“Through the Maryland Momentum Fund, the University System of Maryland is expanding its leadership role as an economic driver for the state.”

— USM Chancellor Robert L. Caret.

Abell Foundation, USM lead $1.45 million round for local aerospace startup
By Morgan Eichensehr
BALTIMORE BUSINESS JOURNAL
Apr 5, 2018, 10:27am

An aerospace company born out of the University of Maryland, College Park has raised $1.45 million in a round led by the University System of Maryland and the Abell Foundation.  North American Wave Engine Corp. is the third startup to receive an investment from the USM Momentum Fund, since its inception in 2016…NAWEC, led by CEO and engineering lecturer Daanish Maqbool, designs and develops wave engines for jet propulsion applications. The startup, born out of research conducted at the College Park campus, has developed a jet engine without any moving parts, to deliver higher levels of fuel-efficiency and weight- and cost-savings to a rapidly growing unmanned aerial vehicle market, as well as the broader aerospace sector.

Maryland jet engine startup raises $1.45M from USM, Abell Foundation
By Stephen Babcock
TECHNICAL.LY BALTIMORE
April 6, 2018

A University of Maryland College Park-born startup developing new jet propulsion technology raised $1.45 million in funding from a group of investors in the state.  The funding for North American Wave Engine Corporation was organized by the University System of Maryland Momentum Fund and the Baltimore-based Abell Foundation…The company is developing a wave engine, which is a jet engine that does not have moving parts. The idea is to offer a cheaper and more fuel-efficient alternative to what's currently available. It's seeking to enter the market both for planes and aviation, as well as unmanned aerial vehicles.

College Park aerospace company gets $1.45M, led by Abell, USM
By Tim Curtis
THE DAILY RECORD
April 5, 2018

North American Wave Engine Corp., a University of Maryland College Park startup, raised $1.45 million during a recent funding round. The round was led by the Abell Foundation and the University System of Maryland's Momentum Fund, with each contributing $350,000 toward the investment…The company is focused on developing wave engines for jet propulsion applications. These wave engines are jet engines without moving part. That allows for greater fuel efficiency, along with reducing the engine's weight. These engines could be prosperous in the unmanned aerial vehicle and the aerospace market.

UMCP Startup North American Wave Engine Corp. Receives Investment from USM Venture Capital Fund
USM Newsroom

North American Wave Engine Corporation (NAWEC), an aerospace company formed from research based at the University of Maryland, College Park (UMCP), has received a $1.45 million investment in a funding round jointly organized by the recently established University System of Maryland (USM) Momentum Fund and the Abell Foundation, a nonprofit dedicated to the enhancement of the quality of life in Maryland, with a particular focus on Baltimore City.  NAWEC is the third startup to receive an investment from the USM Momentum Fund, which was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses, filling gaps in the funding pipeline to push USM’s most innovative ideas into the marketplace

Maryland Momentum Fund makes $250,000 investment in stroke company
By Tim Curtis
THE DAILY RECORD
February 6, 2018   4 p.m.

The University System of Maryland's investment vehicle, the Maryland Momentum Fund, has provided $250,000 to a Baltimore medical device company. It is the fund's second investment…NextStep Robotics is developing a robotic therapy to help treat "foot drop" syndrome developed by stroke patients. The company's technology is based on research from the University of Maryland, Baltimore School of Medicine; Baltimore Veterans Affairs Medical Center and the University of Maryland, College Park A. James Clark School of Engineering.

Another Baltimore startup wins capital from USM venture fund
By Morgan Eichensehr
BALTIMORE BUSINESS JOURNAL
Feb 6, 2018

The University System of Maryland's Momentum Fund has awarded its second round of capital to a Baltimore startup looking to provide technology that helps stroke sufferers relearn to walk properly…NextStep has developed a personalized robotic therapy to help relieve discomforts of "foot drop" syndrome in recovering stroke patients. Of the 800,000 new stroke sufferers per year in the U.S., about 30 percent suffer from foot drop, a disability that can inhibit people from lifting their toe while walking, making them at higher risk for falls. The condition can also affect people with diabetes and Parkinson's disease. NextStep's technology is based on research in the University of Maryland, Baltimore's School of Medicine, Baltimore Veterans Affairs Medical Center and University of Maryland, College Park's A. James Clark College of Engineering.

