TEDCO is an independent organization established in 1998 and located in Columbia, Maryland. It serves as the leading source of entrepreneurial business assistance and seed funding for the development of startup companies within Maryland's innovation economy. TEDCO focuses on early-stage companies across various sectors, including software, technology, energy equipment, life sciences, and oncology. Its mission is to foster innovation and economic growth in Maryland by supporting the growth of startups and enhancing the state's position in the entrepreneurial landscape.

The National Science Foundation is an independent federal agency in the United States that funds and supports research and education in science and engineering. It funds fundamental research and education across all fields of science and engineering and administers non-dilutive funding programs to aid early‑stage technology development, helping translate discoveries into commercially viable products and services. Through grants and fellowships, the NSF supports researchers, educators, and startups, contributing to innovation and U.S. competitiveness. The agency operates with a substantial budget to advance science, engineering, and STEM education nationwide.

National Institutes of Health is a biomedical research agency of the U.S. Department of Health and Human Services, based in Bethesda, Maryland. It is the primary U.S. government organization devoted to biomedical and health research, conducting science through the Intramural Research Program and funding external research through the Extramural Research Program. The NIH comprises 27 institutes and centers and supports about 1,200 principal investigators and more than 4,000 postdoctoral fellows across basic, translational, and clinical research. It has contributed to major advances such as vaccines and therapies and is dedicated to advancing knowledge and translating discoveries into improvements in public health. Established in 1887, NIH operates as a central hub for medical research in the United States.

The U.S. Department of Energy is a government agency established in 1977, located in Washington, D.C. Its primary mission is to ensure the security and prosperity of the nation by tackling energy, environmental, and nuclear challenges. The Department focuses on promoting transformative scientific and technological solutions to address these issues, thereby supporting the country's energy needs and environmental sustainability.

The University System of Maryland Momentum Fund, established in 2016 and based in Baltimore, Maryland, operates as a venture capital firm dedicated to investing in early-stage startups affiliated with the University System of Maryland. With a commitment of $10 million from USM, the fund aims to promote entrepreneurship, attract external investments, and stimulate economic development and technology commercialization within the region. The fund is sector agnostic, focusing on a diverse range of industries while prioritizing startups that are headquartered in Maryland and have connections to USM's member institutions. By leveraging the resources of its affiliated universities, the Momentum Fund seeks to enhance the entrepreneurial ecosystem and support the growth of innovative companies in the state.

The Abell Foundation is an independent non-profit organization based in Baltimore, Maryland, established in 1953. It focuses on addressing complex challenges related to urban poverty by providing grants to schools, hospitals, and human service organizations that serve disadvantaged communities. Over the past three decades, the foundation has refined its mission to prioritize innovative solutions that promote accountability and inclusivity. It aims to enhance the quality of life in various sectors, including community development, education, health and human services, criminal justice, and workforce development, while also supporting conservation/environmental efforts and the arts to a lesser extent. With assets exceeding $314 million, the Abell Foundation is one of the largest private foundations in Maryland, dedicated to creating opportunities for marginalized populations and fostering community success.

Blu Venture Investors is a venture capital and private equity firm focusing on seed and early-stage technology investments and related special situations such as acquisitions and spin-offs. It backs software, SaaS, cybersecurity, Internet of Things, digital media, and technology companies across B2B and B2C models, with interest in materials, chemical and biological sciences, and solutions for defense, homeland security, and intelligence communities. The firm targets the mid-Atlantic region—Maryland, Virginia, Washington, D.C., and North Carolina—and typically invests between $50,000 and $3 million per round, often syndicating larger rounds with partners. It aims to take majority stakes and provides board seats, advisory support, and, when needed, C-level executives. Founded in 2010 and headquartered in Vienna, Virginia, Blu Venture Investors combines capital with active mentorship from experienced operators to help early-stage companies scale.

Established in 2012 by Christopher College and Stuart Sutley, TCP Venture Capital is a venture capital firm headquartered in Hampstead, Maryland. It focuses on investing in early-stage technology companies based in Baltimore.

