# Maryland Technology Development Corporation

Maryland Technology Development Corporation is an Economic Development Corporation based in Columbia, United States.

## Overview

- **Organization type:** Economic Development Corporation
- **Headquarters:** Columbia, United States
- **Region:** North America
- **Address:** Columbia, MD, United States
- **Founded:** 1998
- **Assets under management:** Undisclosed
- **Website:** tedcomd.com
- **LinkedIn:** https://www.linkedin.com/company/tedco

## Regulatory record

- **Reports private funds:** No

## About

Maryland Technology Development Corporation is a private equity firm based in Columbia, US. It focuses on venture capital investments and manages around $110 million in assets. The firm has 23 staff, including 11 investment professionals.

## Sectors

- Enterprise Software
- AI/ML
- Cybersecurity
- Digital Health
- Energy Transition & Renewables
- Industrial Tech

## People

- Troy LeMaile-Stovall — CEO & Executive Director

## Questions

### How does TEDCO source its deal flow?

TEDCO's sourcing relies on formal partnerships with Maryland research universities, federal laboratories including the National Institutes of Health and Johns Hopkins Applied Physics Lab, and military installations such as Fort Detrick and Aberdeen Proving Ground. It also runs regional innovation hubs that act as physical origination points across the state. This public-institution pipeline gives TEDCO access to deep-tech and dual-use companies that conventional venture firms rarely see at formation stage.

### What is TEDCO's relationship to the State of Maryland?

TEDCO was created by the Maryland General Assembly in 1998 as an independent instrumentality of the state. It receives state appropriations but operates with its own board and investment authority. The governor appoints its board members, and its CEO reports to that board rather than to a state agency commissioner. This structure gives it more operational independence than a typical economic development office.

### How does TEDCO's Venture Capital Limited Partner Program work?

The program commits state funds as a limited partner into venture capital firms that invest in Maryland-based early-stage companies. TEDCO selects fund managers through a formal RFP process, evaluates their Maryland focus, and negotiates LP terms. The program is designed to multiply the state's capital by incentivizing private venture firms to increase their activity in the Maryland ecosystem, rather than TEDCO making all direct investments itself.

### What is the Builder Fund, and how is it different from TEDCO's other programs?

The Builder Fund targets Maryland-based technology companies led by founders from undercapitalized backgrounds — including women, people of color, and rural entrepreneurs. Unlike the standard Seed Investment Fund, it includes a structured acceleration component alongside equity investment, pairing capital with operational support. TEDCO reports that Builder Fund portfolio companies have attracted follow-on capital at rates comparable to its general portfolio.

### Who sets TEDCO's investment strategy?

CEO Troy LeMaile-Stovall, appointed in 2021, leads the organization's overall strategy and reports to a governor-appointed board. Individual fund programs — Seed Investment Fund, Maryland Innovation Initiative, Builder Fund — each have dedicated investment committees that make portfolio decisions. The board sets allocation limits and program mandates; the investment teams operate within those boundaries for individual deal selection.

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

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