When it comes to local venture capital totals, the highs of 2018 were tempered by a cool start to the year. But that follows a pattern that’s been playing out for a few years.

In the first quarter of 2019, venture capital activity in Maryland totaled $79 million invested in 18 companies, according to data from a recent PwC/CB Insights MoneyTree report.

That was down 65 percent from the fourth quarter of 2018. For the state, it was the lowest funding total since the fourth quarter of 2016.

“It was a significant drop. We would’ve hoped for a stronger quarter, dollars-wise,” said Brad Phillips, a director in PwC’s Emerging Company Services practice. But, he said, it’s important to keep in mind that things have tended to fluctuate over the last five years, depending on when a large deal occurs: “The totals on an annual basis have been relatively volatile.”

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