Maryland medical device start-up developed new way to manage patient temperature
COLUMBIA, Md. (October 18, 2022)—TEDCO, Maryland’s economic engine for technology companies, announced today its Seed Funds invested $200,000 in CoolTech, LLC, a Maryland-based medical device start-up. TEDCO’s Seed Funds invest in early-stage, technology and life sciences companies and includes gap financing.
“CoolTech is leveraging its patented platform to develop novel therapies such as transnasal evaporative cooling for temperature management and thermodynamic neuromodulation for migraine and other pain disorders. Without using drugs or chemicals, we drive results, with lower cost and virtually no side effects,” said CoolTech CEO, Steven Schaefer. “Thanks to TEDCO, we are tackling some of the most debilitating clinical conditions in the world.”
The most recent round of seed funding came from its Life Science Investment Fund; investments are for companies in the process of developing a technology for a product for human health that requires approval from the United States Food and Drug Administration prior to market.
CoolTech, LLC, based in Baltimore City, is developing novel, drug-free medical device therapies for temperature management and neurmodulation. This includes CoolStat® a portable and easy-to-use device that is a disruptive alternative to current expensive and invasive strategies used for Targeted Temperature Management (TTM) after traumatic events such as stroke and traumatic brain injury. The company has raised $16 million in grant funding and private capital to date.
“It’s exciting to see entrepreneurs revolutionizing the medical device industry with new products like this one,” said Jack Miner, TEDCO’s chief investment officer. “We look forward to seeing the progression of CoolTech and the long-term impact it will have on our community.”
For entrepreneurs applying for their first investment from Seed, all companies must have started operations within five years from the date of the application and investment. Click here for Seed Fund FAQs.
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.