2022 Marked record investment in companies in Montgomery County, Maryland

Mergers and acquisitions, venture capital, private equity and IPO financing Top $29.9 billion

ROCKVILLE, Maryland, January 24, 2023 /PRNewswire/ — Montgomery County companies had a record investment year in 2022 with more than $29.9 billion in combined initial public offerings (IPOs), mergers and acquisitions, private equity and venture capital deals. This is an increase from 4 billion dollars in 2020 and beyond 18 billion dollars in 2021. Overall, Montgomery County there are 144 deals in 126 companies in 2022.

Maryland Economic Development Corporation – Maryland (MCEDC) (PRNewsfoto/Montgomery County Economic Development Corporation)

Rockville, MarylandMontgomery County companies had a record investment year in 2022 with more than $29.9 billion.

“The record investment in Montgomery County companies is a testament to the remarkable climate of business growth and innovation in the region,” said Bill Tompkins, president and CEO of the Montgomery County Economic Development Corporation. “We are a leading destination with a strong network of existing businesses across a wide range of industries. Our rich talent pool, diverse and vibrant communities, and proximity to federal agencies, including the Department of Transportation and Energy, FDA and NIH, position County companies for success.”

Venture capital was the most active category in 2022, with more than 60 companies in the county receiving venture capital funding. Investments are common $867.88 million and were led by a $242.98 million robotics research funding round known as RRAI.

“We founded RRAI in Montgomery County 20 years ago and we feel happy to be part of this community,” said Alberto Lacaze, Chairman and CEO of RRAI. “We have access to highly skilled engineering, product and administrative talent to grow our business and since raising capital we have added 200 jobs and expanded our Montgomery County imprint. We believe that much of this success is due to the exceptional work-life balance that Montgomery County provides.”

Arcellx was the recipient of two rounds of funding in 2022, representing more than 235 million dollars.

“Arcellx started as a startup in the Montgomery County Innovation Center and is now a public company listed on the Nasdaq,” said Rami Elgandurchairman and CEO of Arcellx, which leads the IPO category in 2022. “Through our growth, we stayed in the county, moving to Gaithersburg as we launched our clinical development programs and are now expanding our footprint to Rockville where we will occupy approximately 60,000 square feet of laboratory and office space. We are grateful for the support from Montgomery County which also gives us access to the exceptional talent we need to grow our company.”

Montgomery County companies saw common $329.11 million in initial public offerings in 2022 and $321.43 million in private financing. M&A activities are general $28.457 billion in 2022, driven by record-setting Amgen $27.8 billion acquisition of Horizon Therapeutics. Horizon is building its East Coast research and development center at the Alexandria Center® at the Traville Gateway Campus in Rockville. This is one of many life sciences and biotech companies to call Montgomery County home, giving the region its moniker of the Capital of Immunology in addition to the nation’s capital.

Montgomery County’s Biggest Investments for 2022

(ranked by total investment in each investment category)

Public Offerings and IPOs

Company name

Amount collected

Company description



Biotechnology at the clinical stage
the company is reimagining cell
therapy through engineering
innovative immunotherapies
for cancer patients and
other incurable diseases

Acquisition of Alset Capital

75,000,000 dollars

Special purpose acquisition
corporation that merged with
HWH International Inc
September 2022

Shuttle Pharmaceuticals


Pharmaceutical clinical stage
a company focused on the novel
therapies to treat cancer

Mergers and acquisitions

Company name

Amount collected

Company description

Horizon Pharmaceuticals
(acquired by Amgen)


Horizon’s rare disease portfolio
includes thyroid treatment
eye diseases and gout

GeneDx (acquired from Sema4)


Genomic research and analysis for
rare disorders

Grove Research Solutions
(acquired by DLH Holdings)


Cloud IT and
cybersecurity for federal

Private financing

Company name

Amount collected

Company description



Nuclear reactor and fuel design

Broad Street Realty

80,000,000 dollars

Investments in real estate and
grocery management-
anchored and mixed-use


35,000,000 dollars

Indoor home garden systems

Venterprise Capital

Company name

Amount collected

Company description

Robotic Research (RRAI)


Technology for self-driving vehicles



Physician-led responsible care


65,000,000 dollars

Home repair services for
home sellers

*2 rounds: $123,750,000 and $112,000,000

**2 rounds: $120,000,000 and $40,000,000

Data source: PitchBook

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

These investments highlight the strength of the county’s business community as businesses across a wide range of industries continue to expand, hire additional employees and develop innovative products and services.

Montgomery County offers an ideal environment for growing businesses of all kinds. It is home to one of the most well-educated and diverse workforces in the country, with 58% of adults over 25 holding a bachelor’s degree or higher, and three international airports for easy access to regional, national and global destinations. Eighteen federal agencies, including NIH, FDA, NIST, and NOAA, are located in the county, opening opportunities for federal contracts and technology transfer. Great schools, convenient public transportation and vibrant communities make the county an attractive place to live and raise a family.


The Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization that represents Montgomery County, Maryland. Established in 2016, MCEDC is governed by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate Montgomery County helping them access the best talent, business and market information and prime locations. For more information visit our website. Follow us at Twitter, Facebookand LinkedIn.

Michael Mitchell
MCEDC, Vice President, Marketing and Communications
[email protected]



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SOURCE Montgomery County Economic Development Corporation

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