Author: Montgomery County Economic Development Corporation (MCEDC)

Start-ups and early-growth stage companies in Montgomery County, Maryland, 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.

Montgomery County is the #3 largest biopharma hub in the nation—and in October, companies in the Research & Development space led investment attraction with more than $58 million raised 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.

Beyond Life Sciences, Montgomery County continues to build on the growing number of technology companies that not only choose to be here but continue to grow here.

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.

Last week, MCEDC President & CEO Jared Smith and other local Montgomery County business leaders were named to the Washington Business Journal’s Power 250 List, which recognizes influential business leaders across the DMV region. Smith, who joined MCEDC in December 2025, brings over 20 years of economic development and business experience across local and state government to the role. He is widely recognized in the economic development field and chairs the International Economic Development Council’s national Committee on the Future of the Profession, helping shape strategies that influence communities across the U.S.

During his time at MCEDC, Smith has led the development of the new Countywide Economic Development Strategic Plan for Montgomery County. The strategic plan establishes a clear, actionable framework to guide economic growth, competitiveness, and inclusive opportunity across the County. The plan builds on existing County assets like talent and proximity to world-leading research institutions, while addressing emerging challenges and opportunities in the ecosystem and workforce development.

Smith also oversaw MCEDC’s rebrand, which included a refreshed logo, new website, and the launch of quarterly MCEDC-hosted events where each convened over 100 attendees. Smith has also prioritized building a best-in-class economic development team and has made several key hires, including a new Vice President of Business Development, Vice President of Economic Competitiveness, and Chief Operating Officer.

The Washington Business Journal’s Power 250 list also recognized several other Montgomery County leaders, including Co-founder of Xometry, Randy Altschuler, President and CEO of the Montgomery County Chamber of Commerce, Angela Franco, Founder & CEO of United Therapeutics, Dr. Martine Rothblatt, President & CEO of The Donohoe Companies, Christopher Bruch, and President of Montgomery College, Dr. Jermaine F. Williams.

Montgomery County, Maryland, is building a growing presence in the clean energy economy, with companies developing technologies to support more reliable, efficient, and lower-carbon energy attracting steady investment. In September, Bethesda-based Centrus Energy Corp. raised $99.82 million through a secondary public offering, the latest news of a local clean energy company raising a significant amount of capital.

Centrus Energy, which employs over 460 people, supplies nuclear fuel and services to the nuclear power industry. Its latest capital raise highlights the importance of nuclear energy and domestic fuel capabilities as the United States explores ways to meet rising electricity demand and strengthen its energy supply chain.

Centrus’ secondary public offering follows Rockville-based X-energy’s recent IPO. The company, which develops small modular nuclear reactors and specialized fuel designed to provide reliable, low-carbon energy and has over 1,000 employees, completed an IPO in April that raised more than $1 billion, bringing global attention to the County’s clean energy ecosystem. The company also recently expanded its Montgomery County presence, adding approximately 24,000 square feet to its Gaithersburg headquarters.

Other Montgomery County companies are also addressing energy challenges from different angles. Rockville-based Liatris is developing high-performance insulation materials designed to improve building energy efficiency, while Rockville-based Chaberton Energy is developing sustainable infrastructure and renewable energy projects. In fact, Chaberton also earned a spot on the 2025 Inc. 5000 listing of America’s fastest-growing private companies.

As demand for reliable, clean energy solutions grows, Centrus Energy’s September capital raise is just one example of the investment flowing into companies in this expanding sector, one that Montgomery County is well positioned to compete in, with its deep talent pool and supportive infrastructure.

Economic development is crucial to the economic vitality of a community, creating quality jobs, and expanding economic mobility for residents. This week, Montgomery County and the Montgomery County Economic Development Corporation (MCEDC) are celebrating Maryland Economic Development Week, an initiative developed by the Maryland Economic Development Association (MEDA) to increase understanding of the contribution economic development has to the state’s business climate, job retention and growth, tax base, and the overall quality of life in Maryland. 

