As Maryland officials iron out and debate the state’s future budget, private sector firms around its biggest city are landing cash and making acquisitions.
It’s been a busy couple of months in the Baltimore region. For example, the lumber technology company Cambium reported a multi-million dollar raise, and a data center-focused tech provider is expanding its presence in Hanover, thanks to money from the state and its county.
Keep scrolling to read more financial moves in and around Baltimore. But first, check out the latest data on who’s hiring in the region.
Supply chain tech platform raises millions
Halethorpe’s Cambium helps companies use lumber from trees that would otherwise be trashed through using AI and software to streamline supply chains.
The startup has now raised $28.5 million following its latest $18.5 million raise. VoLo Earth Ventures led this Series A round, with participation from NEA, Dangerous Ventures, Tunitas Ventures, Woven Earth, Understorey, Groundswell and Ulu Ventures, along with existing investors.
Cambium’s tech tracks the wood at every step through the supply chain. Its platform connects tree care services, sawmills and manufacturers to salvage wood, dubbed “Carbon Smart” wood, plus mass timber and millwork. Cambium will use the funds to expand the tech to more customers in the wood industry and grow its team, per a press release.
"With global wood demand set to triple by 2050, it’s time we have a smarter wood supply chain in the US and beyond," said CEO and cofounder Ben Christensen. "This investment enables us to scale our supply chain technology across the entire industry, helping sawmills modernize their operations, transform waste into lower carbon building materials, and bring manufacturing jobs back to these local economies."
Data center tech provider expands headquarters
PwrQ is boosting its workforce and manufacturing operations in the state, citing the growing demand for data centers and other “critical infrastructure.”
Based in Hanover, the firm will add 155,000 square feet to its existing space and create 160 new jobs in the next five years, per an announcement.
Maryland is helping with the expansion: the state’s Department of Commerce is in the process of approving a $780,000 conditional loan, and Anne Arundel County is giving a $78,000 conditional forgivable loan. PwrQ is also eligible for state tax credits, like the Job Creation Tax Credit.
"By moving in partnership across the public and private sectors, Maryland continues to cultivate our epicenter of innovation, manufacturing, technology, and growth," said Gov. Wes Moore in a press release. "We are proud to support PwrQ as they write this next chapter, which will bring new jobs and new opportunities to Maryland. Together, we will continue to sharpen our competitiveness and grow our economy."
TEDCO invests in several startups
The State of Maryland-founded investment vehicle put money into several Baltimore region businesses over the past couple of months.
- Frederick-based AI and data analytics company MSTRO landed $500,000 through the Gap Investment Fund.
- Medical device company Novel Microdevices received $500,000 through a dual investment from TEDCO’s Venture Funds and Inclusion Fund programs.
- EBO Corp., the firm behind an AI platform streamlining media bookings, nabbed $200,000 through the Pre-Seed Builder Fund.
- Towson-based accessibility tech developer ReBokeh received $100,000 through the Pre-Seed Builder Fund, part of TEDCO’s Social Impact Funds.
- Medical device manufacturer NanoBioFAB in Frederick also landed $200,000 via the Pre-Seed Builder Fund.
- Baltimore esports startup Game4Good landed $25,000 through the Concept Capital program.
- Thermoreg, a wearable technology company in Baltimore, also received $25,000 through the Concept Capital program.
- Nurse Lynx in Westminster earned $25,000 through the same program. The platform provides healthcare management, staffing and homecare services.
Other Baltimore raises and awards:
- Publicly traded Columbia cybersecurity company Tenable acquired the Israeli firm Vulcan Cyber for $147 million in cash, plus $3 million in restricted stock units. This move came soon after the death of Tenable CEO Amit Yoran.
- The Economic Development Administration, an agency under the federal Department of Commerce, did not award Baltimore Tech Hubs funding during its second round in January.
- Digital health company Impruvon raised $2.4 million in a second seed round at the end of January.
- Baltimore’s Constellation Energy is investing $100 million to improve Maryland’s sole nuclear reactor — the Calvert Cliffs Clean Energy Center in Southern Maryland — according to the Baltimore Business Journal (BBJ).
- Gov. Moore released the FY26 budget and a proposed supplemental budget in early 2025. It includes $9 million to offset the number of unemployment claims as the Trump administration continues slashing the federal workforce.
- Weather- and energy-predicting startup Sunairio landed $6.4 million to scale its tech and expand its customer base.
- The Maryland Aviation Administration will receive $2.4 million in cash and a large office building from Lockheed Martin to expand the state’s aviation history museum, the BBJ reported.
- Johns Hopkins University could lose an average of $200 million per year in federal research grants due to the Trump administration’s funding cap for the National Institutes of Health, the Baltimore Banner reported.
- Manufacturing-focused businesses across the state landed grants to boost operations through the Maryland Manufacturing 4.0 program.
- Student entrepreneurs who landed $50,000 in funding showcased their startups as part of a program stemming from the Pava LaPere Legacy of Innovation Act of 2024.
More moves found in Securities and Exchange Commission filings
- $8 million for Baltimore’s Porter Cares.
- $5.2 million for Baltimore’s Synaptic Advisory Partners.
- $938,779 for Baltimore’s Cerebro Capital.
- $5.3 million for Baltimore’s Gliknik.
- $1.2 million for Hunt Valley’s Longeviti Neuro Solutions.
- $14.8 million for Terrapin Parent Holdings.
This article mentions TEDCO, a Technical.ly client. That relationship has no impact on this report.
