Big biotech and a mapping megaround: Here are DC’s top raises in Q3

According to the latest quarterly PitchBook-National Venture Capital Association (NVCA) Venture Monitor report, companies from DC and the surrounding suburbs raised $714.77 million across 57 deals in Q3. That’s a big drop from the $1 billion from Q2, but just a small difference from the $765.8 million that came from Q1. Comparatively, Q3 of 2022 saw $818.03 million across 87 deals.

Of those numbers, 13 of the deals came from companies in DC proper, accounting for $362.5 million. Maryland had 42 deals this quarter, adding up to $238.5 million, and Virginia claimed $250 million across 51 deals — though those numbers include the areas outside of the DMV region. And four of the top 10 deals were from companies working in biotech and healthtech.

Significant this quarter? Powerhouse deals can have a big impact. DC’s largest deal, courtesy of Mapbox, accounts for about 77% of the total dollars brought in this quarter. Maryland’s largest, from Georgiamune, represents about 31% of the funds raised across the entire state.

Pamela Aldsworth, head of venture capital relationships at JP Morgan Commercial Banking, said that she expects capital availability will remain low until valuation stabilizes. With uncertainty in the market, though, she thinks founders should start getting ready to raise — especially if they have 12 to 18 months left of financial runway.

“We are at a pivotal moment in venture capital,” Aldsworth told Technical.ly via email. “Venture deal value is the lowest it has been in several years, valuations are lower than in the past few years and securing funding — across nearly every sector — has become more difficult. There are a lot of innovative companies out there, but this is a moment where the entire ecosystem is having to reframe its mindset about what is needed to raise capital.”

Just what are those numbers? Below, find the region’s top 10 deals, according to PitchBook data:

1. Mapping technology company Mapbox brought in a whopping $280 million raise in a late-stage Series E round. This brings the company’s valuation up to $1.78 billion.
2. Georgiamune, a Gaithersburg, Maryland healthtech company, raised $75 million in a Series A.
3. HawkEye 360, a Herndon, Virginia satellite company, closed a $58 million Series D-1. Funds. Accounts managed by BlackRock led the round.
4. SpectorOps, an adversary-focused cybersecurity company with offices in Alexandria, Virginia and Seattle, Washington, raised $33 million.
5. DC cybersecurity company DNS Filter raised $25.8 million in a late-stage Series B round. The company last raised $30 million in 2021.
6. Parker Health, a healthcare technology company headquartered in DC, raised $25 million.
7. Veco Power Trading, a trading firm for the energy industry, raised $23 million in July.
8. Germantown, Maryland’s DEKA Biosciences raised $20 million in a Series B2. The company works on cancer and inflammatory treatments.
9. Rockville, Maryland’s Remedy Plan Therapeutics raised $19.1 million, bringing its valuation to $55 million.
10. Another biotech company, substance abuse disorder treatment provider Affect Therapeutics, raised $18.1 million.