Money Moves: MissionGO nets $50M contract to help Cali utility inspect power lines

Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at baltimore@technical.ly.

MissionGO secures $50 million partnership with Southern California Edison

According to MissionGO’s announcement, its new three-year agreement with Edison International subsidiary Southern California Edison (SCE) is among the world’s largest contracts for use of what it calls “uncrewed aircraft systems (UAS).”

MissionGO, which specializes in developing vehicles for these systems like its MGV100 uncrewed vehicle, said that the contract will allow its products and systems to be used to inspect power line issues across SCE’s region. The Baltimore-based company shares the contract with another unnamed entity, per the announcement.

The contract will involve oversight of 160,000 utility poles that would otherwise require workers to climb and investigate. The agreement also builds on MissionGO’s extant work with the utility company, which it has worked with over the last three years.

“MissionGO is proud of our history with Southern California Edison and we look forward to continuing our work together,” MissionGO President Chris Corgnati said in the announcement. “SCE’s commitment to safety makes MissionGO the perfect partner to keep the people of California connected and secure.”

MissionGO Marketing Manager Megan Crout told Technical.ly via email that the money will support the hiring of various tech and tech-adjacent positions that are necessary to help its goal of identifying power outages — especially those related to the wildfires that repeatedly plague SCE’s coverage region.

“MissionGO’s team will collect images and data to assist with accurate and efficient reporting and triage of wildfire and power outage risks,” Crout said. “We are looking to hire a large number of teams for this contract with positions including RPICs, Field Operations Managers, GIS Specialists and more.”

This contract was announced about a month after the company, which was cofounded by current executive chairman Scott Plank, revealed that its Federal Aviation Administration airworthiness criteria were published in the Federal Register.

MissionGO is a 2021 RealLIST Startups honoree.

TEDCO invests $200,000 into medical device company

The CoolStat Temperature Management device. (Courtesy image)

The state-affiliated investment entity TEDCO recently announced that its Seed Funds investment program put the six-figure amount into CoolTech, a company creating temperature-moderating devices based in Baltimore’s Federal Hill neighborhood. CoolTech’s CEO and President Steve Schaefer told Technical.ly via email that the new funds will support the “development and clearance of novel medical devices” like its MiHelper, which provides neuromodulation for migraine therapy, and CoolStat, which helps regulate temperature in targeted areas after a traumatic event like a brain injury or stroke.

TEDCO’s announcement noted that the company has raised $16 million to date via grants and prior funding.

Deutsch Foundation to take on assets of Wright Family Foundation

The Robert W. Deutsch Foundation’s statement noted that it will have absorbed the assets of the latter foundation, which Lucy and Vernon Wright founded in 2000, by the end of this year. It will then operate as the Wright Family Fund while continuing under the leadership of Mari Beth C. Moulton and Katherine Wright, who shepherd the family foundation’s work supporting children’s educational opportunities in Baltimore and Austin, Texas, respectively. The Wright Family Foundation’s website noted that it will cease independent operations as soon as Nov. 1, 2022.

“Having engaged with the Deutsch Foundation over 10 years, Lucy and I have created a strong partnership with Jane and her staff who will continue to support the communities we have served and keep our mission alive,” Vernon Wright said in an announcement.

The “Jane” referred to in Wright’s statement — Jane Brown, the Deutsch Foundation’s president and daughter of its namesake founder — said that “Mari Beth’s transition to the Deutsch Foundation’s staff will ensure the continuity of this work and add her innovative leadership to our team.”

Beyond these educational initiatives, the Deutsch Foundation supports numerous projects eliminating disparities in Baltimore. Its work includes digital equity and inclusion as a priority, which it has promoted via the Digital Equity Leadership Lab, among other tech-focused programs.

Neither Brown nor Moulton immediately answered Technical.ly’s question about the total amount of the assets being transferred.