TEDCO

TEDCO is a state-chartered instrumentality of the Maryland government, established by the General Assembly in 1998. A board of directors appointed by the Governor, with legislative input, sets investment policy. The CEO, Troy LeMaile-Stovall, manages day-to-day operations and reports directly to the board and state legislature.

TEDCO runs several distinct vehicles. The Maryland Venture Fund makes direct equity investments at Seed and Series A. The Seed Fund provides grants and forgivable loans to pre-revenue startups. The Life Science Investment Fund targets therapeutics and device companies. SBIR matching grants and Makerspace programs round out a spectrum that runs from prototype grants through venture equity.

TEDCO concentrates on technology transfer from Maryland's federal labs and research universities. Active sectors include life sciences, cybersecurity, enterprise software, industrial technology, AI/ML, and agtech. The portfolio reflects the state's strengths: NIH and FDA proximity drives therapeutics deals, while Fort Meade anchors cybersecurity investments.

TEDCO's charter requires Maryland-headquartered companies as primary beneficiaries, though portfolio companies may have operations elsewhere. The organization's economic development mandate ties capital deployment to job creation and IP retention within the state.

TEDCO sources through Maryland's federal labs — including the NIH, Johns Hopkins Applied Physics Lab, and Aberdeen Proving Ground — as well as university tech transfer offices. Its grant programs create a proprietary pipeline: companies that receive Seed Fund support often feed into the Venture Fund, giving TEDCO early visibility on technologies before private investors.