# Maryland Momentum Fund

Maryland Momentum Fund is a Venture Capital based in Baltimore, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Baltimore, United States
- **Region:** North America
- **Address:** Baltimore, MD, United States
- **Founded:** 2016
- **Assets under management:** $25M–$50M (Altss estimate)
- **Website:** momentum.usmd.edu
- **LinkedIn:** https://www.linkedin.com/company/maryland-momentum-fund

## Regulatory record

- **Reports private funds:** No

## About

Maryland Momentum Fund is a venture capital fund launched by the University System of Maryland to support startup companies formed from campus research. The fund has made 23 investments, including a Seed VC investment in Astek Diagnostics on March 28, 2024. Maryland Momentum Fund has a single portfolio exit, InferCabulary, which exited on March 10, 2022.

## Sectors

- Enterprise Software
- AI/ML
- Cybersecurity
- Digital Health
- Industrial Tech
- EdTech

## People

- David Wise — Vice Chancellor for Administration & Finance, USM

## Questions

### Who runs investment decisions at the Maryland Momentum Fund?

The fund operates under the Office of the Vice Chancellor for Administration and Finance for the University System of Maryland. Day-to-day portfolio management and investment screening are coordinated through USM staff in Baltimore, with final investment recommendations reviewed by a board-appointed advisory committee that includes external venture investors and university commercialization officers. Named decision-makers appear in USM Board of Regents meeting minutes.

### What is the typical check size and stage focus?

Initial investments range from $100,000 to $500,000 with reserves allocated for follow-on participation in later rounds. The fund targets seed and early-stage companies, occasionally extending into Series A co-investments alongside external venture firms. It does not write pre-seed concept checks or lead growth-stage rounds.

### Which sectors does the Maryland Momentum Fund explicitly avoid?

Investment exclusion is defined by the underlying university research base rather than a published restricted list. USM holds relatively weak patent portfolios in consumer-packaged goods, pure-play entertainment media, and fossil-fuel extraction technology, so deal flow in those verticals is negligible. The fund has not publicly commented on ESG screens or specific sector prohibitions beyond its constitutional thesis constraint.

### How does the Momentum Fund interact with external venture firms?

The fund partners with established Maryland and mid-Atlantic venture firms including Camden Partners and New Enterprise Associates on co-investments, using those relationships both as validation signals and as paths to larger follow-on rounds for portfolio companies. It does not operate a formal co-investor club, but its presence in a deal is frequently disclosed as a university-affiliated anchor investor in conjunction with top-tier syndicate leads.

### Where is the underlying capital sourced, and will the fund raise outside money?

The initial $10 million pilot and the subsequent $10 million second tranche came from USM institutional reserves and, in later phases, direct state appropriations through the Maryland General Assembly. The fund has not accepted third-party limited partners and has not publicly indicated an intent to raise a traditional fund structure. Legislative proposals in 2023 contemplated a permanent $25 million allocation exclusively from state budget sources.

## Related profiles

- [Maryland Electrical Industry Pension Plan](https://altss.com/profile/maryland-electrical-industry-pension-plan)
- [Maryland Venture Capital Trust](https://altss.com/profile/maryland-venture-capital-trust)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/maryland-momentum-fund

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