Maryland companies attracted $38.3 million in venture capital in the fourth quarter of 2016, down from $569.8 million the same quarter the previous year.
Full-year venture capital spending in Maryland is also down. Maryland companies attracted $300.4 million in venture capital in 2016 compared to $1 billion the previous year, according to the MoneyTree Report released Wednesday by PricewaterhouseCoopers and CB Insights.
Maryland's venture haul in 2016 pales in comparison to the year before in part because of one huge deal that closed late 2015. Tenable Network Security, a fast-growing cybersecurity firm in Columbia, raised $230 million in the fourth quarter of that year.
Venture investing in Maryland had been on the rise in recent years, despite numbers being down last year, said Brad Phillips, the director of emerging company services at PricewaterhouseCoopers.
Between 2013 and 2016, Maryland companies attracted an average of $563 million a year, compared to an average of $441 million per year between 2009 and 2012, according to the MoneyTree report.