March Marks Further Investment in the “Capital of Quantum”
Montgomery County, Md., businesses attracted just under $5 million in investments in high growth industries, including Tech and Healthcare, during the month of March, despite ongoing concerns with federal funding. Though the number of disclosed deals was lower than average the past month, a large number of undisclosed deals were completed.
Notably, one company with an undisclosed deal amount, Quantum Space, received development capital from Amvanova and Sporos Capital Partners in early March. Quantum Space is a developer of a space platform designed to offer connectivity between Earth and space. The company, which is located in Rockville, Md, builds the critical space infrastructure necessary to support the rapidly expanding space economy and, as of November 2024, employs 43 people.
In January, Maryland Governor Wes Moore announced a $1 billion investment over the next five years aimed at strengthening Maryland’s position as a quantum technology leader. With more than 29,000 Computer and Mathematics Professionals and 90,000 technology workers, and close proximity to federal agencies like the National Institute of Standards and Technology (NIST) and the National Cybersecurity of Excellence (NCCoE), Montgomery County is well positioned to become the next ‘Capital of Quantum’, in addition to the third largest Biohealth hub and Tech Cluster.
Along with Quantum Space, other industry pioneers including Fasoo, Quantum Exchange and TISTA Science & Technology Corporation are already based in the county. The March investment in Quantum Space further establishes Montgomery County as a top location for the space industry.
Other Notable Investments
Other key Montgomery County businesses received investments, including Emagine IT, which raised $3.91 million of debt financing to support their expansion in Rockville. A provider of information technology and management consulting services intended for government agencies as well as commercial enterprises. The company is just one example of Tech businesses that are thriving and growing locally.
