TEDCO Unveils Second Round of Equitech Growth Fund Awardees

COLUMBIA, Md., (October 22, 2025) — TEDCO, Maryland’s economic engine for technology companies, announced the awardees for the second round of the Equitech Growth Fund. A total of more than $4.3 million will be distributed across nine projects from across Maryland. Of these awards, more than $2.9 million will support three projects focusing on building Maryland’s infrastructure, while more than $1.3 million will support six entities uplifting workforce development efforts.

“For the second round of this fund, we received 93 applicants – a 25% increase in interest from the inaugural round,” said TEDCO CEO, Troy LeMaile-Stovall. “We are happy to say that, of these applications, there was a 15% increase in geographic diversity with nearly all 14 categories represented with advanced manufacturing, entrepreneur development, STEM Education and Cybersecurity emerging as most popular. This level of interest indicates that the Maryland ecosystem is committed to making this our decade, embracing our role as part of the epicenter for cybersecurity talent and supporting innovative minds across the state.”

Of these awardees, five counties and six industry categories are represented. The winning organizations were officially announced by Ellen Flowers-Fields, chair of the TEDCO Board of Directors, and LeMaile-Stovall at the 2025 Entrepreneur Expo on October 21, 2025.

Over the next two years, these projects are expected to work with a total of 71 Maryland-based collaborators to train more than 660 individuals for entry or mid-level jobs in industries like data science, cybersecurity, cloud computing, advanced manufacturing and artificial intelligence.

In total, the awards are projected to generate at least 380 direct jobs and internships, with 65% or more from underrepresented communities. Additionally, the projects anticipate at least a dozen startup companies receiving direct support through infrastructure-funded equipment and materials.
Workforce development focused projects include:

Wicomico County
•  Salisbury University – $249,000 (Entrepreneur Development)

Howard County
•  Consult Lemonade – $250,000 (Cybersecurity/IT)

Baltimore City
• BioBuzz Networks, Inc – $224, 800 (Healthcare, Lifesciences & Bioinformatics)
•  Code in the Schools – $112,500 (STEM Education)
•  Maryland Center for Construction Education and Innovation – $240,626.80 (Advanced Manufacturing)

Prince George’s County
•  Energetics Technology Center – $250,000 (Cybersecurity/IT)

Infrastructure focused projects include:

Montgomery County
•  Rise Therapeutics – $998,000 (Healthcare, Lifesciences & Bioinformatics)
•  Xcellon Biologics – $990,000 (Advanced Laboratory Space)

Harford County
•  Bright Way Partners, LLC – $1,000,000 (Advanced Manufacturing)

As part of TEDCO’s Cultivate Maryland initiative, the Equitech Growth Fund and Commission were established during the 2023 legislative session in response to a study outlining a need for more diversity and inclusion in Maryland’s technology ecosystem.

To address this need, the fund awards grants for infrastructure and workforce development initiatives supporting the state’s economic competitiveness and growth. Learn more about the unique fund at tedcomd.com/funding/cultivate-maryland/equitech-growth-fund.