New Enterprise Associates is a venture capital firm founded in 1977 and based in Menlo Park, California, with offices in the United States, India and China. It makes investments across technology and healthcare startups at multiple stages, from seed to growth, including software, cloud, data, internet services, fintech, AI, e-commerce, and enterprise technology, as well as healthcare information technology, life sciences, medical devices, and biopharma. It also considers energy technology and infrastructure opportunities, such as solar, batteries and smart grids. The firm pursues a global approach, with activity in the United States, Asia and other regions, and supports companies through rounds of financing ranging from small to sizable investments as they scale. NEA focuses on building portfolios in software, IT services, consumer technology, and healthcare technology, backing ambitious entrepreneurs across sectors and geographies.

Founded in 2014, Gaingels is a venture investment syndicate dedicated to supporting the LGBT+ community. It invests globally in companies led by LGBT+ founders or C-suite executives at all stages of growth, focusing on inclusivity and positive social change.

T. Rowe Price Group is a global investment management firm serving individuals, institutions, and retirement plans. It launches and manages equity and fixed income mutual funds and provides separate accounts and other advisory services to clients. The firm invests in public markets worldwide, using a combination of fundamental and quantitative analysis with a bottom-up approach, supported by in-house and external research. It emphasizes socially responsible investing with a focus on environmental, social, and governance factors. Founded in 1937, the company is headquartered in Baltimore and maintains a worldwide presence with offices across North America, Europe, Asia, and the Middle East.

DataTribe is a startup foundry based in Fulton, Maryland, established in 2015. The company focuses on investing in and co-building innovative startups that aim to make significant advancements in cybersecurity and data science. Founded by experienced investors and veterans from the U.S. intelligence community, DataTribe leverages its extensive network and professional expertise to provide companies with essential resources, including capital and in-kind services. By fostering collaboration and offering strategic support, DataTribe strives to give its startups a competitive edge in the rapidly evolving tech landscape.

Intersouth Partners is a Durham, North Carolina–based venture capital firm founded in 1985 that concentrates on seed and early-stage investments in technology and life sciences. It seeks to be a lead or co-lead investor, often participating in the first institutional round with initial investments in the range of several hundred thousand to several million dollars and pursuing a total investment across rounds around ten to twelve million dollars. The firm emphasizes equity investments and typically seeks a board seat on portfolio companies, aiming to support growth in sectors such as software, semiconductors, communications, digital media, clean technology, security, medical devices, biopharmaceuticals, agricultural biotechnology, and biomaterials. Its geographic focus centers on the Southeast, including the Research Triangle area, Washington, DC, Atlanta, and the broader corridor from Baltimore to Florida. The firm is known for its active engagement and long-standing experience in building early-stage technology and life sciences companies.

Camden Partners is a United States-based investment firm founded in 1995 and based in the Baltimore, Maryland area. It acts as an asset manager providing growth and private equity capital to lower-middle-market companies, primarily in technology, software, education, healthcare, and business services. The firm pursues early to growth-stage investments across North America and Western Europe, applying sector knowledge and active involvement to help portfolio companies scale. Camden Partners emphasizes disciplined, fundamentals-driven approach and seeks long-term partnerships with management teams and other investors, including board-level engagement where appropriate. The company operates as a registered investment adviser and focuses on building lasting value through strategic capital and advisory support.

Alumni Ventures Group is a venture capital firm based in Manchester, New Hampshire, with offices across North America. It provides access to venture investing for individual accredited investors, particularly alumni networks, by offering diversified portfolios of venture opportunities and allowing members to invest alongside fellow alumni in ventures led by peers. The firm backs early-stage and later-stage opportunities across technology, consumer, healthcare, financial services, and other sectors, with a sector- and geography-agnostic approach. It typically invests between $10,000 and $3 million per deal and emphasizes the involvement of alumni connections and an institutional lead investor in opportunities. Alumni Ventures also offers focused funds to broaden participation, enabling accredited investors to access venture portfolios diversified by type, sector, stage, and geography. The model aims to democratize access to venture capital while maintaining rigorous selection standards through alumni networks.

