Plasmonix, Bambeco receive InvestMaryland funds
Reporter - Baltimore Business Journal
Two Baltimore-area startups have received a total of $300,000 from InvestMaryland.
Plasmonix Inc., a life sciences company based at bwtech@UMBC Research & Technology Park, received $100,000 from the startup funding initiative. Bambeco, an eco-friendly home decor and furniture company in South Baltimore, received $200,000. Bambeco previously got $400,000 from InvestMaryland in November.
In total, the program has given out about $1.65 million.
“The speed with which the InvestMaryland funds are being disbursed and the strength of the companies in which we are investing show how critical this program is to the state’s entrepreneurs and startup community,” Christian S. Johansson, secretary of the state’s Department of Business and Economic Development, said in a statement.
InvestMaryland is a state venture capital initiative managed by DBED and the state-run Maryland Venture Fund. The initiative raised $84 million through a tax credit auction earlier this year to invest in startup companies. The Maryland Venture Fund will invest about a third of InvestMaryland’s funds. The state plans to select private venture firms to invest the remaining two-thirds of the money.
Grotech Ventures received $12 million to investment on Dec. 5, becoming the first private venture firm selected under the program.
Plasmonix, founded in 2009, uses metal-enhanced fluorescence to detect cells in medical research. The Maryland Venture Fund invested $150,000 in the company last year.
Bambeco has received a total of $700,000 from the Maryland Venture Fund.