Funding / Venture capital

Summer dip: Maryland companies raised $142M in Q3

The totals were down when compared to recent quarters, but some noteworthy rounds continue to show investor interest.

Money! (Photo by Flickr user Pictures of Money, used under a Creative Commons license)

Venture capital funding totals took a summer slide locally in 2019, as Maryland recorded $142 million over 16 deals. That’s according to the latest MoneyTree report from PwC and CB Insights.

That’s down about 38% from the second quarter, when companies raised a total of $231 million over 21 deals. It’s also a drop year-over-year, as Q3 of 2018 saw totals of $255 million raised over 21 deals.

“Maryland, just like the region as a whole, is significantly off the mark from last year,” said Brad Phillips, director of emerging company services for PwC.

However, it’s not nearly as low as the Q1 2019 total of $73 million raised, which was the lowest since 2016.

Like last quarter, a biotech company out of Gaithersburg paced all companies, as cell therapy company Arcellx raised $42 million. Doubling down on the other big sector of the technology industry, Bowie-based Trinity Cyber’s $23 million raise was the second-largest. Frederick-based cell manufacturing technology company RoosterBio rounded out the top three with a total of $21.5 million raised.

Baltimore also saw a dip in funding in the third quarter, with half as many deals (four) as Q2, and a total of $30 million raised.

Yet there were still some eye-catching rounds for the city, as Fells Point-based healthcare analytics company Protenus closed a $17 million Series C, while AI-for-workforce development company Catalyte raised $10.66 million. In Annapolis, cellular and satellite data company EVERYWHERE Communications posted $6.1 million in a Series A.

Typically, bigger funding totals in Maryland are paced by particularly large deals. With that lower total, Phillips has talked about how it tends to be a “choppiness” to the quarter-to-quarter totals.

“If we don’t have large deals we tend to have difficulty keeping up with a quarter where there was a large deal,” he said.

Still, Maryland continues to be a big contributor to DMV funding totals: The state’s companies had four of the top five deals in the region, and 43% of the region’s total $246 million haul.

Notably, there’s been an uptick in the fourth quarter over the last two years, so we’ll be on the lookout for a clutch performance to bring the decade to a close.

Companies: Catalyte / Protenus

Before you go...

Please consider supporting to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!


Public innovation should be an icon in Baltimore, like crabs or snowballs

How 3 local orgs help founders and entrepreneurs build their networks

Cal Ripken Jr. essay: The MLB legend explains his drive to build STEM centers in schools across the nation

The end of software as technology

Technically Media