TEDCO, Maryland’s economic engine for technology companies, announced a recent Seed Funds investment of $250,000 into CarrTech Corp., a medical device company. TEDCO’s Seed Funds invest in early-stage, technology and life sciences companies and provides access to gap financing.
“The current eight-step process healthcare professionals are required to take to administer certain medicine is inefficient and high-risk of needlestick injuries and glass shard contamination to the patient,” said Sue Carr, founder of CarrTech Corp. “By eliminating the need to attach and detach multiple needles, patients are able to get access to the medication they need faster and safer.”
The most recent round of seed funding came from its Life Science Investment Fund; investments are for companies in the process of developing a technology for a product for human health that requires approval from the United States Food and Drug Administration prior to market.
CarrTech Corp., based in Frederick, Md, is a business that has created a safer, cost-effective, and more efficient way of administering medication. This device FROG®, allows healthcare workers to take a seven-step process down to a single step. Additionally, the all-in-one packaging allows for a reduction of environmental waste and lowers healthcare costs.
“CarrTech Corp’s FROG® device is an innovation that can help save lives,” said Teddy Gresser, investment analyst at TEDCO. “We’re looking forward to continuing to support CarrTech throughout their journey.”
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
