Discovery Fund
College Park, US Β· 2 known investors
University of Maryland early-stage fund investing up to $1M a year in tech startups based in Prince George's County.
Also known as UMD Discovery Fund Β· University of Maryland Discovery Fund
Investors Β· 2
Company profile
researched Aug 2026The Discovery Fund is an early-stage investment fund established by the University of Maryland to encourage the creation, growth and location of university-created or university-sponsored technology companies in Prince George's County, Maryland. It commits up to $1 million a year from the university to startups and related projects based in College Park and elsewhere in the county. The fund was announced by UMD President Darryll J. Pines on October 12, 2021 at the university's inaugural Quantum Investment Summit, with the first round of support earmarked to help build a network of quantum-focused businesses around UMD.
The fund targets, but is not limited to, advanced data computing and information technologies, augmented and virtual reality, biomedical devices, cybersecurity, data analytics, neurosciences and quantum technologies. It provides both dilutive capital β preferred equity, convertible debt and SAFEs β and non-dilutive grants. Initial dilutive investments run up to $150,000, with an all-in cap of up to $300,000 including follow-on investment; grants are available up to $75,000 annually, and companies may reapply each year. Applications are accepted on a rolling basis.
The Discovery Fund sits within UMD's Office of Innovation alongside the Terrapin Fund, the Quantum Startup Foundry and the Discovery District research park, which the university describes as components of a strategy to accelerate its startup ecosystem and position Maryland as the "Capital of Quantum." Stan Smith serves as Managing Director of the Discovery Fund and Terrapin Fund; the fund is governed by an advisory board and an investment executive committee that includes UMD Chief Innovation Officer Dean Chang, CFO Greg Oler, bioengineering professor Bill Bentley, and Ken Ulman, Chief Strategic Officer for Economic Development at the UMD College Park Foundation.
Business model
The fund deploys university capital into early-stage companies via preferred equity, convertible notes and SAFEs, and also awards non-dilutive grants, with the stated aims of generating market returns and producing regional economic benefit such as job creation in Prince George's County.
Traction
Portfolio companies listed by the fund include BEIT (quantum software R&D), Causify, Channel Program (IT channel transparency platform for MSPs), HighT-Tech (electrified heating technology), Hungry Harvest (rescued produce delivery) and ION Storage Systems (batteries).
βΈFull profile β market position, technology, go-to-market, geography, history
Market position
One of several University of Maryland-affiliated capital sources listed by the Innovation Gateway, alongside the Maryland Momentum Fund, Dingman Center Angels, the Chesapeake Bay Seed Capital Fund and the Terrapin Fund; the Discovery Fund is distinguished by its Prince George's County location requirement and its initial quantum focus.
Technology
Sector focus areas include quantum technologies, advanced data computing and information technologies, cybersecurity, data analytics, augmented and virtual reality, biomedical devices and neurosciences.
Go-to-market
Sourced through the University of Maryland innovation ecosystem β the Office of Innovation, Innovation Gateway, UM Ventures and the Quantum Startup Foundry β with applications accepted on a rolling basis and screened against published eligibility criteria.
Growth-focused seed-stage technology startups (as opposed to lifestyle small businesses) that are located in, or willing to relocate to, Prince George's County, Maryland, typically at beta-to-launch-to-early-commercialization stage, seeking to raise less than $1,000,000 at a valuation or valuation cap below $10,000,000, with defensible technology, clear milestones and evidence of a path to product-market fit. Projects that strengthen the county's technology ecosystem are also eligible.
Geography
Based at the University of Maryland in College Park, with an investment mandate focused on College Park and the wider Prince George's County, Maryland.
History
Announced on October 12, 2021 by UMD President Darryll J. Pines at the university's inaugural Quantum Investment Summit, a two-day event that drew more than 300 in-person and virtual participants and was designed to connect quantum investors and innovators. The launch came the same month IonQ, a quantum computing company built in part on UMD lab technology, went public on the New York Stock Exchange at a $2 billion market valuation, and coincided with MITRE joining as a founding member of UMD's Quantum Startup Foundry, itself backed by a $10 million UMD capital investment.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 1
launches, deals, and filingsUniversity of Maryland President Darryll J. Pines announced the creation of the Discovery Fund at the university's inaugural Quantum Investment Summit, committing up to $1 million a year to support startups in College Park and Prince George's County, with the first round of support earmarked for quantum-focused businesses.
$1M source β
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Discovery Fundumd.edu Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Discovery Fund do?
- University of Maryland early-stage fund investing up to $1M a year in tech startups based in Prince George's County.
- Who are Discovery Fund's investors?
- Discovery Fund's investors include University System of Maryland Momentum Fund, Work-Bench.
- Where is Discovery Fund headquartered?
- Discovery Fund is headquartered in College Park, US.