Montgomery County saw strong investment year in 2023, economic group says

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Montgomery County companies had a strong year of investment in 2023, with more than $2.2 billion generated through more than 100 deals, the Montgomery County Economic Development Corp. said Wednesday.

Companies in a wide range of industries, from life sciences and technology to manufacturing and real estate, brought in substantial investments, showcasing a positive economic direction going into 2024.

Life sciences companies in Montgomery County continue to be a powerful driver of investment, with more than $500 million generated in 2023. Montgomery County anchors the Biohealth Capital Region, which rose from No. 4 to No. 3 in the top 10 of U.S. biopharma clusters.

Recent highlights for Montgomery County’s ongoing life sciences success include:

• Deka Biosciences closed $60 million to continue developing drugs for patients suffering from cancer and autoimmune diseases
• Welcoming Amgen to Montgomery County through a $28 billion acquisition of Horizon Therapeutics, now building its North American technical center in Rockville
• The impact of two life science leaders and soon-to-be neighboring companies:  MilliporeSigma and Horizon Therapeutics, together represent more than $500 million invested in new facilities
• Selecta Biosciences merging with Cartesian Therapeutics, which included a $60.25 million private financing deal for Cartesian.

Nine companies in the manufacturing sector received funding in 2023, including MasPanadas, a home-grown success story. With a recent influx of investment, MasPanadas is in the process of building a space that will triple its square footage to 18,000, while adding another 70 employees.

Technology leaders continue to thrive in Montgomery County, with close to 50 companies receiving funding. Companies include Quantum Xchange, GivHero, and Aledade.

Rockville-based N5 Sensors received $2.5 million in funding for its proprietary cloud-connected ecosystem of smart sensors to keep people safe from environmental hazards. N5 Sensors’ CEO Abhishek Motayed says the company has grown from seven people to over 25 in their three years in Montgomery County.