TEDCO invests $500,000 in Novel Microdevices to enhance point-of-care diagnostics with its innovative NovelDx device, which aims to deliver lab-quality PCR tests in under 15 minutes. This funding will support the company’s development and market entry efforts.
TEDCO, a significant economic driver for technology enterprises in Maryland, has announced a $500,000 investment in Novel Microdevices. The investment is divided equally into $250,000 from its Venture Funds and $250,000 from the Inclusion Fund, which is part of the Social Impact Funds initiative.
Andrea Pais, CEO of Novel Microdevices, remarked, “Our company has made incredible progress during the past year since TEDCO chose to invest in our vision. This investment will play an important role in ensuring our product, NovelDx, makes an impact in the healthcare industry.”
Headquartered in Baltimore, Novel Microdevices specializes in clinical diagnostics innovations. The company has developed NovelDx—a device designed to disrupt the point-of-care antigen and molecular testing market by delivering lab-quality PCR tests in under 15 minutes.
Katherine Hill Ritchie, Senior Director of TEDCO’s Venture Funds, expressed optimism regarding the follow-on investment, stating, “We are hopeful that this follow-on investment into Novel Microdevices will support the continued progression of their rapid PCR testing.” TEDCO’s Venture Funds aim to propel early-stage businesses in Maryland by providing essential funding for market entry.
Novel Microdevices has previously benefited from TEDCO’s financial support, including investments from the Pre-Seed Builder Fund in both 2018 and 2023. Jean-Luc Park, Senior Director of TEDCO’s Social Impact Funds, emphasized the importance of resource utilization for entrepreneurs, stating, “For entrepreneurs like Andrea, embracing the resources and support available is essential.”
For further details about funding and eligibility criteria, interested parties are encouraged to visit TEDCO’s designated page.
Established as the Maryland Technology Development Corporation, TEDCO is committed to fostering economic growth by nurturing an inclusive entrepreneurial innovation ecosystem. It identifies, invests in, and facilitates the advancement of technology and life science companies within Maryland.
In conclusion, TEDCO’s recent investment in Novel Microdevices represents a significant step in enhancing the capabilities of point-of-care diagnostics. The funding will aid in the development of their innovative NovelDx device, which promises to transform rapid testing in healthcare. Furthermore, TEDCO’s continued support exemplifies its commitment to fostering Maryland’s entrepreneurial landscape.
Original Source: www.citybiz.co
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