Founded in 1989, OrbiMed is a New York-based healthcare-dedicated investment firm managing approximately $5 billion in assets. It invests across the spectrum of healthcare companies, from private start-ups to large multinational corporations, focusing on biopharmaceuticals, life sciences, digital health, medical devices, and diagnostics sectors globally.

The Maryland Innovation Initiative (MII) is a collaborative program established between the State of Maryland and five prominent academic research institutions: Johns Hopkins University, Morgan State University, University of Maryland College Park, University of Maryland Baltimore, and University of Maryland Baltimore County. The initiative aims to foster the commercialization of research generated within these universities, utilizing their unique strengths to drive innovation. By facilitating partnerships and encouraging the transfer of knowledge and technology, MII seeks to enhance the economic development of Maryland and support the growth of emerging companies that arise from academic research.

Greenspring Associates, established in 2000, is a global investment firm headquartered in the United States. It specializes in fund of funds management, offering commingled funds and customized partnership solutions to a diverse range of international clients. The firm invests in established and emerging venture capital fund managers, early and growth-stage venture-backed companies, and secondary venture capital fund and direct investments. With over $7.3 billion in committed capital, Greenspring's dedicated team combines extensive expertise in both venture fund and direct investments.

Ben Franklin Technology Partners of Southeastern Pennsylvania is a technology-focused capital provider based in Philadelphia, founded in 1982 to advance the region's technology community. The organization funds and supports technology companies across Pennsylvania, especially in information technology, health, and physical sciences, investing substantial capital in early-stage and established ventures. It has invested over 170 million dollars in more than 1,750 regional technology companies and has launched university-industry partnerships to translate scientific discoveries into commercial products, while seeding regional initiatives that strengthen the entrepreneurial ecosystem and create jobs.

Camber Creek is a venture capital investment firm focused on technology-related opportunities in real estate. Headquartered in Rockville with an office in New York, the firm concentrates on investing in real estate technology companies across the United States. It leverages expertise across real estate sectors such as construction, property management, development, and leasing, and combines investing, operating, and technology know-how with the assets of its partners, investors, and advisors to support the growth and success of its portfolio companies.

Rock Springs Capital is an investment company based in Baltimore, Maryland, established in 2013. It specializes in the healthcare and biotechnology sectors, offering advisory services that focus on managing security portfolios and providing portfolio management solutions for businesses and institutional clients. The firm aims to assist clients in optimizing their investment strategies and achieving their financial objectives through its comprehensive management services.

Founded in 1871, Truist is a banking organization headquartered in Charlotte, North Carolina. It offers a wide range of consumer and commercial financial services including retail banking, small business lending, asset management, insurance, mortgage lending, investment brokerage services, wealth management, asset-based lending, commercial mortgage lending, leasing, payment solutions, supply chain financing, and commercial deposit services.

Founded in 1983, Kinetic Ventures is a venture capital firm specializing in early-stage investments in communications, information technology, and power/clean technology sectors. Based primarily in the United States, with additional offices in Canada and internationally, the firm invests between $2 million to $10 million per company, typically exiting through IPO or acquisition.

Warburg Pincus is a global private equity and venture capital firm founded in 1966 and headquartered in New York, with offices around the world. It provides capital across the full life cycle of companies, from founding startups and early-stage financings to growth equity investments, restructurings, and late-stage or management buyouts, often acting as a lead investor and taking minority or majority stakes and board seats. The firm targets a broad range of sectors including consumer, energy, financial services, healthcare and life sciences, technology, media and telecommunications, industrial and business services, real estate, and software, with investments spanning software, fintech, energy, and other growth opportunities. It pursues value creation by backing durable, high-potential companies and generally holds investments over several years. Its global footprint enables activity across North America, Europe, and Asia, aligning with management teams to build scalable, market-leading businesses.

