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Grotech Ventures to Invest $12 Million Through InvestMaryland

Maryland officials on Wednesday announced Vienna-based Grotech Ventures as the first private venture capital firm in the state's $84 million InvestMaryland program. Under the agreement, Grotech -- which has a Maryland office in Hunt Valley -- will receive $12 million to invest in early-stage companies. If the investments prove successful, the firm will then be obligated to return 100% of the principal and 80% of the profits to the state's general fund. Peter Greenleaf, chairman of the Maryland Venture Fund Authority, said the state tabbed Grotech "because of its long history investing in early-stage technology companies in Maryland and overall solid record of investment."

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