Venture capital money has a knack for finding great companies and great innovation ecosystems.

After reading the latest Pitchbook NVCA Venture Monitor report, it’s clear Maryland is meeting that standard.

Maryland companies raised a record $2.27 billion in venture capital in 2021 – that’s an 83 percent increase over the previous record of $1.24 billion raised in 2021. Further, over the past decade we’ve seen a 49 percent increase in the number of venture capital deals in Maryland, with 175 deals done in 2021. 

These deals are catalysts for new economic activity in our communities – new hires, new equipment, new lab and office space – as well as the development of new products and services that make our world healthier and safer. It’s a testament to the work of these great companies, and also how crucial it is to protect and grow our innovation ecosystem in Maryland. 

Congrats to the following MTC members on being recognized by Pitchbook for their venture capital deals in 2021:  

• Sirnaomics in Gaithersburg raised $105 million in Series E funding
• PGDx in Baltimore raised $103 million in Series C funding
• Adaptive Phage Therapeutics in Gaithersburg raised $41 million in Series B funding
• Innovative Cellular Therapeutics in Rockville raised $40 million in Series C funding
• Vita Therapeutics in Baltimore raised $32 million in series A funding
• Curio Wellness in Lutherville-Timonium raised $22 million in equity funding
• Veralox Therapeutics in Frederick raised $17 million in Series A funding
• Immunomic Therapeutics in Rockville raised $16 million

I am thrilled to share that Maryland Life Sciences has just won the 2021 BioBuzz Media Award for its popular marketing campaign — “It’s Better Here.”

One year ago, Maryland Life Sciences launched the “It’s Better Here” campaign to share with the world why Maryland–and the BioCapital region–is a global life science hotbed. The campaign told the stories of the men and women driving innovation in the four life sectors that propel our region: vaccine development, cell & gene therapy, biomanufacturing, and immunotherapy. 

You can read the stories from GSK, Rooster Bio, Zalgen, Altimmune, Noble Life Sciences, Advanced Bioscience Laboratories, and many more by visiting the Maryland Life Sciences It’s Better Here campaign page.

As BioBuzz puts it, this award, “recognizes the media campaigns or platforms that successfully engaged, informed and connected people and reflected favorably on the BioHealth Capital Region.” Thanks to the BioBuzz team and all those in our community who voted for It’s Better Here. 

A big congratulations goes to our remarkable staff for executing this campaign, particularly Wendy Worm, Vice President of Marketing & Programs; Angela Hongmanivanh, Creative Designer and Digital Manager, and Michelle Ferrone, Vice President of Operations. 

Most importantly, I want to thank you–the men and women of Maryland’s life sciences community. Your tireless pursuit of the vaccines, therapies, products, and services that save lives truly make it “Better Here” in Maryland and the BioCapital Region. This honor would not be possible without you.   

Back in 1997, Alec Dingee and Dave Staelin had an idea. 

The entrepreneurs turned academics knew their employer, the Massachusetts Institute of Technology, was a world-class launchpad for research and innovation. They also observed that too many MIT students opted against launching a business based on their research because they didn’t think they could run a company. 

Alec and Dave wanted to change that, so they developed the Venture Mentoring Service (VMS), a free program to give local entrepreneurs unbiased advice from seasoned volunteer mentors for as long as the entrepreneurs needed it. 

They matched mentors with willing entrepreneurs to share practical, day-to-day advice on starting and running a business. Mentors were vetted for their experience in areas relevant to the needs of entrepreneurs: product development, marketing, intellectual property law, capital markets, human resources, and founders issues.

VMS Companies Have Raised $3.1 Billion

It didn’t take long for Alec’s and Dave’s phones to start ringing, and it hasn’t stopped twenty-four years later. VMS has served nearly 300 Massachusetts companies breaking new ground in genome engineering, artificial intelligence, 3D imaging, edtech, clean energy, and more. Collectively, these companies have raised more than $3.1 billion.

Now Maryland Companies Can Join VMS

The Maryland Tech Council now offers its own MIT-licenced Venture Mentor Service. Our program mirrors what made MIT’s VMS so effective: free, unbiased mentoring services from tested mentors, and a flexible arrangement that puts the entrepreneur’s schedule and needs first. We’re focused on companies in the technology and life sciences fields that are preparing to raise their first or second round of venture capital or institutional financing.

I am thrilled to report that nearly 60 Maryland ventures have joined our VMS program and teamed with 120 trained mentors with expertise in entrepreneurship, capital markets, engineering, HR, accounting, and more — all at no cost to the venture. 

“Without them [VMS program], we would have had to expend significant resources or learned from trial and error which can be costly.” — Prakash Chakravarthi, CEO, Machfu

“It’s an opportunity to learn about yourself through the act of mentoring and learn about innovative science in the area through the groups you mentor. It’s also wonderful to see teams that you’ve mentored grow!  You also get to meet some great mentors and build a professional network within the area.” — Murat Kalayoglu, MD, PhD, MBA, President & CEO, Cartesian Therapeutics

I’ve been privileged to serve as a mentor to some outstanding companies in our VMS program. Let’s be clear: They own their success. Our value is to be advisors – not directors – and we learn as much from the venture executives as we hope they learn from us.

To learn how your company can benefit from the Maryland Tech Council’s Venture Mentoring Service, visit www.marylandmentoring.org.