TEDCO Invests in Routespring

Maryland small business creating travel opportunities for other businesses

COLUMBIA, Md. (May 17, 2023) – TEDCO, Maryland’s economic engine for technology companies, announced a recent Seed Funds investment of $500,000 into Routespring, a Maryland-based startup focused on supporting travel for businesses who cannot afford a credit card. TEDCO’s Seed Funds invest in early-stage, technology and life sciences companies and provide access to gap financing.

“Regardless of what is happening in the world, some people will always need to travel – these are our truckers, our nurses, our airline pilots, and our wildlife firefighters,” said Tarun Upaday, CEO and co-founder of Routespring. “We use the next generation AI to find the best way to get corporate crews to the right place at the right time at the right cost.”

The most recent round of seed funding came from its Gap Investment Fund.

Routespring, based in Bethesda, Md., provides workforce and business travel management for mid-size to large enterprises.  It uses a proprietary Large Language Model (LLM) to plan and book travel for industries with real-time travel needs. It counts a major US airline and a private wildfire firefighting organization among its 30+ customers.

“Routespring offers a practical immediate use for an upcoming technology like generative AI,” said Teddy Gresser, TEDCO’s investment analyst. “With TEDCO’s focus on supporting startups and entrepreneurs in the State, we look forward to seeing the impact this innovation will have on the ecosystem. We’re excited to be a part of Routespring’s journey towards success, thereby indirectly supporting more start-ups and entrepreneurs along the way.”

TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.

 

About TEDCO

TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

 

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Media Contact

Tammi Thomas, Chief Development & Marketing Officer, TEDCO, tthomas@tedcomd.com