Discovery Fund to Seed Local Innovation Ecosystem
The Discovery Fund will support innovative companies and startups based in College Park and throughout Prince George’s County with up to $1 million a year from the university.
The first round of support is earmarked to help build a network of quantum business focused around UMD.
The university has long been a powerhouse in quantum physics research as well as a leader in designing and engineering technology based on this revolutionary branch of science—one expected to result in quantum computers with unprecedented capabilities as well as disruptive advances in material science, digital security, health care and other fields.
UMD’s growing commitment to strengthening the industry’s foundation further solidifies the university’s status as the heart of the “Capital of Quantum,” President Darryll J. Pines said.
Read the more about the announcement of the Discovery Fund.
This continual building on the infrastructure needed to catalyze startups and create groundbreaking products is absolutely essential if we’re to support and accelerate the advancement and commercialization of quantum technologies. The Discovery Fund is the perfect addition to keep the momentum going around the quantum ecosystem we have been building for more than three decades.
The Discovery Fund invests in promising early-stage technology companies and related projects that catalyze economic development in Prince George’s County in the technology fields but not limited to:
- Advanced Data Computing and Information Technologies
- Augmented and Virtual Reality (AR/VR)
- Biomedical Devices
- Cyber Security
- Data Analytics
- Neurosciences
- Quantum technologies
The Discovery Fund provides access to dilutive and non-dilutive capital to qualified companies and projects as described below:
Dilutive Capital
- Preferred equity, convertible debt, SAFE’s etc.
- Initial investment: Up to $150,000; all-in including follow on investment(s) of up to $300,000
Non-Dilutive Capital
- Grants up to $75,000 annually; can re-apply annually.
The Discovery Fund is looking for companies and/or projects that meet the following criteria:
- Companies need to be located/(willing to locate) in Prince Georges County, Maryland
- Companies must be growth-focused start-ups (versus lifestyle small businesses)
- Potential to generate market returns
- Economic benefit to region (e.g., jobs)
- Companies will have developed defensible technology
- Seed stage: Companies in beta-to-launch-to-early commercialization development stages
- Seeking to raise less than $1,000,000
- Valuation/Valuation Cap less than $10,000,000
- Clear milestones with reasonable chance to achieve (including funding)
- Evidence on the path to product-market fit
- Preferred sectors/fields include - Augmented and Virtual Reality, Neurosciences, Biomedical Devices, Data analytics, Cyber security, Quantum technologies, Advanced data computing and information technologies
Projects must also meet the following criteria:
- Provide significant strategic benefit to Prince George’s County technology ecosystem
- Help to recruit and retain promising companies located in Prince George’s County
- Path to sustainability
Applications are accepted on a rolling basis.
Discovery Fund Team
Discovery Fund Advisory Board
- Bill Bentley - Robert E. Fischell Distinguished Chair & Inaugural Director of the Robert E. Fischell Institute for Biomedical Devices Fischell Department of Bioengineering, University of Maryland
- Alex Castelli - Partner, CohnReznick
- Dean Chang - Chief Innovation Officer, University of Maryland, College Park
- James Chung - Associate VP for Research, Innovation & Entrepreneurship at the George Washington University
- Barry Curtis - Owner, Best Fence
- Gloria Jacobovitz - Physicist, JHU APL
- Shane Kim - Managing Partner, Baleon Capital
- Nigel Long - Senior Managing Director, Trade Street Advisors
- Dave Moehring - General Partner, Cambium Capital
- Lillian Nash - Controller, University of Maryland College Park
- Greg Oler - CFO, University of Maryland College Park
- Manpreet Singh - CIO, Singh Capital Partners
- Stan Smith - Managing Director, Discovery Fund & Terrapin Fund, University of Maryland College Park
- Kathryn Stewart - Managing Director, Cranbrook Capital
- Ken Ulman - Chief Strategic Officer for Economic Development, University of Maryland College Park Foundation
Investment Executive Committee
- Bill Bentley - Robert E. Fischell Distinguished Chair & Inaugural Director of the Robert E. Fischell Institute for Biomedical Devices Fischell Department of Bioengineering, University of Maryland
- Dean Chang - Chief Innovation Officer, University of Maryland, College Park
- Greg Oler - CFO, University of Maryland College Park
- Stan Smith - Managing Director, Discovery Fund & Terrapin Fund, University of Maryland College Park
- Nigel Long - Senior Managing Director, Trade Street Advisors (non-voting)
- Ken Ulman - Chief Strategic Officer for Economic Development, University of Maryland College Park Foundation (non-voting)
University of Maryland College Park (UMCP) Venture Funds
- Stan Smith, Managing Director (Office of Innovation)
- Scott Christensen, Manager (Mtech)
- Anntoinette Barbour, Business Operations (Office of Innovation)
- Sammy Popat, Donor/Investor Relations (Office of Innovation)
Portfolio Companies
Investments
BEIT
BEIT is a leading quantum software R&D company that develops novel quantum algorithms and their implementations with the aim of pushing the boundary of what is possible on quantum hardware at any given time.
Channel Program
Channel Program is committed to bringing radical transparency to the IT channel, empowering MSPs to evaluate vendor solutions and manage their vendor ecosystems like never before.
HighT-Tech
HighT-Tech Inc. revolutionizes electrified heating to invent clean technologies toward a sustainable future.
Hungry Harvest
Hungry Harvest is bringing plant power to the people by rescuing farm fresh fruits and vegetables that would otherwise go to waste and affordably and conveniently bringing them right to your door.
ION Storage Systems
ION Storage Systems merged two technologies that no one's merged before and the results are a battery that's simply remarkable. ION Storage Systems makes sure your batteries are safer and stronger - so your products can protect their users and outlast the competition
Medcura
Products designed using the Medcura platform quickly stop bleeding using an inert, self-assembling biopolymer that has already been cleared by the FDA for multiple consumer and vascular closure applications, with additional form factors under development.
QC82
QC82 is on a bold journey to deliver practical photonic QC by using its breakthroughs in scalable on-chip quantum photonics and room temperature photodetection.
Strategic Grants
FedTech
FedTech is a global leader in fostering vibrant deep-tech innovation ecosystems. With a proven track record of scouting and integrating cutting-edge technologies, executing high-impact programs, and delivering exceptional results, FedTech empowers organizations to stay at the forefront of innovation and achieve strategic growth.
Qubit by Qubit
Qubit by Qubit is the quantum initiative of The Coding School, a 501(c)(3) international organization dedicated to training the future workforce in emerging technologies. To date, Qubit by Qubit has trained over 22,500 K-16 students and members of the workforce in quantum computing education in 130 countries and all 50 states.
Use Discovery Fund to…
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Find a lab/office for my venture
The Discovery Fund provides non-dilutive capital to companies that are in the beta-to-launch-to-early commercialization development stages that are interested in being located Prince George's County, Maryland. There are several other conditions and preferences that must be met for ventures to qualify.
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Identify/apply for funding & grants
The Discovery Fund provides non-dilutive capital to companies that are in the beta-to-launch-to-early commercialization development stages that are interested in being located Prince George's County, Maryland. There are several other conditions and preferences that must be met for ventures to qualify.
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Relocate my venture to College Park
The Discovery Fund provides non-dilutive capital to companies that are in the beta-to-launch-to-early commercialization development stages that are interested in relocating to Prince George's County, Maryland. There are several other conditions and preferences that must be met for ventures to qualify.