“Economic development is one of the few revenue generators for Montgomery County. In fact, for every $1 invested in Montgomery County through MCEDC, the return is $11.48 in County revenue, which supports funding for schools, public infrastructure, and public services.” said Jared Smith, President & CEO of MCEDC. “We continue to see momentum in the County, and a clear commitment to improve its economic competitiveness. Recent initiatives like the Job Creation Project ZTA, which will streamline permitting for development projects that are in Montgomery County’s key industries, and the authorization of the County’s first TIF for Viva White Oak are strong indicators of how public and private sectors can work together to accelerate economic growth.”  

This year so far, Montgomery County companies in high-growth industry sectors have attracted almost $2 billion in venture capital, private equity, public offerings, and other funding. Many local businesses across research & development, climate intelligence, and defense and security have also celebrated milestones and continue to invest in the County, including:  

• Rockville-based Supernus Pharmaceuticals, which announced a merger with Viginia-based Indivior Pharmaceuticals. Supernus’ headquarters in Rockville will serve as the company’s global headquarters. 

• Clarksburg-based Thales Defense & Security (TDSI) celebrated a significant expansion of its manufacturing operations. Over the past year, TDSI doubled its manufacturing floor footprint through a $4 million investment, expanding production capacity to support the company’s continued growth. Today, TDSI employs approximately 675 people in Montgomery County, including roughly 250 manufacturing employees.  

• Global Alliant is a technology firm focused on providing innovation IT and software solutions to federal, state, and local agencies. Based in Rockville, Maryland, Global Alliant has continued to scale operations quickly and with the support of MCEDC, recently made a push to hire 75 new employees. MCEDC staff worked with the company to connect them to local resources such as WorkSource Montgomery and to educate them about incentive programs. 

• Taiwan-based global pharmaceutical company and contract development manufacturing organization (CDMO) Bora Pharmaceuticals established operations in Montgomery County through its acquisition of MacroGenics’ GMP manufacturing operations and biologics manufacturing facility in Rockville. The $122.5 million transaction includes a state-of-the-art biologics manufacturing facility and associated operations that will expand Bora’s U.S. manufacturing footprint and strengthen its end-to-end biologics services platform.  

• Finnish climate intelligence leader Vaisala Xweather opened a new location in Gaithersburg, MD, its first in the Mid-Atlantic region. Previously operating largely as a remote workforce, Vaisala Xweather employees are now based in Montgomery County.  

• Germantown-based Seraxis announced a merger with Ontario-based biotech company Sernova Biotherapeutics to pursue a Type 1 diabetes cure. The new company, BetaNova Therapeutics, will be based in Germantown and plans to hire 25 more employees.  

Together, these developments reflect a period of continued investment in Montgomery County, creating new opportunities for businesses and residents.

Talent is one of the most important factors influencing where companies choose to invest, expand, and grow. As competition for skilled workers intensifies, employers are embracing a broader talent strategy: one that leverages partnerships. Last week, almost 120 business leaders, elected officials, and members of Montgomery County’s business community attended the Montgomery County Economic Development Corporation’s (MCEDC) panel, “The Talent Advantage: A Growth Strategy for Companies in Montgomery County, Maryland,” to hear how local businesses are capitalizing on the County’s world-class academic institutions, innovation ecosystem, quality of life, and economic development resources to attract and retain top talent.

Moderated by Dr. Anne Khademian, Executive Director at The Universities at Shady Grove (USG), the panel included executives from businesses and institutions across industries, including Lockheed Martin, TrilliumBIO, Thales Defense & Security, Johns Hopkins, Montgomery College, and AstraZeneca, who discussed their companies’ strategies for developing their workforce.

Talent as a Business Strategy

For companies competing in highly specialized industries like the defense industry, access to talent directly influences where they choose to locate and grow. For Lockheed Martin, which employs nearly 1,000 people in Montgomery County, talent is one of the primary reasons the company chose to be headquartered here.

“Talent is in the top one or two reasons why we are in the County,” said Todd Cohen, Senior Lead of Strategic Workforce Development, Lockheed Martin.

According to Cohen, Lockheed Martin begins working with partners to develop their talent pipeline well before students enter the workforce, including partnering with Montgomery County Public Schools (MCPS) on programs such as coding challenges. Lockheed Martin also maintains close relationships with local higher education institutions, including the Universities at Shady Grove (USG).

