Downtown Baltimore's skyline. (Photo by Flickr user Ferd Brundick, used via a Creative Commons license)
Downtown Baltimore's skyline. (Photo by Flickr user Ferd Brundick, used via a Creative Commons license)

Is Baltimore’s momentum here to stay?

While the answer’s still uncertain, the local energy is evident in the just-released Q2 Venture Monitor report, produced by PitchBook and the National Venture Capital Association.  

In Q2, the Baltimore metropolitan statistical area (MSA) recorded $291.45 million raised across 26 deals, with Blackpoint Cyber of Ellicott City leading the pack by raising $190 million. Kyle Stanford, lead analyst for venture capital at PitchBook, connected this broader momentum in nearby DC’s combined statistical area, which includes Baltimore.

“The impressive performance of Washington, D.C. and Baltimore in fundraising is evident,” he told “In 2021, these regions raised a staggering $4 billion, with VC funds closing deals worth $3.1 billion last year. This year, $1.4 billion has already been closed, positioning Washington, D.C. as the fifth-highest in funds raised. This success solidifies the area’s status as a thriving venture market, particularly in the Washington-Baltimore region.”

Baltimore MSA’s top deals in Q2 2023

In a shift from Q1, when health tech startups dominated, Q2’s top MSA deals saw cybersecurity taking the lead. The list of deals highlights the diverse range of companies and industries attracting investments in the region:

  1. Blackpoint Cyber, a managed detection and response software provider located in Ellicott City who recently exited from TEDCO’s portfolio, raised a $190 million, Bain Capital-led Series C in June. 
  2. Another cybersecurity company from Ellicott City, Huntress, raised $60 million on May 16. This round was one of the year’s largest investments in Maryland.
  3. Scene Health, a recently rebranded health tech company, raised $16.7 million in funding in April. PitchBook’s number, cited as a “Series B2” round, falls $1 million short of the $17.7 million the company self-reported from an oversubscribed Series B. 
  4. Emit Imaging, a medical device company that focuses on turning images into data, raised $5.9 million in April. This company has offices alongside ARMR Systems and UM BioPark.
  5. Rampart Communications, a Linthicum Heights-based company specializing in secure wireless communications, raised $5.0 million in May. 
  6. Breachbits, an Annapolis-HQed company with a cybersecurity testing solution, nabbed $3.2 million in investment in April. Led by CEO John Lundgren, the company helps organizations fight data theft and hacking threats.
  7. AlarisPro, a SaaS platform developed by military aviators, secured $2.3 million in May. Located on Clinton Street in Baltimore’s Canton neighborhood, the company provides safety and reliability data to support unmanned aircraft systems operators, maintenance professionals and manufacturers. 
  8. Architectural firm Hord Coplan Macht landed $1.8 million in June. The company previously worked to turn West Baltimore’s Green Street Academy into an LEED Platinum-certified building.
  9. Health tech company EpiWatch raised $1.5 million in June. Its app for Apple Watch users serves both as a consumer tool and a research study.
  10. Finally, Longeviti, a medical device manufacturer based in Hunt Valley, secured funding of $1.2 million in April.

Read more about what this means for the Baltimore region at