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20 August 2014

Maryland Venture Fund invests $700,000

KoolSpan and BrainScope both attract funding totaling $700,000.

Author: Thierry Heles, reporter

The Maryland Venture Fund, a state-backed seed and early-stage investor, has invested a total $700,000 in KoolSpan and BrainScope. Both investments are follow-on.

Mobile cybersecurity startup KoolSpan received the bigger chunk at $400,000. The startup graduated from bwtech@UMBC, the incubator of the University of Maryland, Baltimore County, in July 2014. The startup provides hardware encryption for mobile devices such as phones, tablets and laptops. KoolSpan has grown more than 1,000% in the past year and anticipates its staff to double to 100 by the end of 2014. It previously secured $300,000 from the Maryland Venture Fund.

BrainScope, a medical device developer, has secured $300,000. It is a spin-out from New York University’s School of Medicine and has built a portable device that can compare an EEG against a database to detect brain injuries. The new investment brings the fund’s total commitments to $900,000. BrainScope has also been awarded $12m in government contracts.

Both companies are based in Bethesda, Maryland, fulfilling the fund’s eligibility requirement.

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