July 19, 2018
TEDCO’s Rural Business Innovation Initiative Announces Pre-Seed Investments in Two Frederick Start-Ups
BALTIMORE (July 19, 2018)—TEDCO’s Rural Business Innovation Initiative (RBI2) announced its latest pre-seed investment in two rural-based companies—Nanobiofab and GOEFER. As recipients of RBI2 investments, the companies will receive ongoing mentoring and funding to continue their product development into commercialization. Both based in Frederick, Md., Nanobiofab and GOEFER are part of the non-profit business incubator company, Frederick Innovative Technology Center, Inc. (FITCI).
“Through this program, we’re able to guide companies to commercialization, while providing mentorship and assistance every step of the way,” said Chuck Ernst, RBI2 mentor. “Companies that are awarded funding through RBI2are driven by some of the most innovative leaders in the state, and these two companies specifically are exemplary examples of the entrepreneurial opportunities we strive to provide.”
Nanobiofab creates wearable nano-material based technologies using state-of-the-art customized inkjet printing nano-techniques. The nano-materials and bio-products created are used to detect minute molecules emitted from the skin for real-time tracking of fat consumption and potential disease diagnosis.
“TEDCO’s support has played a significant role in our move to market,” said Dr. Xiaonao Liu, founder and CEO of Nanobiofab. “Our products are life-changing, and through this program, we can use the unmatched mentorship and guidance from TEDCO to become playmakers in the healthcare technology industry.”
GOEFER is developing plug load technology, which look like traditional powerstrips or surge protectors, that wirelessly provide control, savings, and energy insight to any plugged-in electronic device. They are driven by their mission to be the easiest way to save electricity. And by combining expertise in construction with big data processing and machine learning, GOEFER is the first company to create an energy data marketplace.
“While GOEFER is unique and patentable, TEDCO has helped put us on the path to owning our part of the energy and technology space,” said Michael Herod, Founder and CEO of GOEFER. “We’re honored to be named recipients, and we look forward to experiencing the company’s next big steps with the help of TEDCO’s knowledgeable team and operational expertise.”
TEDCO’s RBI2 program is designed to provide technical and business assistance to small companies and early-stage technology-based companies in rural Maryland. The goal of the program is to help companies overcome business and technical hurdles and advance to the next growth level. There is no cost for the company to receive assistance.
Eligible recipients work with highly trained and experienced mentors who provide technical and business assistance. Eligible companies must be developing new technologies to create or expand their business, have fewer than 16 employees and have annual revenues of $1 million or less.
TEDCO provides resources and connections that early stage technology and life sciences companies need to thrive in Maryland. TEDCO’s mission is to discover, invest in, and help build great companies. Learn more at www.tedco.md
Tammi Thomas, Vice President for Marketing, TEDCO