2 days ago
Defense tech and cyber companies are securing millions across the DC region
The DC region witnessed several large venture capital raises this summer, despite nearby federal unruliness and the presidential takeover of the city this week.
Cybersecurity, artificial intelligence and defense technology companies dominated the region's cash flow over the last couple of months, including a $24 million Series A by the AI military logistics software company Rune Technologies in Arlington, Virginia. Data center technology firm Emerald AI also launched with a $24.5 million seed, and cyber firm Virtru in DC raised $50 million and doubled its valuation.
Get all the details on the latest money moves below the chart, where we look at the top 10 companies hiring for tech jobs in the DMV, and how that's changed.
Arlington defense tech startup closes $24M Series A
Rune Technologies, which is developing predictive software for use in battlefields, will put the funds toward expanding its team and building its product TyrOS, cofounder Peter Goldsborough told
The majority of Rune Technologies' staff is in the DC area, and the plan is to expand to a workforce of 40 by the end of 2025.
Rune Technologies has deployed its software within the US Army and Marine Corps. With the funds, leadership will also look to land new business across the Department of Defense and military services.
This round was led by Human Capital with participation from Pax VC and Washington Harbour Partners, plus a list of existing investors.
'We are thrilled and incredibly honored to have the support of some of the top investors in the
defense technology sector,' Goldsborough said, 'including Human Capital.'
$24.5M for data center energy innovation
Emerald AI in DC is developing software to enable data centers to adjust energy consumption depending on how much power is needed.
Radical Ventures led the round with participation from NVIDIA's venture capital arm NVentures, AMPLO, CRV and Neotribe. The team will use the funds to develop its product dubbed the Emerald Conductor, founder and CEO Varun Sivaram told
'We're honored to partner with changemakers like Radical Ventures, NVIDIA, and so many more to help America win the AI race,' he said, 'by freeing up the energy needed to support innovation while ensuring the stability and efficiency of the energy needed for everyday Americans.'
DC data security firm Virtru nabs $50M
This raise doubled the cybersecurity firm's valuation to $500 million. Virtru's platform is used by private sector giants like JPMorgan Chase and Capital One, plus the Department of Defense.
The funds will help Virtru expand its customer base in both the private and public sectors.
'This funding strengthens Virtru's position as the leader in data-centric security that extends beyond the perimeter,' CEO and cofounder John Ackerly told 'While many data security vendors focus on discovery and classification, and tagging of data for purposes of preventing data from being lost or stolen — Virtru provides the critical 'last mile' of protection when data is actively shared outside organizational boundaries.'
Other DC raises and awards
Government technology firms Avenu Insights and Intellectual Technology merged to create a new company in Centreville, Virginia. Neumo will focus on payment software for local, state and federal governments. The firm has a valuation of more than $3 billion, but financial terms were not disclosed.
A platform for beauty entrepreneurs called Beauty Mogul International won $5,000 in an accelerator program in Maryland's Prince George's County hosted by M&T Bank.
Booz Allen Ventures in McLean, Virginia, invested in the cybersecurity startup Corsha, also in Northern Virginia. The amount was not disclosed.
Federal government contractor Organizational Development Resource Group in Arlington landed $3 million from the Empower the Change Fund, a venture funneling investments to underrepresented entrepreneurs.
AI cyber compliance startup in Reston, Virginia, launched with $3.6 million in funding.
Health tech company One Village in DC brought its total funding to $1.5 million after securing investment from AARP and angel investors. This is an extension of its pre-seed round.
DataTribe, a startup foundry in Fulton, Maryland, closed a $41 million fund to invest in cybersecurity startups, the Washington Business Journal reported.
Defense space tech company Quantum Space in Rockville, Maryland, secured $40 million in a Series A extension.
More from Securities and Exchange Commission filings
$3.1 million for NextgenID in Fairfax, Virginia
$1.1 million for Webmob in DC
$7.1 million for Obviant in Arlington
$28.5 million for Medcura in Riverdale, Maryland
$1.4 million for Qwerx in Vienna, Virginia
$14 million for Nisos Holdings in Arlington
$4.5 million for Disaster Technologies in Alexandria, Virginia
