FOR IMMEDIATE RELEASE
November 1, 2021

CONTACTS
Lynn Stander
Senior Content Manager, MCEDC
301.922.8017
lynn.stander@thinkmoco.com

Lynne Benzion
Director of Economic Development, MCEDC
240-641-6706
lynne@thinkmoco.com

IPO, Private Investment and Venture Capital Funding Tops $18 Billion in More than 76 Companies Across Life Sciences, Health Tech, Media and Quantum Industries

Rockville, Md. — Thus far in 2021, a record pace for initial public offerings (IPO), private investment and venture capital deals has been set in Montgomery County. Over $18 billion of investment across 76 companies and 87 separate transactions have been made in the first three quarters of the year from January 1 through September 30. The companies receiving funding span major industries from life sciences and health tech to quantum and media.  

Private funding alone surpassed $16 billion, led by global media innovator ZeniMax’s acquisition by Microsoft and Viela Bio’s acquisition by Horizon Therapeutics. In public offerings, more than $830 million was raised, led by life science company MaxCyte and Xometry, a groundbreaker in AI-enabled manufacturing. Venture capital funding also hit a record high of more than $970 million, headed by life sciences companies Arcellx and Sirnaomics and health tech Aledade.  

Announced in celebration of Maryland Economic Development Week, the Montgomery County investments showcase the strength across local industry sectors. This success has a significant ripple effect on the state and county economies through company expansion, hiring of additional employees and new innovative growth initiatives. In 2020, $4 billion was invested in Montgomery County companies; this year through September alone, that number has jumped 350% to $18 billion.  

See the top deals in each category 2021 Q1-Q3 in Montgomery County: 

See the full list of investments in Montgomery County companies here.  

“Xometry is proud to be an industry leader in manufacturing on demand and proud to call Montgomery County our home,” said Randy Altschuler, CEO and co-founder of Xometry. “We will continue to invest in the technology and talent we need to realize our vision of democratizing manufacturing.” 

“With this new investment, Arcellx is poised to elevate the field of cell therapy by advancing our novel technology to benefit patients and their care teams,” said Rami Elghandour, Chairman and CEO of Arcellx. “We appreciate the support of our new and existing investors and look forward to expanding our corporate presence in Gaithersburg and continuing to recruit a diverse team to help accelerate our mission and deliver on the promise of our unique technology.” 

"Our latest funding round demonstrates the belief that value-based care led by independent primary care, embracing risk, is the right path forward for American health care. The new capital will support our continued growth as we work with all kinds of payers to help more primary care physicians deliver better health outcomes for patients,” said Farzad Mostashari, M.D., CEO and co-founder of Aledade. “By being headquartered in Bethesda, we can be part of the conversation with legislators, regulators and policymakers to advocate on behalf of independent primary care providers, and our location enables us to source incredible talent from the thriving DC metro area community." 

“The blistering pace of capital investments in Montgomery County companies would be significant at any time but is especially remarkable during a pandemic and a period of great global economic uncertainty,” said Benjamin H. Wu, MCEDC President and CEO. “The recent funding surge is a testament to our local companies and investors recognizing the abundance of assets and paths to success here. This announcement is another positive indicator that our innovation-led economy is resilient and heading towards a full recovery.” 

The climate in Montgomery County is highly conducive to company growth in life sciences, tech and other leading industries. The assets that draw companies and investment to Montgomery County, ‘The Immunology Capital Next to the Nation’s Capital,’ include a top educated workforce with 59% of adults over 25 holding a bachelor’s degree or higher, while the state is top ranked in the concentration of STEM jobs. Home to 18 federal agency headquarters including NIH, FDA and NIST, the County has been working to enhance the business climate with initiatives like the new Speed-to-Market, which improves efficiencies in the planning and permitting phases.  

*Data Source: PitchBook

ABOUT MCEDC

The Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit our website. Follow us on Twitter, Facebook and LinkedIn.