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Q3 2022 Investment Report

Greater Baltimore Start-Ups Raise $437 Million in Q3, Posting Best Quarter in Past 18 Months

Against a backdrop of global economic tightening, Greater Baltimore start-ups and early-stage companies posted their best quarter in eighteen months, raising $437 million in Q3 2022. Start-ups across numerous industries and sub-industries, and across the Region’s diverse jurisdictions, proved that Greater Baltimore’s economic future is strong.  This quarter’s investments bring the total for 2022 to $813 million, eclipsing 2021’s record pace. The Region is well on its way to another billion-dollar year.

The over $437 million raised in Q3 2022 does not include investments in real estate development, or in Greater Baltimore's existing high-value companies. This report also excludes deals with undisclosed amounts. Investments were tracked for companies at the Pre-seed, Seed, Series A, Series B, Series C, and Series D rounds, as well as Private Equity investments in early- and mid-stage growth companies.

After six mega-rounds of $100 million or more in 2021, and one in Q1 2022, Q3 2022 saw two mega-deals of $225 million (Delfi Diagnostics) and $100 million (Blend360), respectively. Delfi Diagnostics’ $225 million Series B round was the sixth-largest raise in the United States for the month of July 2022 and the company’s second mega-round ($100 million Series A in Q1 2021). Delfi’s technology uses high precision non-invasive blood tests to detect cancers at an early stage.

Aside from Delfi’s mega-round, July saw large investments in private aviation start-up AeroVanti (Anne Arundel County) and Baltimore City-based biotech companies Pearl Diagnostics and VerImmune. August funding was led by data-driven marketing company Blend360’s (Howard County) $100 million private equity round, with fellow marketing start-up DrivenIQ’s (Baltimore County) $15 million Series A round close behind. September saw an additional funding round for rising cybersecurity star Huntress (Howard County), which has now raised $100 million in total. Not to be outdone, three biotech companies: CraniUS (Baltimore City), Elixirgen Therapeutics (Baltimore City), and Pearl Diagnostics (Anne Arundel County) each closed multi-million dollar deals to round out the quarter.

In total, fifteen companies across Greater Baltimore received investments of more than $1 million in Q3 2022. These represent the majority of the twenty-three total deals reported, four of which did not report deal value. Baltimore City led in deal count, with fourteen deals valued at $260 million. Howard County saw four deals totaling more than $143 million, with Blend360’s $100 million mega-deal and Huntress’s $40 million leading the way. Anne Arundel County saw two deals (Alphyn Biologics & AeroVanti) valued at $13 million, while Baltimore County (DrivenIQ & Pharmaceutics International) and Harford County (SchoolDuels) also saw deals.

Across all deals at all investment levels, the Healthcare/Life Sciences industry sector led with 11 deals, eight of which were in Baltimore City. This was followed by eight deals across a diverse group of Other industries and four deals in Information Technology/ Cybersecurity. Among the other industries are marketing (Blend360, DriveIQ, & Return), aerospace (AeroVanti), and food service (Counter-Intuitive Cooking).

Looking ahead to Q4 2022, Greater Baltimore has already posted another large investment of $31 million for Vita Therapeutics (Baltimore City) to support their innovative usage of cell therapies against genetic diseases. This investment brings the Region’s 2022 total above $845 million and within range of another billion-dollar year.

 

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