Eight Montgomery County Companies Raise Almost $71 Million in Investments Last Month
Montgomery County, Maryland, early and growth-stage companies are continuing to gain traction and attract capital with eight local companies receiving a combined $70.54 million in venture capital, seed funding, and other investments in October.
Last month, companies in the Research & Development space—and industry that Montgomery County is a national leader in— attracted more than $58 million, which will be deployed to to advance innovations in biotechnology, drug discovery, and healthcare.
Rockville-based Kaigene raised $54.96 million in Series B venture funding from Loftyrock Investment and others. The biotechnology company is developing therapeutic antibodies to address unmet clinical needs in rare autoimmune diseases, including multiple sclerosis and lupus. Kaigene’s products are said to offer safe and effective treatments that can address the underlying mechanisms driving autoimmune disease, enabling patients to improve their lives. The recent investment brings Kaigene’s reported pre-money valuation to approximately $252.5 million.
Another Research & Development company, Accufy Diagnostics, which is also based in Rockville, raised $2 million in seed funding to further its next-generation sequencing technologies for early cancer detection. The company is developing proprietary technologies that use ultra-sensitive circulating tumor DNA (ctDNA) detection to help clinicians identify minimal residual disease and improve cancer monitoring.
In Gaithersburg, ColoWatch raised $1.325 million in venture funding to expand access to colorectal cancer screening, the second deadliest cancer in the United States according to the American Cancer Society. The healthcare company offers virtual colonoscopy screening services, using high-resolution three-dimensional imaging and radiologist-reviewed reports to provide patients with a less invasive screening option.
Local technology companies also attracted investment, a sign that the County’s reputation as a growing hub for the Innovation Economy is spreading.
Bethesda-based Emerald Intel raised $3.3 million in seed funding in October. The company is developing a market intelligence platform that provides verified business profiles, decision-maker contacts, and regulatory information to help companies identify opportunities and monitor industry trends in the cannabis and hemp industry.
Rockville-based UgenticAI also secured approximately $349,000 through equity crowdfunding to support its platform for acquiring and scaling artificial intelligence and SaaS companies. UgenticAI provides operational, technical, and go-to-market resources to help businesses accelerate growth.
The October investments reflect continued funding activity among Montgomery County’s innovation economy, particularly in the biotechnology, healthcare, and technology sectors.
