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Venture capital investments in Maryland soar by 115% in second quarter

Venture capitalists invested $318 million in young Maryland companies from April through June, an increase of 115 percent from the first quarter, according to a report released Friday by PricewaterhouseCoopers.

About half of that financing, or $150 million, went to Precision for Medicine Inc., a Chevy Chase company that provides services for medical drug discovery, the report said. That was the highest amount any business in the country raised in the quarter and was matched only by a New York e-commerce website.

Two other Maryland businesses made the list of the top venture capital investments in the quarter. Intrexon Corp., a biotech company in Germantown, raised about $85.6 million. Baltimore-based Videology Inc., a provider of online advertising technology, received $60 million.

In a statement, Videology said it would use the proceeds for global expansion and to further develop its technology.

Brad Phillips, director of Emerging Company Services at PricewaterhouseCoopers, said the Washington area, which includes Baltimore, has received $704 million so far this year in venture capital funding. That compares with $735 million for all of last year.

Nationally, venture capital investments totaled $6.7 billion in the second quarter, an increase of 12 percent from the previous quarter.

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