Startups in Greater Philadelphia are continuing to break records with the amounts of venture capital funding they have been raking in, writes Kennedy Rose for The Business Journals.

In the third quarter 2021, Philadelphia-area startups raised $1.8 billion across 91 deals. That brought the total amount of venture capital raised this year in the Philadelphia region to $5.2 billion.

If investments continue at this pace, the region will shatter the previous record of $2.7 billion set in 2019 by at least twice as much before the year’s end.

The local startup scene once again outpaced funding in venture capital hotspots such as the Washington-Baltimore-Arlington combined area.

Startups with notable third-quarter deals include Radnor-based NRx Pharmaceuticals, a developer of COVID-19 therapy, which sold $30 million in stock to a group of investors, and Conshohocken-based ZeroEyes, the AI-based firearm detection platform, which had a $20.9 million Series A.

But while the industry is booming right now, some factors could slow it.

“If there are any clouds on the horizon for the industry, they may come in the form of the evolving pandemic, as well as economic and policy uncertainty,” wrote PitchBook in its analysis of the market.

Read more about venture capital funding in the region in The Business Journals.