Founded in 1999, Enhanced Capital Partners is a New York-based investment firm managing over $400 million. It specializes in equity and debt investments for small to mid-sized companies across various sectors, with a focus on healthcare technology systems and TMT industries.

Founded in 1997, Novak Biddle Venture Partners is a private equity and venture capital firm based in Bethesda, Maryland. It specializes in seed to early-stage investments in information technology companies, with a focus on the Mid-Atlantic region of the United States.

Federal Railroad Administration enable the safe, reliable, and efficient movement of people and goods for a strong America, now and in the future.

Moonshots Capital is a venture capital firm based in Austin, Texas. It makes seed-stage investments in technology startups led by founders who are building products that re-imagine work and personal life in large and growing markets. The firm uses a disciplined investment process to identify companies with moonshot potential. It focuses on dual-use technology, fintech, consumer Internet, artificial intelligence, and cybersecurity. Moonshots Capital is a registered investment adviser and supports portfolio companies through early growth to scale.

NextGen Venture Partners is a venture capital firm founded in 2011 that focuses on seed and early-stage investments in technology companies across the United States. The firm operates through a broad network of venture partners and targets category-defining and industry-defining technology opportunities in a sector-agnostic approach. It typically invests in seed and early rounds, with check sizes described as ranging from hundreds of thousands to a couple million dollars, and may participate in larger rounds as needed. Headquartered in Baltimore, Maryland, with additional offices in Boston and Arlington, the firm emphasizes building partnerships with founders and accelerating growth through its expansive partner network. NextGen seeks to back ambitious companies using collaborative funding structures and strategic support to help scale globally.

TDF Ventures LLC is a venture capital firm founded in 2004 and headquartered in Chevy Chase, Maryland, with additional offices in Washington, D.C., and Silicon Valley. The firm specializes in early-stage investments, primarily targeting seed stage and Series A companies across various sectors, including infrastructure, software, services, cybersecurity, artificial intelligence, and e-commerce. TDF Ventures typically invests between $0.5 million and $5 million per transaction, focusing on companies that enhance business processes, improve broadband access, or innovate in technology and communication. The firm seeks to engage actively with its portfolio companies and often considers co-investment opportunities. TDF Ventures is committed to supporting startups that address critical industry challenges and leverage emerging technologies to create value in enterprise markets.

ABS Capital Partners is a private equity and venture capital firm founded in 1990. It focuses on growth equity and expansion investments in healthcare, education, and tech-enabled services companies across the United States. The firm partners with management teams to help companies scale by providing capital and strategic guidance for expansion into new markets and offerings. With a history of investing in growth-oriented businesses, ABS Capital emphasizes hands-on collaboration to build durable value in technology-enabled services and healthcare sectors.

Lockheed Martin Ventures, established in 2014, is a venture capital arm of Lockheed Martin Corporation. It focuses on investing in early-stage companies specializing in advanced technologies such as autonomous systems, cybersecurity, space technologies, and artificial intelligence.

The Maryland Department of Business and Economic Development (DBED) is dedicated to fostering a favorable business environment in the state. Through its platform, ChooseMaryland, the department provides essential resources and programs for businesses of all sizes, including information on financing, workforce training, exporting, and assistance for small and minority enterprises. DBED's primary objectives are to attract new businesses, stimulate private investment, create jobs, and support the growth and retention of existing companies. Additionally, the department plays a vital role in marketing Maryland's economic advantages and local products both domestically and internationally, thereby enhancing development, trade, and tourism. Recognizing the importance of cultural and special events, DBED also supports initiatives in the arts, film production, and sports. By promoting a positive business climate and ensuring equitable prosperity across the state, the department positions Maryland as a key player in the New Economy.

Lloyd’s is a global leader in specialty insurance, providing expertise-led solutions for complex risks. With over 200 territories covered by its expert underwriters and brokers, Lloyd’s facilitates human progress by developing innovative insurance products.

