Series A: No. 6 Baltimore tech trend of 2016 - Technical.ly Baltimore

Business

Dec. 28, 2016 12:23 pm

Series A: No. 6 Baltimore tech trend of 2016

Seven-figure funding rounds are becoming more common for early stage companies in Baltimore.

Maryland Secretary of Commerce Mike Gill talks to members of Fixt.

(Photo by Stephen Babcock)

The end of the year is a time to think about what’s next for 2017, but it’s also worth reflecting on how we got here. We’re looking back at some of the themes that kept coming up in our coverage of Baltimore’s tech community in 2016. See the full list of 2016 trends here.


One indicator of a tech community’s progress is the investment money its early stage companies are taking in.

While venture capital was in some cases down overall in the state and there were a couple of larger B and C rounds from Contrast Security and Pixelligent, respectively, the 2016 trend was in the A round.

In no particular order, Protenus raised $4 million; Allovue hired after a $5.1 million round at the end of 2015; Terbium Labs snagged $6.4 million; Clear Guide Medical posted $1.5 million.

The seed rounds were also in the seven figures, with Fixt, Proscia, Cybrary and Dragos Security each raising around $1 million or more. Blispay went big with $12.75 million in seed funding.

Advertisement

In terms of local investors, the Baltimore Angels doled out $1.6 million over 13 deals. And while they didn’t always disclose the amount of money being infused, Kevin Plank-backed Sagamore Ventures invested in companies such as Urban Stems, Workbench, Ready Robotics, Treason Toting and Bustin Boards.

-30-
Stephen Babcock

Stephen Babcock is the lead reporter for Technical.ly Baltimore. A graduate of Northeastern University, he moved to Baltimore following a stint in New Orleans, where he served as managing editor of online news and culture publication NOLA Defender. While there, he also wrote for NOLA.com/The Times-Picayune. He was previously a reporter for the Rio Grande Sun of Northern New Mexico.

Advertisement

Sign-up for regular updates from Technical.ly