TEDCO Closes Out 2022 with ~$1.5 Million Investments in Three Maryland Companies

TEDCO was taking on the role of Santa Claus during this recent holiday season, handing out holiday treats to three Maryland companies. The organization invested a combined $1.5 million into Warrior Centric Health (WCH), Linshom Medical and VirgilHR.

TEDCO Venture Funds invested nearly $1 million into Ellicott City, Maryland-based WCH to support health equity for veterans. WCH aims to ensure optimal care for veterans and their families, care beyond that received through the Veterans Administration.

According to WCH, more than 90% of veterans and their families receive additional care outside of the VA system. Oftentimes, data for these patients, an estimated 75 million, is not shared between the government and private healthcare providers. This leaves gaps in healthcare analysis and coverage, particularly for undiagnosed issues. It is estimated that about 79% of Veterans report at least one chronic medical condition. WCH’s Warrior Centric Solution Suite, which harnesses a combination of data science, along with education and training, covers gaps in health-related information between the VA and other healthcare providers.

Katherine Hill Ritchie, senior director of Venture Funds at TEDCO, said the Warrior Centric Solution Suite offers an answer to a real problem, one where the veteran community faces a unique set of chronic health issues that too often go untreated. The investment will support healthcare changes WCH can bring to veterans and their families, she said in a brief statement.

TEDCO previously invested $200,000 into WCH.

TEDCO’s Venture Funds also provided a $300,000 investment for Linshom Medical, also located in Ellicott City.

The financing supports the startup’s respiratory sensor technology that is designed to provide continuous predictive respiratory monitoring. Linshom developed a device aimed at providing the same quality respiratory profile found in hospital critical care units. The device, dubbed the Linshom Respiratory Sensor and Monitor, is designed to offer continuous monitoring in patients who are at risk for serious respiratory complications but are not considered critical care.

The device provides a respiratory profile including Respiratory Rate (RR), Tidal Volume (rTV) and Seconds Since Last Breath (SSLB) that are all delivered continuously and in real time. The system enables rapid response from health care teams for patients who experience a severe respiratory event that has the potential to become catastrophic.

Ric Hughes, Chief Executive Officer of Linshom Medical, said approximately two million codes occur in hospitals each year that are avoidable.

“Our sensor is a non-invasive device that solves this disconnect between standard of care and patient needs for continuous predictive respiratory monitoring (CPRM),” he said in a brief statement. “With CPRM clinical teams gain advance notice of respiratory decline where action can be taken to avoid complications and patient injury.” Beyond the investment from TEDCO, Linshom Medical also received $800,000 through an Air Force Small Business Innovation Research contract, as well as a $2.4 million SBIR fast-track grant from the National Institutes of Health.

Another startup supported by TEDCO’s venture arm is Bethesda-based VirgilHR, a software as a service (SaaS) provider for human resources professionals. VirgilHR’s web-based browser allows HR professionals to receive instant employment and labor law guidance, as well as other compliance services.

TEDCO’s Builder Fund invested $200,000 into VirgilHR to support its SaaS solutions. The Builder Fund was designed to support startups helmed by entrepreneurs who demonstrate economic disadvantage reach significant milestones as they grow and scale. Beyond financing, companies supported by TEDCO’s Builder Fund also receive executive support, mentorship and networking opportunities.

Jocelyn King, CEO of VirgilHR, lauded TEDCO’s financial support. The investment will enable VirgilHR to offer HR professionals with a “real-time legal guide,” King said.

“Just as VirgilHR empowers HR teams to focus on their core mission and strategic impact areas by helping them regain valuable time back from compliance tasks, TEDCO is empowering our company with this funding and mentoring support,” King said in a statement.

The late round of December financing builds on multiple investments made by TEDCO over the past two months. In November, the Maryland Technology Development Corporation invested $750,000 in Datakwip, an advanced analytics technology company based in Frederick. One month prior, TEDCO made a $100,000 investment in LASARRUS, a Baltimore-based startup developing devices for improved patient monitoring and treatment. Additional investments were made into Frederick’s NanoBIoFAB, a medical device company, as well as a $200,000 financing of Flexnode, Inc., a digital infrastructure company developing a fully modular, liquid-cooled micro data center system.