Startups

Maryland companies raised $247M in venture funding during the second quarter of 2018

When it comes to dollars raised, the numbers at the halfway point of the year are on pace to top 2017 totals.

Money.

(Technical.ly file image; source unknown)

Investors pumped $247 million in VC funding into 23 Maryland companies during the second quarter of 2018.
That’s according to the latest Moneytree Report from PwC and CB Insights.
The dollar amount invested is up from the $102 million invested in the second quarter of 2017. It’s down from the first quarter 2018 total of nearly $408 million, even as the number of companies receiving funding rose by three.
Halfway through the year, the statewide total of nearly $655 million raised is more than two-thirds of the way toward topping last year’s total of $903 million.
The largest deal of the quarter was a $78 million investment round for IronNet Cybersecurity, the Fulton-based company founded by former NSA chief Keith Alexander.
In Baltimore, the largest deal of the quarter funded WindMIL Therapeutics, a biotech startup developing new cancer treatments. Here are the top 3 deals: The Johns Hopkins spinout raised $32.5 million. For Baltimore, the top three also included a $7.6 million round for nanocrystal manufacturer Pixelligent and soft tissue substitute developer LifeSprout’s $6.5 million in funding. The $2 million seed round for serverless cybersecurity company Protego was also among the deals highlighted by the report.
In all, 17 Baltimore companies received a total of $157.8 million so far in 2018, the report states.

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