TEDCO Seed Funds Invest in Galen Robotics, Inc.
Maryland-based company working to make surgeon’s lives easier with innovative assistive technology
COLUMBIA, Md. (June 27, 2023) – TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 Seed Funds investment into Galen Robotics, Inc. This round of seed funding is from the Life Sciences Investment Fund.
“In 2017, Galen successfully secured our first MII Phase III grant which led us to make the decision to relocate our headquarters from Silicon Valley to Baltimore. Now, as we receive a follow-up investment, it is evident that TEDCO remains committed to supporting and nurturing its portfolio companies. Despite the macroeconomic challenges associated with early-stage funding, TEDCO has established itself as a leader in investing in high-quality startups based in Maryland. Their dedication to supporting local entrepreneurship is commendable and sets them apart in the startup ecosystem,” said Bruce Lichorowic, president and CEO of Galen Robotics. “TEDCO serves as a valuable resource for Maryland’s early-stage technology companies, offering not only funding opportunities but also mentorship, marketing strategies and introductions to key leaders within the government and industry. With these comprehensive support services, TEDCO becomes an indispensable resource that empowers startups to progress and reach the next level of their development.”
Galen Robotics, Inc., based in Baltimore, Md., is a medical device company developing a surgical robotics platform. The innovative Galen Platform addresses a growing need for surgical robotics assistance in a diverse array of microsurgical procedures. By integrating with standard surgical instruments, the platform enhances stability and ergonomics, thereby improving surgical outcomes in narrow corridors and minimally invasive procedures.
“Galen Robotics is making innovative solutions to fill an unmet demand,” said Teddy Gresser, director of TEDCO’s Seed Funds. “TEDCO’s continued support will allow Galen Robotics to expand their research, with hopes of making more innovative solutions that will continue to support surgeons.”
Galen Robotics also received funding, guidance and mentoring through TEDCO’s Maryland Innovation Initiative (MII), and was a spinout from Johns Hopkins University. In 2017, the company received a $150,000 investment as part of MII’s Company Formation Phase.
TEDCO’s Seed Funds are invested in companies showing promise of becoming venture fundable companies, or companies that, through a seed investment, will be sustainable through customer revenue, follow-on funding, or other forms of corporate venture. Find out how to apply here: https://www.tedcomd.com/funding/seed-funds.