That local talent pipeline is also an important factor for AstraZeneca, which employs more than 5,000 employees and contractors in Montgomery County. According to Tiffany Lukis, Director of STEM and Community Engagement at AstraZeneca, the company often taps into its alumni base from Montgomery College (ranked #26 nationally among community colleges) and USG (which offers nine different public universities onto one campus), and other local institutions to fill highly technical roles.

Local Companies Are Developing Talent and Not Just Finding It

According to the panelists, investing in existing employees is just as important as recruiting new ones.

At Suburban Hospital, workforce development is closely tied to talent retention. The hospital partners with local educational institutions to provide employees with opportunities to gain new skills and advance their careers. Programs include a Certified Nursing Assistant program through Montgomery College and English as a Second Language classes.

“A huge part of our talent strategy is to prioritize holding on to our top tier talent,” said Corey Lewson, MSW, Program Manager, Workforce Development, John Hopkins Medicine.

For smaller companies, developing talent internally can be especially valuable. Lane Edwards, Vice President of Operations, TrilliumBIO, a biomarker discovery company with fewer than 20 employees based in Rockville, described the challenge of balancing the need for highly specialized expertise with the realities of building a team at an early-stage company.

“When it comes to hiring, we have to be very strategic,” Lane said. “Do we have someone who has the expertise or someone that we can build on?”

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Last week, Montgomery County Executive Marc Elrich signed legislation authorizing up to $420 million in tax increment financing bonds to help finance Viva White Oak, a $2.7 billion investment featuring more than 3 million square feet of lab space, office/medical office, retail, and over 4,400 quality residences. The 280-acre site, which is located adjacent to the FDA headquarters and near Adventist HealthCare White Oak Medical Center, is expected to begin construction this fall.

“This is a project that has been discussed and planned for a long time, and now we are getting to the point where people will actually begin seeing it take shape,” said County Executive Elrich. “VIVA White Oak will bring thousands of homes, good jobs, restaurants, stores, and other amenities to an area of the County that has needed this level of investment for decades. We found a financing approach that allows us to build the infrastructure needed to make this development possible while using the new tax revenue generated by the project to repay the bonds. I appreciate the Council, our State partners, MCB, and especially the East County residents who kept pushing to get us to this point.”

Anchored by Costco and with a focus on innovation and research and development, Viva White Oak represents one of the largest development opportunities in Montgomery County in recent years. Once completed, the development is expected to generate $4.9 billion in annual economic output and give the County $21 million year in new revenue. Additionally, the new development is projected to generate 19,000 construction jobs and 9,000 permanent jobs.

“Viva White Oak demonstrates the County’s continued commitment to supporting growth and investment in Montgomery County,” said Jared Smith, President & CEO of the Montgomery County Economic Development Corporation (MCEDC). “The County’s first TIF gives us another important tool to compete for investment, attract businesses, and create jobs. Montgomery County has tremendous assets and opportunities, and using tools like this strategically will help us translate those strengths into long-term economic growth.”

Viva White Oak is expected to take place in two phases. In phase one, which is expected to be completed by 2031, it will deliver over 960 townhomes, 1,000 apartments, 470,000 square feet of retail space, a 175-room hotel with meeting space, up to 1,279 permanent on-site jobs, and 92,000 square feet of medical office space. Phase two, which will take place between 2033 and 2044, will deliver 1.3 million square feet of life sciences office and lab space, 400,000 square feet of Current Good Manufacturing Practice (cGMP) life sciences manufacturing, almost 2,500 additional housing units delivered, a 150-room hotel dedicated to supporting innovation, and over 3,800 permanent on-site jobs.

Viva White Oak represents the County’s first use of a TIF and follows a push by Montgomery County to remove barriers and create new opportunities for businesses to invest, grow, and create jobs. In July, the Montgomery County Council approved the Job Creation Project zoning initiative, which is expected to cut permitting time in half for development projects that are in Montgomery County’s key industries—including life sciences and technology— or are expected to create at least 200 local jobs, further showcasing the County’s commitment to powering economic growth in target industries.