Highland Capital Partners is a Massachusetts-headquartered global venture capital firm that invests in seed, early and growth-stage consumer and enterprise technology companies. It maintains offices in Boston, Silicon Valley and Shanghai and has raised substantial capital and backed more than 225 companies across consumer and enterprise technology, supporting entrepreneurs with a focus on building lasting businesses. The firm also runs mentorship initiatives such as Summer@Highland. Its European presence, Highland Europe, founded in 2012, targets rapidly growing internet, mobile and software companies in Europe and works closely with the firm to pursue primary investments as well as acquisition finance or lead secondary transactions.

Founded in 1983, Sterling Partners is a private equity firm focused on growth-oriented investments in lower and middle market companies across various sectors. With offices globally, they typically invest between $2 million to $500 million of equity in companies with enterprise values ranging from $20 million to $150 million.

Eli Lilly and Company is a global pharmaceutical leader engaged in the discovery, development, manufacture, and sale of medicines. It operates facilities in the United States, Puerto Rico, and many other countries, with products sold in about 135 countries. The company focuses on therapies in neuroscience, cardiometabolic, cancer, and immunology, and also conducts research in animal health and animal agriculture. Lilly supports patient outcomes and education through a philanthropic foundation that funds programs in underserved communities, including STEM education in Indianapolis.

Conscious Venture Lab is an early-stage business accelerator based in Baltimore, Maryland, established in 2013. The firm is dedicated to nurturing purpose-driven companies that aim to leverage capitalism for a more just, joyful, and equitable society. It focuses on various sectors, including cybersecurity, biotechnology, technology infrastructure, consumer products, and gaming, among others. Conscious Venture Lab typically invests between $25,000 and $50,000 for equity stakes of 5 to 10 percent. The accelerator runs a six-month program designed for teams with a minimum of three members. The initiative honors the legacy of David B. Wolfe and incorporates insights from leading thinkers in Conscious Capitalism, fostering the development of "Companies that Matter."

Sagamore Ventures is an early-stage investment firm located in Baltimore, Maryland, founded in 2014. As a family office, it focuses on investing in various sectors, including real estate, hospitality, and food and beverages. The firm aims to support innovative businesses and foster growth within the Baltimore region. Through its strategic investments, Sagamore Ventures seeks to contribute to the local economy while identifying opportunities that align with its vision for long-term success.

Anne Arundel Dermatology operates a network of dermatology clinics focused on delivering comprehensive skin care services. The company specializes in various aspects of dermatology, including general, cosmetic, medical, surgical, and pediatric care. It also provides advanced treatment options for skin cancer and a range of cosmetic procedures. By offering a full suite of dermatological services, Anne Arundel Dermatology aims to address the diverse skin care needs of its clients, ensuring effective and reliable treatment solutions.

301 Ventures is a student-run venture fund based in College Park, Maryland, focused on supporting entrepreneurs affiliated with the University of Maryland and the greater Washington, D.C. area. Established in 2015, the fund manages $500,000 and specializes in making pre-seed investments in companies founded by University of Maryland students and alumni. Its primary aim is to accelerate product development and prepare these startups for future funding opportunities.

Bonsal Capital is a family private equity firm based in Baltimore, Maryland, founded in 1999 by Frank A. Bonsal, Jr., a co-founder of New Enterprise Associates. The firm focuses on mission-driven investments primarily in the Capital Region, targeting technology-enabled services in education and workforce development, as well as the information technology and life sciences industries.

Sachs Capital is a private equity and investment management firm founded in 2007 and based in Potomac, Maryland. The firm targets private investment opportunities that are overlooked by larger venture capital and private equity funds, providing patient, value-added capital in the form of minority, non-control equity in private operating companies. Its investment approach emphasizes long-term capital appreciation with controlled operating and financial risk, focusing on solid valuation, strong business fundamentals, capable management, and sound corporate governance. Sachs Capital pursues a flexible set of financing strategies, including growth capital, management or partner buyouts, acquisitions, refinancing, recapitalization, working capital, and owner liquidity, often delivering non-controlling capital to entrepreneurs and family-owned or private firms seeking strategic support.

