Company developing medical devices therapies for a drug-free migraine therapy and a novel patient temperature management platform.
COLUMBIA, Md., (September 10, 2025) — TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 Venture Funds investment in CoolTech. TEDCO’s Venture Funds are dedicated to funding and empowering the next generation of early-stage businesses in the state.
“We are in late-stage clinical testing of a breakthrough thermal neuromodulation device for home treatment of migraine, a debilitating neurological disease that afflicts 1 billion people worldwide” said Steven Schaefer, CEO of CoolTech. “Through TEDCO’s support, we have been able to advance our research and development efforts; and are targeting a product launch next year.”
CoolTech, LLC, based in Baltimore City, is developing drug-free medical device therapies for temperature management and neuromodulation for pain and mood disorders. This includes CoolStat, a portable device that aims to offer an alternative solution to current expensive and invasive strategies used for Targeted Temperature Management (TTM) and Mi-Helper, a thermal neuromodulation device that aims to offer migraine treatment. 
“Innovators tackling the medical device industry, like CoolTech, work to provide more opportunities and solutions for patients and physicians alike,” said Katherine Hill Ritchie, senior director, Venture Funds, TEDCO. “We hope to see CoolTech’s continued growth, not only for the company’s success, but for the impact their product can have on the community.”
CoolTech has received previous investments from TEDCO’s Life Sciences Investment Fund, a fund located under the Seed Funds umbrella, in 2018 and 2022.
“As one of the nation’s top biopharma clusters, Maryland is uniquely equipped to support the development of medical and life sciences innovations,” said TEDCO CEO Troy LeMaile-Stovall. “Any founders looking to start or grow their life sciences businesses in the state will find a community of support.”
For more information about our Venture Funds, visit our website at tedcomd.com/funding/venture-funds.