Rob Winston, CEO of HopFlyt
TEDCO, Maryland’s economic engine for technology companies, announced a recent $500,000 Venture Funds investment in HopFlyt.
“From the HopFlyt team and me, we thank TEDCO for their continued support of innovation in the State of Maryland,” Rob Winston, CEO of HopFlyt.
Located in Salisbury, Md., HopFlyt, is developing autonomous, long-range, hybrid-electric, vertical takeoff and landing aircraft to enable long endurance operations in challenging environments. Through a core team of engineers, operators and business leaders with experience across aerospace, defense and advanced technology, the company is building next generation aircraft designed to combine the range and efficiency of fixed-wing aviation with the flexibility of vertical flight.
“Maryland is built on an ecosystem of innovators who are dedicated to creating efficiency and improving processes across industries,” said Katherine Hill Ritchie, senior director of TEDCO’s Venture Funds. “Watching the continued growth of entrepreneurs across the State is inspiring and we are honored to be able to support so many on their business journey. We are excited to be able to invest in dual-use technology companies like HopFlyt who are committed to paving the way for future growth.”
TEDCO’s Venture Funds were created to increase private equity and venture capital in Maryland, generate financial returns and foster economic growth. For more information on the application process, visit our page here.
“Maryland’s entrepreneurial ecosystem continues to thrive, raising nearly $3.4 billion in venture capital across 2023 alone,” said TEDCO CEO Troy LeMaile-Stovall. “With such a commitment to supporting innovation, we are glad to be a resource that is leading Maryland into the international market. TEDCO welcomes technology and life sciences startups across the state to take advantage of the vast opportunities we offer.”
For more information about Maryland’s unique advantages, visit our page here.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
