Posted February 10, 2020
Technical.ly Baltimore: ARMR Systems raises $750K, with funding from Maryland investors
The University of Maryland BioPark-based company moved to Baltimore in 2017. Now it's looking to continue growing a team as it moves its device to market.
Two years ago, ARMR Systems moved to Baltimore to base development of a device to stop bleeding before a medic can arrive. Now the University of Maryland BioPark-based startup has new investment that includes participation from local funds, and is looking to expand its team.
The company said Monday that it raised a $750,000 seed round that included local backing: a $350,000 joint investment from the University of Maryland, Baltimore and the Maryland Momentum Fund. The latter is the venture fund created by the University System of Maryland to invest in companies connected to the state universities. Working out of the GRID, ARMR Systems is the first BioPark tenant to receive investment from the Fund. The round also included participation from Naples, Florida-based Tamiami Angel Fund.