Grotech Ventures has been selected as the first private venture capital firm to receive funds to invest through the state’s $84 million InvestMaryland program.
The newly launched program has previously given awards directly to early stage technology companies.
Grotech Ventures, with offices in Hunt Valley and Tysons Corner, Va., received $12 million from InvestMaryland to invest in early-stage companies in Maryland. If the investments are successful, the firm is expected to repay the funds and 80 percent of the profits to the state.