TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 State Small Business Credit Initiative (SSBCI) investment in Sonavex. TEDCO’s SSBCI funds were provided after the State of Maryland chose TEDCO to be one of the various stewards of this essential funding, allowing for more investments in target communities and areas with small, micro and Socially and Economically Disadvantaged Individual (SEDI) businesses.
“At Sonavex, we know there is a better solution to current dialysis patient care,” said David Narrow, CEO of Sonavex. “Thanks to TEDCO’s investment, Sonavex can continue researching and developing more ways to empower clinicians.”
Sonavex, located in Baltimore, Md., is a clinical stage medtech company that developed two patented technologies – EchoMark and EchoSure – that utilize deep learning to improve arteriovenous fistula maturation times for dialysis patients. These technologies are designed to enable any member of the care team to collect information in the dialysis clinic, thereby enhancing patient care and empowering medical professionals to make more informed decisions.
“Sonavex has developed innovative technologies that could support transitioning patients to safer dialysis opportunities,” said Katherine Hill Ritchie, senior director, Venture Funds. “This technology will hopefully positively impact the lives of patients on dialysis. With this recent investment from TEDCO’s Venture Funds, we hope to see continued research and development in the health care industry for years to come.”
Sonavex is a long-time portfolio company with TEDCO having received funding, guidance and support from TEDCO’s Maryland Innovation Initiative (MII), utilized TEDCO’s Loaned Executive program, as well as receiving an investment from TEDCO’s Seed Funds.
This round of SSBCI funding came through TEDCO’s evergreen Venture Funds which focus on funding and growing the next generation of early-stage businesses in Maryland.
For more information about TEDCO’s investment opportunities and to apply, visit our page at 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.
