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.
New international investments are linking Maryland’s startups and tech sectors with new opportunities overseas.
The Maryland Technology Development Corporation (TEDCO) announced last month a partnership with a Taiwanese business group and a private equity firm aimed at creating more opportunities for Maryland tech startups in global markets.
“In the tech and life sciences space, there are synergies between what’s happening in Taiwan and Maryland,” TEDCO CEO Troy LeMaile-Stovall told Technical.ly.
Plus, other Maryland companies are already making a philanthropic impact abroad, sending support for communities impacted by natural disasters.
Keep reading to get all the details on this month’s money moves.
Maryland, Taiwan plan international startup center
TEDCO is establishing a $50 million partnership with the APAC Investment and Innovation Development Association Taiwan and Sangfroid International Capital.
Under the agreement, the two organizations will provide funding to Maryland companies with Taiwanese subsidiaries or startups backed by businesses based in either Taiwan or Maryland.
“This agreement opens up markets that a small company wouldn’t typically get access to,” LeMaile-Stovall said.
The deal, previewed at its Entrepreneur Expo last month, also includes plans to open an International Startup Exchange Center in both Taiwan and Maryland, focused on fields such as AI, robotics and biotechnology.
The timeline and cost for the center are still unclear, LeMaile-Stovall said.
“The center is meant to ensure we have the right support, whether cultural, legal or product-related, to help companies operate across borders,” he said.
The new programming would build on the Maryland Department of Commerce’s Global Gateway soft landing program, which provides international companies with six months of free office space and business support.
TEDCO also announced partnerships with two Korean investment firms and Jordan’s Ministry of Digital Economy and Entrepreneurship. The org did not disclose the funding amounts or other details.
The investments follow Gov. Wes Moore’s trade mission to Asia earlier this year, where he met with tech leaders in Japan and South Korea. He also hosted the king of Jordan at the Maryland State House last year to discuss economic partnerships.
Startup offers support for Jamaican farmers
Laurel-based cannabis delivery company Upling launched a relief effort to help Jamaican cannabis farmers affected by Hurricane Melissa.
Upling donated $10,000, with Canex Jamaica and Cookies Jamaica also contributing $10,000 each. The companies are aiming to raise another $20,000.
“Our local growers are the backbone of Jamaica’s agriculture industry,” Colin Fraser, Upling’s CEO, said in a news release. “These aren’t just statistics — these are families, communities and generations of agricultural knowledge at risk.”
Upling works with 17 growers in Jamaica. The storm affected more than 70,000 farmers across the country, according to Jamaica’s Ministry of Agriculture, Fisheries and Mining.
More money moves:
- The Baltimore Museum of Art received a $10 million gift from philanthropists Amy and Marc Meadows to support its arts education programming, specifically for K-12 students in Baltimore City.
- Germantown-based biotech company VerImmune landed $500,000 through TEDCO’s Maryland Equity Investment Fund to keep developing its cancer treatment platform.
- NasaClip, a Baltimore-based medical device company, nabbed $250,000 from TEDCO’s Pre-Seed Builder Fund for its nosebleed-stopping technology.
- Ocean City-based PostCareAI received $25,000 from TEDCO’s Concept Capital program for its AI tools that assist with clinical documentation.
- Johns Hopkins University is making tuition free for undergraduate students from families making less than $200,000 a year, per the Baltimore Business Journal.
- Pharmaceutical giant AstraZeneca is planning a $2 billion manufacturing expansion in Montgomery and Frederick counties.
- Johns Hopkins Howard County Medical System launched a $28 million renovation of the hospital, including adding new beds to the emergency department for the first time since 2009.