Sirnaomics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing targeted therapeutics for significant human diseases using RNA interference (RNAi) technology. Founded in 2007 and headquartered in Gaithersburg, Maryland, with additional offices in Cambridge, Massachusetts, and facilities in Suzhou and Guangzhou, China, Sirnaomics is dedicated to addressing critical medical needs in oncology, anti-fibrotic therapeutics, and viral infections. The company's product portfolio includes several small interfering RNA (siRNA) therapeutics such as STP705 for scar reduction, STP909 for colon cancer, and STP900 for HPV and cervical cancer, among others. Sirnaomics employs proprietary Polypeptide Nano-Particle (PNP) technology to enhance drug delivery, allowing effective targeting of the tumor microenvironment and various cell types, particularly in the liver. Through its innovative approach, Sirnaomics aims to create impactful treatments for diseases with large market opportunities.

Founded in 2012, Enlightenment Capital is a private investment firm based in Chevy Chase, Maryland. It specializes in providing creative capital solutions and support to businesses in the Aerospace, Defense, Government & Technology sector. The firm invests in senior debt, mezzanine debt, and minority equity, partnering with top-tier management teams focused on building quality companies.

Alexandria specializes in developing, redeveloping, and operating properties that cater to life science, agtech, and technology tenants. With a strong presence in key locations across North America, the company offers comprehensive services including engineering, asset management, laboratory operations, construction planning, project management, finance, collaboration spaces, sustainability initiatives, and venture investment.

Slate Capital Group is a private equity firm based in Baltimore, Maryland, established in 2004. The firm specializes in investments throughout a company's life cycle, ranging from growth equity to leveraged buyouts. It primarily targets light manufacturing, distribution, and service businesses, including sectors such as business services, healthcare services, for-profit education, niche software, direct marketing, food and beverage, and consumer and retail markets. Slate Capital Group focuses on companies located in the Mid-Atlantic region and considers those based east of the Mississippi River. The firm typically invests in companies with cash flows between $0.5 million and $5 million and EBITDA ranging from $3 million to $15 million. While it prefers to acquire controlling interests, the firm is also open to minority investments.

Hibiscus Bioventures is a biotechnology startup studio based in Rockville, Maryland. Founded in 2019, it builds and invests in companies operating in the biotechnology and pharmaceutical sectors.

Northpond Ventures is a science-driven venture capital firm based in Bethesda, Maryland, with additional offices in San Francisco, California, and Cambridge, Massachusetts. Founded in 2018, the firm concentrates its investments in life sciences, diagnostics, therapeutics, digital health, and related technologies, including AI and machine learning applications in biotech and medical fields, as well as environmental and other emerging technologies. It seeks to back early- and growth-stage companies that advance biomedical research, diagnostics, medical devices, and technology-enabled health solutions. The firm operates as a registered investment adviser and emphasizes building a better tomorrow through science-driven investing. It focuses on strategy, value creation, and supporting companies at the intersection of life sciences and technology, aiming to accelerate innovations that improve health outcomes.

DFW Capital Partners is a private equity firm specializing in lower-middle-market investments. It targets mature-stage growth capital, management-led buyouts, and acquisitions to support industry consolidation in healthcare, business services, and industrial and technology-enabled services. The firm seeks to invest in service companies that utilize technology in a proprietary way and often takes minority or majority stakes with board representation. Primary target areas include healthcare services, outsourced business services, IT and information management services, financial and HR support, logistics, and contract manufacturing. Deal sizes typically range from several million up to tens of millions per transaction, with the ability to invest larger sums with institutional co-investors, and revenue benchmarks generally spanning from roughly $15 million to $150 million with EBITDA in the mid-single digits to low-teens. Financing structures include equity and subordinated debt with warrants, and turn-key financing packages are provided to facilitate add-on acquisitions. DFW Capital Partners was founded in 1983 and is headquartered in Teaneck, New Jersey, with additional offices in the Washington, DC area and Maryland.