Money moves is a column in which we chart fundraising operations for tech companies across the region. Do you have advice? Email us at firstname.lastname@example.org.
Pixelligent raised $38 million
pixelelligenta Nanotechnology Corporation which produces materials used in augmented reality displays and sensors, recently raised $38 million in IP-backed funding from a funding vehicle by M-Volution Partners LLC. The money brings the total raised from this funding round to $45 million, with another $7 million coming from existing investors.
The company is famous for PixClearProcess, which makes materials at the nanoscale, rather than breaking down larger materials into nanoscale materials. It manufactures all of its materials in Baltimore and has a capacity of 25 tons. Current CEO Craig Bandis He took over the company in 2009 as a chief restructuring officer appointed by the bankruptcy judge. In that time, Pixelligent has raised $100 million to reach its current market position.
Bandes credited the new money raised to PixClearProcess, nearly 90 patents, and “dozens” of trade secrets.
“The financing will help us support our customers as we bring many mass production applications to market in 2023 and beyond,” he said in a statement.
Intellectual property-backed financing is a relatively new financing structure that Bandes has only seen used in the last 18 months or so, and by large companies with significant knowledge and intellectual property. The loan process has been facilitated before helpwhich had a team of experts value the Pixelligent IP portfolio and brought in MVolution Partners as the fund provider, Bandis said. Technical.
He said “Innovation is a critical component of the growth of the economy, but intellectual property is its foundation” Louis Lee, CEO of Aon Intellectual Property, in a statement. “Aon is working with intellectual property-rich companies like Pixelligent to help increase the value of their intangible assets.”
in September, Holabird Business Park– Pixelligent also received a file $1.9 million grant From US Department of Energy To support the commercialization of nanotechnology for its lubricants.
“Fortunately, we’ve raised enough that we don’t need to think about fundraising for the foreseeable future,” Bandis told Technical.ly.
Galen Robotics raised $15 million
Surgical robotics company Galen Robotics Recently closed Series A with over $15 million investment from Ampex Healthcare Partners.
Galen Robotics, headquartered in 1100 Wicomico, that the money has already supported building a robot prototype and submitting it to the FDA. Funds will also be used to build sales, engineering, product development, and consumer education (“Surgical Training Programs”).
The company’s surgical robot prototype has garnered attention for its technological innovations as well as its “Digital Surgery as a Service” brand. business modelHospitals pay per use, committing to using the device a smaller number of times. Galen Robotics claims to be the first surgical robotics company to launch this type of pay-per-use model.
according to President and CEO Brian LechorowiczThis model shifts the focus to medical need over getting value for money from purchasing a machine and democratizes access to advanced technology for healthcare providers.
Earlier this year, Galen Robotics made headlines in the insurance industry Moderna Founding partner Robert Langer on its board of directors. Langer, who Lechorovic calls a “legend,” has co-founded more than 40 biotech companies and Holds up 1,300 patents. Langer has paid tribute to the Galen Robotics product, saying The Baltimore Sun: “I thought it was really cool and I think it can help a lot of people. They’re bringing robotic surgery to areas that can make a huge impact.”
Galen Robotics research began in John Hopkins University, Although the company itself was based in Silicon Valley until 2019 when it was lured back to Maryland with $9 million in incentives. It is now headquartered in Pigtown, a federal “opportunity district” with tax incentives to encourage regional industry. Galen Robotics investors received $2.1 million in rebates through the state of Maryland Incentive tax credit for investing in biotechnology.
The company has opened a second Series A funding close, with the goal of raising an additional $5 million.
EliteGamingLIVE is fundraising
EliteGamingLIVE, founded in Delaware in 2020 and headquartered in Baltimore, is an online learning platform that uses gaming and competition to improve K-12 STEM education. Founder, Kerwin Renthas been working on the concept since at least 2011, according to his LinkedIn profile.
The company previously raised $2.5 million through a variety of equity and debt packages. A company spokesperson did not immediately respond to Technical.ly’s request for comment.
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