The Maryland Technology Development Corporation (TEDCO), celebrated the funding of its 200th company. American Dynamics Flight Systems (ADFS) in Jessup, Md., which received $75,000 from TEDCO's NAVAIR Technology Insertion (NAVTI) program was lucky No. 200. Over the course of TEDCO's 12-year history, the organization has provided more than $8.5 million in funding to Maryland businesses through its signature Maryland Technology Transfer and Commercialization Fund (MTTCF), which makes up over 75 percent of TEDCO's portfolio.
"TEDCO's has done an outstanding job in making Maryland one of the premier locations for technology-based economic development, bringing high-skilled, high-paying jobs to Maryland," says Senator Benjamin L. Cardin. "Today, I join TEDCO as it features its 10 most innovative companies and celebrates the funding of its 200th company, American Dynamic Flight Systems. TEDCO understands the importance of nurturing high-tech companies with the capital they need to succeed so that we can ensure good paying jobs for Marylanders."
TEDCO is independent entity, was established by the Maryland General Assembly in 1998 to facilitate the creation of businesses and foster their growth in all regions of the State. TEDCO's role is to be Maryland's leading source of funding for seed capital and entrepreneurial business assistance for the development, transfer and commercialization of technology.
TEDCO connects emerging technology companies with federal laboratories, research universities, business incubators and specialized technical assistance. For the fifth consecutive year, TEDCO was recognized as the most active seed/early-stage investor in the nation in the August 2008 issue of Entrepreneur magazine and received the national Excellence in Technology-Based Economic Development award from the State Science and Technology Institute (SSTI) for the Maryland Technology Transfer Fund (MTTF) program in October 2008.
"I congratulate TEDCO on this important and significant milestone," said Governor Martin O'Malley. "TEDCO is a valuable resource which attracts companies to our state and sustains our reputation as a national leader in technology development. We are fortunate to have TEDCO in our backyard and I thank the organization for its role in moving Maryland forward."
ADFS develops Unmanned Aircraft Systems (UAS), including its next generation AD-150 which is a maritime aircraft system capable of vertical take-off and landing, and high speed flight. As a result of TEDCO's funding and support, the company is currently working with NAVAIR and the Patuxent Partnership to assess the viability of its technologies with the U.S. Navy.
Since its inception TEDCO has provided funds for an array of the state's most innovative companies including Fyodor Biotechnologies, which is developing novel technologies to improve the management of malaria, including a malaria test kit; HeMemics Biotechnologies, Inc., which developed a technology to dehydrate biologics (proteins, cells, etc.) in dried or partially dried format; Spiralcat, which developed a technology that recovers water, energy and third-generation biofuels using harvesting systems; and Oculis Labs, which developed a computer security technology that protects computer screens against eavesdropping.
""It's an honor to be the recipient of TEDCO's 200th funding award," says Wayne Morse, president of ADFS. "TEDCO provides access to exclusive partnerships and resources which are hard to come by. Through this funding, we were able to advance our technology and gain a greater presence in the marketplace, which helped bring ADFS to the next level."
Source: The Maryland Technology Development Corporation
Writer: Walaika Haskins