Four Baltimore-area companies share $800K in loans from Anne Arundel casino fund

March 1, 2016

Four Baltimore-area technology startups have received a total of $800,000 in loans from Anne Arundel County.

 

The county’s VOLT Fund, managed by the Anne Arundel Economic Development Corp., supports entrepreneurs and pre-revenue startups to help them reach key milestones, attract additional funding and grow locally. The fund receives $1.8 million a year from the state’s Small, Minority and Women-Owned Business Investment Fund, which is funded through video lottery revenue from Maryland casinos.

Here are the latest loan recipients:

 

  • Vasoptic Medical Inc. in Baltimore ($150,000) — Vasoptic is developing eye imaging technology that can help diagnose certain eye conditions, such as diabetic retinopathy. The company recently raised $250,000 in bridge funding from Abell Foundation.

  • Grip Boost LLC in Halethorpe ($250,000) — Grip Boost uses polymer-gel technology licensed from the University of Maryland, College Park, to restore grip on football and baseball gloves.

  • Appian Medical Inc. in Severna Park ($150,000) — Appian Medical specializes in diagnostic and monitoring software designed to help patients and doctors better manage chronic health problems.

  • Vixiar Medical Inc. in Annapolis ($250,000) — Vixiar is developing a non-invasive, inexpensive handheld device for monitoring heart failure.

 

Companies are responsible for paying back the no-interest loan only once they have reached a so-called liquidity event, which the fund describes as being acquired, receiving an investment four times the loan amount or an initial public offering.

 

Companies must pay back 10 percent of the loan within 60 days of a liquidity event and will pay back the remainder over monthly payments for between three and five years.

 

For full story click here.

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