The Maryland Venture Fund, started in 1994, is a state-funded seed and early-stage equity fund.  The Fund is an evergreen fund and receives annual allocations from the Maryland State Legislature.  The Fund makes direct investments in technology and life science companies and indirect investments in venture capital funds.  Approximately 60 percent of the Fund is invested in technology companies in the areas of software, communications and IT security, and 40 percent of the Fund is invested in life sciences companies in the areas of therapeutics, medical devices and diagnostics.  The Fund has invested as a limited partner in a total of nine venture funds since 1994.