Rockville-based antenna and wireless communications company Maxtena got a $560,000 boost to its budget recently, thanks to the InvestMaryland program.
CEO Stani Licul said that, in the long term, the investment will help the company continue to grow.
“In the short term, we will bring an additional four to five people to our team to support additional growth,” he said.
The company, founded in 2006, develops antennas for products like satellite phones, laptops, GPS trackers and military radios. Licul said the new hires will help the company develop a satellite terminal. Other projects in the pipeline for Maxtena include antennas for the 4G LTE market, Licul said.
Maxtena was one of three start-up companies to receive funding through the state’s InvestMaryland program during the Maryland Entrepreneur Expo held earlier in November. Maxtena is one of the first companies to receive funding through InvestMaryland the state’s $84 million venture capital program, a news release from the state said. Gov. Martin O’Malley (D) created the program, and the General Assembly passed it last year, the release said.
The program focuses on businesses in software, IT, cybersecurity, communications, life sciences or green technology. To qualify, businesses must have fewer than 250 employees and have their principal business operations located in Maryland.
Two Baltimore companies, Bambeco and PathSensors, also received investments. Bethesda-based Brainscope received the first investment through the program in September.
“When we make strategic investments in cutting-edge companies like Maxtena, PathSensors and Bambeco, we are strengthening Maryland’s leadership in the Innovation Economy,” O’Malley said in a statement.
Two-thirds of the InvestMaryland funds will be managed by private venture firms, the release said, and the rest will be invested by the Maryland Venture Fund, a state-run fund that has been around for 17 years.
Licul said Maxtena got its start in Maryland, but then moved to Blacksburg, Va. In 2010, the company moved back to Bethesda before finally settling in Rockville at the end of July this year. Being in Montgomery County again keeps the company closer to its customer base and gives employees more transportation options, Licul said.
“As a satellite company, we do business all over the world, and having three airports around, it was a lot easier for us to travel,” he said.