Two tech companies receive $350,000 in state investment

Maryland is investing a total of $350,000 into two Maryland technology companies, Gov. Martin O'Malley announced Monday.

The state invested $200,000 in SocialToaster, a Baltimore company that has developed a social media marketing system, and $150,000 in ReelGenie, a Silver Spring firm that creates videos from users' photos and other digital media.

The money came from the InvestMaryland program, created in 2011 to stimulate investment in Maryland tech companies.

SocialToaster, used by outfits including Nickelodeon and the Baltimore Ravens, employs 17 people and expects to increase its staff by 30 percent by the year's end. ReelGenie employs four people and plans to add marketing, software development and business development staff.

"Supporting our entrepreneurs, startups and small businesses is a top priority for Maryland as we grow our Innovation Economy," O'Malley said in a statement. "Our high-tech entrepreneurs place Maryland at the forefront of innovation and discovery."

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