2 Start-Up Companies Get $300K From InvestMaryland

BALTIMORE (AP) -- Maryland officials have announced a $300,000 investment in two start-up companies through the state's InvestMaryland initiative.

The Maryland Department of Business and Economic Development said Thursday that Plasmonix will receive $100,000. Bambeco, which received $400,000 in InvestMaryland funds last month, will receive $200,000.

InvestMaryland was created last year to help innovative companies get started in the state. Maryland has raised $84 million for the venture capital initiative through an online auction of tax credits to Maryland insurance companies.

Plasmonix, which is based at the University of Maryland, Baltimore County, has developed technology used in cell detection for medical research.

Bambeco is a Baltimore-based online retailer whose catalogue includes solar-powered tea lanterns, recycled scrap steel trash bins and briefcases made from recycled truck tires with seatbelt shoulder straps.

(Copyright 2012 by The Associated Press. All Rights Reserved.)