TEDCO, Maryland’s economic engine for technology companies, announced a recent $250,000 Venture Funds investment in Hememics Biotechnologies, Inc. TEDCO’s evergreen Venture Funds are dedicated to funding and growing the next generation of early-stage businesses in Maryland.
“I am excited to be a part of Hememics’ mission to transform the future of diagnostics,” said John Warden, CEO of Hememics Biotechnologies, Inc. “Thanks to TEDCO’s latest investment, we are looking forward to continuing our growth and development. If you’re an entrepreneur in Maryland looking to flourish, I highly recommend connecting with TEDCO; there are several resources and opportunities the organization can offer – it’s so much more than just funding.”
Located in Gaithersburg, Md., Hememics Biotechnologies, Inc. is a biosensor company working to create a low-cost testing platform for small-molecule detection in the field. By utilizing monolayer graphene technology, the company developed a pocket-sized reader with use-once chips that can detect multiple targets from a single drop of liquid sample. This development can be used to test for drugs of abuse in urine, biotoxins on the battlefield and herbicides.
“In the past few years, it has become increasingly evident that rapid onsite detection services are not only a convenience but necessary to ensure the safety of the whole ecosystem,” said Katherine Hill Ritchie, senior director of Venture Funds at TEDCO. “TEDCO’s recent investment into Hememics provides the company with additional support, allowing them to continue innovating and helping others.”
Prior to this investment, Hememics Biotechnologies received a State Small Business Credit Initiative (SSBCI) investment in 2023. The company is also a current member of DefTech, a program that drives the growth of an innovation-based economy in Maryland while providing professional expertise and connections to Federal laboratories for members.
“With more than 70 federal laboratories located throughout the state, it’s no surprise that Maryland was ranked first for the emerging life science hubs across the nation,” TEDCO CEO Troy LeMaile-Stovall said. “For up-and-coming entrepreneurial spirits, these assets can be instrumental to their success. This is one reason why TEDCO and other ecosystem collaborators offer opportunities and resources for these startups, allowing them to connect with federal labs, utilize the world-class equipment and hear from other brilliant minds.”
Learn more about TEDCO’s investment funds at 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.
