The U.S. venture capital ecosystem took a nosedive in the first quarter of 2023.
After hitting a peak in 2021, funders pulled back at the start of this year as the Federal Reserve continued to raise rates, layoffs flooded the tech sector and the country witnessed the collapse of Silicon Valley Bank.
Despite those industry-wide challenges, many startups continued to grow — including in Baltimore.
In this year's Fire Awards, Maryland Inno sought to honor local tech firms that have found success despite the uncertain economic times. Not only are these eight companies growing their revenues and headcounts, they're also breaking into new industries, developing creative ways to solve problems and bringing innovative ideas to the table.
The Fire Awards, now in its second year, are the premier recognition program for Maryland Inno, the Baltimore Business Journal's tech-focused publication.
Below, you'll find links to profiles of our eight 2023 Fire Award winners. As an additional honor, Maryland Inno has also selected two "Blazer Winners" — companies that have gone above and beyond in their journey to grow and make an impact.
This year's Blazer Winners are: GCOM Software and Hutch Studio. They were selected for the impact their work has made on the local tech ecosystem as a whole.
Here are the 2023 Fire Award winners by category. Blazer Winners are identified with an asterisk.
Software:
Medical technology:
Startup accelerator/coworking space:
Sustainability:
- Apkudo: Technology firm that uses robots to help businesses evaluate old or damaged electronic devices to determine whether they should be repaired, sold or recycled (Baltimore City)
- SunStone Credit: Financial services company that provides loan financing for companies to install solar panels on commercial buildings (Baltimore)
