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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.
About TEDCO
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
Media Contact
Tammi Thomas, Vice
President for Marketing, TEDCO
410-715-4162
