- Upling, a medical cannabis delivery app in Laurel, earned $150,000 from the Pre-Seed Builder Fund.
- Rockville-based biotech company AGED Diagnostics, developing early detection and intervention solutions for liver disease, landed $250,000 through the same program.
More moves found in Securities and Exchange Commission filings
- $2.8 million for Elkridge’s Backpack Healthcare.
- $2.2 million for Laurel’s PathOTrak.
- $11 million for Baltimore’s Gliknik.
- $5 million for Baltimore’s Infinity Bio.
- $1.6 million for Crofton’s Dapt Tech.
- $1.4 million for Dayton’s Strydent Autonomous Technologies.
