TEDCO Selects AIN to Support Management and Investment of Allocated SSBCI Funding
AIN becomes the second selected VCLP to support the next generation of technology innovation
COLUMBIA, Md., Jan. 15, 2025 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announces the selection of AIN Ventures as one of the early-stage venture capital fund managers supporting the management and investment of up to $10 million in U.S. Department of Treasury State Small Business Credit Initiative (SSBCI) funding.
"As a mission-driven organization, we are excited to work with early-stage entrepreneurs and TEDCO to strengthen Maryland's innovation ecosystem and support the successful deployment of valuable SSBCI funding," said Sherman Williams, co-founder and managing partner of AIN Ventures.
"We are thrilled to collaborate with TEDCO to invest in Maryland's founders," said Emily McMahan, co-founder and general partner of AIN Ventures. "Together, we're not just providing capital; we're offering support to nurture the next generation of startups across the state. This collaboration will drive innovation and economic impact and unlock new opportunities."
AIN Ventures is a venture capital firm specializing in pre-seed and seed-stage investments at the intersection of deep technology and dual-use technology. Separately, the fund also invests in military veteran-led startups. Startup founders will also have access to AIN Ventures' Academy Investor Network, a syndicate of graduates from the five U.S. military service academies that invest alongside AIN and help with deal-sourcing, vetting and providing post-investment support.
"TEDCO is fully committed to supporting the growth and development of Maryland's innovation ecosystem," said Troy LeMaile-Stovall, TEDCO CEO. "Through our collaboration with AIN Ventures, we will expand our reach, support more small businesses and continue advancing innovation across the state."
Recently, TEDCO announced receiving an infusion of up to $50 million in funding from SSBCI initiative. This funding supports recipients of TEDCO's Venture Equity Fund, Seeds Funds Equity program, and Social Impact Funds—along with the $10 million earmarked for the Venture Capital Limited Partnership (VCLP) Equity program. Of this amount, $3 million has been allocated to 100KM Ventures as part of the VCLP program.
For more information about the SSBCI VCLP funds, visit our website at https://www.tedcomd.com/funding/state-small-business-credit-initiative-ssbci.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com
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SOURCE TEDCO