ImpactAlpha, Nov. 7 – Galen Robotics, maker of a less-invasive surgical robot, was lured from Silicon Valley to Pigtown, west of downtown Baltimore, by city and state incentives to attract companies to Opportunity Zones.
The firm is the first transplant to Baltimore to secure an equity investment from a qualified Opportunity Fund, reports the Baltimore Sun.
Galen has raised $7 million to date, including the undisclosed investment from Verte, a College Park, MD-based Opportunity Fund that invests in early-stage companies in technology, life sciences, food and health. Galen plans to hire 100 engineers and other professionals.
The Galen deal “is a testament to the emerging Opportunity Zone ecosystem that has been fostered in the city and throughout the state of Maryland,” Rachel Reilly of the Economic Innovation Group told ImpactAlpha. “Galen Robotics’ plan for expansion following its return to Baltimore demonstrates the potential to create local impact,” she says.
Ben Seigel of Baltimore Development Corp., the city’s economic development arm, helped identify the investment, Verte’s Leonard Mill told The Sun. The investment is Verte’s second; the fund’s first deal went to Native American Ventures, which develops economic infrastructure in tribal nations.