TEDCO, Maryland’s economic engine for technology companies, announced a recent $250,000 Social Impact Funds investment in VirgilHR. TEDCO’s Social Impact Funds invests in and provides executive support to Maryland-based technology companies run by entrepreneurs who demonstrate economic disadvantage.
“HR spends so much of its time on compliance, which poses a complicated legal landscape for HR to manage, since federal, state, and local employment and labor laws change all the time. We’ve developed a solution that simplifies that otherwise complex process by offering a chatbot that provides legal guidance to HR on a variety of tasks – all programmed by experienced labor and employment attorneys,” said Jocelyn King, CEO of VirgilHR. “Thanks to TEDCO’s additional investment, we can continue to work to empower companies and HR professionals. By investing in our software, TEDCO is helping HR professionals save hours of time spent researching regulations to ensure they remain compliant, all the while controlling legal costs and mitigating risk.”
VirgilHR, based in Gaithersburg, Md., offers a software as a service (SaaS) solution that supports human resources (HR) professionals. Through the interactive software, HR specialists can access employment and labor law information without additional research. This solution not only allows for employers to keep better track of the ever-changing federal, state and local employment and labor laws, but provides tailored legal guidance to support a more efficient compliance process.
“VirgilHR is an example of the innovative technology startups the Builder Fund was made to invest in,” said TEDCO’s senior director of Social Impact Funds, Jean-Luc Park. “With their software as a service solution, HR employees will have the required information about new and changing regulations, allowing the employees to continue supporting their companies without the research headache that can happen without a continually updated archive. VirgilHR’s system determines and provides the relevant information to keep the company compliant with all the local, state, and federal laws. The technology is much more than a simple database.”
VirgilHR previously received funding from TEDCO’s Pre-Seed Builder Fund in 2022. Housed under the Social Impact Funds umbrella, the Pre-Seed Builder Fund invests in companies with the goal of helping startups reach meaningful milestones and become healthy companies, going on to either attract larger institutional investors or become independent of the venture investor path. Funded companies are also provided resources like hands-on executive support, peer-to-peer mentorship/collaboration and networking opportunities.
For information on how to access TEDCO’s Pre-Seed Builder Fund investment application, visit https://www.tedcomd.com/funding/builder-fund.
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.