USM Venture Capital Fund Supports $750,000 Investment in Stroke Recovery Technology
USM Newsroom

The University System of Maryland (USM) has selected NextStep Robotics, a start-up company that has developed a personalized robotic therapy to help relieve discomforts of “foot drop” syndrome in recovering stroke patients, as recipient of the second investment from the recently established Maryland Momentum Fund. The robotic therapy is based on research in the University of Maryland, Baltimore (UMB) School of Medicine, Baltimore Veterans (VA) Affairs Medical Center, and University of Maryland, College Park (UMCP) A. James Clark College of Engineering.  As part of an initial funding round of $750,000, the Maryland Momentum Fund is contributing $250,000.

Baltimore wood stove maker raises $1.2 million with help from University System of Maryland
By Christopher Dinsmore
BALTIMORE SUN
Nov. 10, 2017

MF Fire, a Baltimore-based startup developing a high-tech stove designed to burn wood more efficiently, has secured $1.2 million in an initial funding round. Investors include the University System of Maryland's Maryland Momentum Fund and Bill Clarke...The Maryland Momentum Fund’s $192,500 investment is the first for the $25 million fund created by the system’s board of regents in 2016 to invest in and support promising commercial opportunities arising from its campuses. MF Fire was created by two University of Maryland, College Park-educated fire protection engineers, Ryan Fisher and Taylor Myers, who developed a  wood stove that would burn more efficiently, reducing carbon emissions  and saving users money.

Baltimore wood stove startup wins first investment from USM fund
By Morgan Eichensehr  
BALTIMORE BUSINESS JOURNAL
Nov. 9, 2017

A Baltimore wood stove maker will receive the first round of capital under a new University System of Maryland investment fund. MF Fire has been awarded $192,500 from the Maryland Momentum Fund. The fund was created by USM's Board of Regents in 2016 to enable the system to invest in and support promising commercial opportunities coming from research and intellectual property at USM campuses…MF Fire builds app-controlled, eco-friendly wood burning stoves that are designed to be up to 60 times cleaner than average comparable products. The company was founded about four years ago by two former graduate students and fire protection engineers at Maryland, Ryan Fisher and Taylor Myers, and is now led by CEO Paul LaPorte, a veteran entrepreneur.

MF Fire gets first investment from Maryland Momentum Fund
Tim Curtis 
THE DAILY RECORD
November 9, 2017        

University of Maryland, College Park, startup MF Fire received the first investment form the University System of Maryland’s Maryland Momentum Fund, the system announced Thursday.  MF Fire will receive $192,500 from the momentum fund as part of an initial funding round of $1.2 million.  The investment from the Maryland Momentum Fund is the first by the $25 million fund created by the Board of Regents in 2016…MF Fire was developed by two graduate students in the Department of Fire Protection and Engineering. Ryan Fisher and Taylor Myers developed an eco-friendly wood stove. The stove is designed to deal with strict emissions standards that have cut back on the number of wood stoves available on the market.

MF Fire receives first Maryland Momentum Fund investment
TECHNICAL.LY BALTIMORE
By Stephen Babcock
Nov. 9, 2017

Smart wood stove company MF Fire received $1.2 million in new funding in a round that includes the first investment from a venture fund created by the University System of Maryland...MF Fire started in the University of Maryland College Park’s fire science program…The stove is outfitted with technology that can regulate the temperature of the stove. As a result, it emits lower amounts of carbon dioxide and is safer than traditional wood stoves.

USM Venture Capital Fund Supports $1.2 Million Investment in MF Fire, a UMCP-Based Fire Technology Start-up
USM Newsroom

The University System of Maryland (USM) has selected MF Fire, a start-up company developing innovations in the wood-burning stove industry based on technology advances from the University of Maryland, College Park (UMCP), as recipient of the first investment from the recently established Maryland Momentum Fund.  As part of an initial funding round of $1.2 million, the Maryland Momentum Fund is contributing $192,500.