Exits
Momentum in Motion: A Banner Year for Baltimore Startups
2024 emerged as a defining year for Baltimore’s innovation economy, marked by a wave of exits that reflect the growing strategic value of companies launched and scaled here. From enterprise software to digital health, and cybersecurity to interactive entertainment, Baltimore-founded ventures are being recognized by national and global acquirers for their ability to solve real-world problems at scale. These exits are more than transactional—they’re strong signals that our ecosystem is maturing, with founders building companies that meet the bar for acquisition by industry leaders like Epicor, PowerSchool, Bluesight, and Discovery Education.
Baltimore’s industry strengths in healthcare and information technology continue to yield notable outcomes, but this year’s wins also revealed momentum across a broader spectrum—simulation software, gaming, enterprise resource planning, and AI-powered education. This diversity affirms the region’s potential to nurture innovation across many verticals and signals that future wins are likely to emerge from both established clusters and emerging areas of opportunity.
| Company Name | Year Founded | Industry | Close Date | Acquirer | Amount | Location | Founder |
|---|---|---|---|---|---|---|---|
| Acadia Software | — | Software Development | Q4 2024 | Epicor | Undisclosed | Hunt Valley, MD | Ric Hughes, Founder & CEO |
| Allovue | 2013 | Education Management | Q1 2024 | PowerSchool | Undisclosed | Folsom, CA | Jess Gartner, Founder & CEO |
| Curation Health, a Reveleer company | 2018 | Hospitals and Health Care | Q4 2024 | Reveleer | Undisclosed | Annapolis, MD | Kevin Coloton, Founder & CEO |
| Foretrace, a Flare Company | 2020 | Computer and Network Security | Q1 2024 | Flare.io | Undisclosed | Howard County, MD | Matt Mosley, CEO; Nick Ascoli, Founder & CTO |
| Healthcare Data Management | 2001 | Financial Services | Q3 2024 | KovoHealth Tech | $3.30M | Mid-Atlantic Region, US | Cheryl Gundry, Founder & President |
| Hunt A Killer | 2016 | Entertainment Providers | Q1 2024 | Relatable | Undisclosed | Baltimore, MD | Ryan Hogan, Co-Founder & CEO; Derrick Smith, Co-Founder & VP Development |
| M-Star CFD | 2014 | Industrial Machinery Manufacturing | Q1 2024 | Dotmatics | Undisclosed | Ellicott City, MD | John A. Thomas, Co-Founder & President; Kevin Smith, Co-Founder & President |
| Protenus | 2014 | Software Development | Q1 2025* | BlueSight | Undisclosed | Baltimore, MD | Nick Culbertson, Co-Founder & CEO; Robert Lord, Co-Founder |
| Relay | 2022 | Software Development | Q3 2024 | Discovery Education | Undisclosed | Annapolis, MD | Chris Sleat, Head of Product; Irene Alvarado, Head of Engineering; Isaac Blankensmith, Head of Design; Jennifer Klepper, Head of Operations |
| ZeroFox | 2013 | Information Technology | Q2 2024 | Haveli | $350.00M | Baltimore, MD | James Foster, Co-Founder; Evan Blair, Co-Founder |
*Protenus was acquired January 9, 2025. For this reporting, it is included in 2024 exit data. Source: PitchBook, Crunchbase, Tracxn, Public Sources, Primary Sources
Early Wins Signal What’s Next
In addition to the landmark exits, a number of startups across the region are hitting major milestones—securing growth capital, announcing strategic contracts, and advancing toward commercialization. These accomplishments show early signs of market traction and set the stage for future outcomes.
BrightWave secured a $3M UK contract for its photobioreactor systems, expanding Baltimore’s presence in international climate-tech. Linshom Medical achieved FDA clearance for its respiratory monitoring sensor, a key step toward market readiness. CoapTech launched its second-generation magnetic balloon catheter and completed the first bedside use, advancing minimally-invasive surgical solutions. TIME recognized Sonavex’s EchoMark and EchoSure technologies as a Best Invention of 2024. Astek Diagnostics announced a strategic partnership with MedStar Health Research Institute to accelerate UTI detection and antibiotic sensitivity analysis using its Jiddu™ Analyzer.
Together, these wins reinforce a clear message: our ecosystem is building real value. Whether through acquisition or growth-stage breakthroughs, Baltimore companies are proving they can compete—and win—on the national stage. The outlook is strong, and the pipeline is full.