Maryland companies raised more than $2 billion in venture capital funding last year, smashing the state's previous record amid a national trend of record-breaking funding hauls.
According to preliminary figures from the PitchBook-NVCA Venture Monitor report, Maryland firms raised $2.27 billion last year, shattering the previous record of $1.24 billion, set in 2020. Nationally, firms raised about $330 billion in 2021, roughly double the total a year prior. Maryland ranked 16th nationally in terms of investment capital raised, with states like California and Texas leading the way.
Maryland had 175 venture capital deals in 2021. The state has had at least 150 venture capital deals annually since 2014, but the average size of those deals has more than tripled since then. Eight companies topped $100 million in funding in 2021.
Baltimore-area companies also set a record in 2021, with 78 deals raising more than $768 million in venture capital, compared to 74 deals raising nearly $510 million in 2020.
According to PitchBook, here were the top 10 venture capital deals in Maryland in 2021:
- Robotic Research in Clarksburg: $228 million
- Dragos Inc. in Hanover: $200 million
- Cellular Biomedicine Group in Rockville: $120 million
- Acrellx in Gaithersburg: $115 million
- Sirnaomics in Gaithersburg: $105 million
- Personal Genome Diagnostics, or PGDx, in Baltimore: $103 million
- Delfi Diagnostics in Baltimore: $100 million
- Aledade in Bethesda: $100 million
- ValenzaBio in Bethesda: $79 million
- Immunomic Therapeutics in Rockville: $78 million
And the top 10 venture capital deals in the Greater Baltimore area in 2021:
- Dragos Inc. in Hanover: $200 million
- PGDx in Baltimore: $103 million
- Delfi Diagnostics in Baltimore: $100 million
- Huntress Labs in Ellicott City: $40 million
- ZeroFox in Baltimore: $34 million
- VITA Therapeutics in Baltimore: $32 million
- Securrency in Annapolis: $30 million
- Curio Wellness in Lutherville-Timonium: $22 million
- Protenus in Baltimore: $21 million
- Real Time Medical Systems in Linthicum Heights: $20 million
In December, PGDx agreed to sell to Laboratory Corp., of America Holdings, better known as Labcorp.
