The Maryland Department of Business and Economic Development says its Maryland Venture Fund has made follow-on investments in two Maryland startups totaling $700,000.
Bethesda-based KoolSpan, a mobile security encryption company, received $400,000. BrainScope, also in Bethesda, got $300,000. BrainScope is developing neurotechnology for quickly assessing traumatic brain injury.
KoolSpan says it has grown more than 1,000 percent in the last year and expects to double its employees to 100 by the end of the year. The Maryland Venture Fund previously invested $300,000 in the company.
BrainScope, whose devices will help on-site assessment of traumatic brain injuries, has received $12 million from government contracts. The Maryland Venture Fund has invested a total of $900,000 in the company.
The funds are raised by InvestMaryland, a public-private partnership between the state and venture capital firms.