DC daily roundup: VC for national defense; EDA hands down Tech Hubs decisions; SCOTUS decisions’ tech implications

$100 million for defense tech

Setting up this new fund in the region is intentional, according to Jeff Green, the president and founder of J.A. Green & Co. and a managing partner of the new fund. Proximity is powerful.

This new funding vehicle also follows a trend of the Department of Defense investing in more early-stage technology companies, per Green. Typically, the government has turned to seasoned contractors for innovative technology, but that’s changed in recent years.

“We’re leveraging on what we see as current focus on emerging tech and leveraging early-stage companies to solve some of these national security problems that, frankly, the prime contractors can’t do it alone,” Green said. “They [the government] need early-stage companies to try to solve some of these grand challenges facing the nation.”

➡️ Read more about the new fund in my latest report.

No luck for mid-Atlantic EDA tech hubs bids

Regions across the country have been eagerly waiting to hear news on the latest funding round out from the Economic Development Administration’s (EDA) Tech Hubs program, which allocates money for local innovation development projects across the US.

But many cities, including nearby Baltimore and Philadelphia, didn’t receive funds. Baltimore had requested $70 million, while Philly sought out $80 million. The EDA had to narrow down the list of 31 to 12 because it hasn’t yet gotten the appropriations to fund them all, an official with the EDA’s parent Commerce Department told Technical.ly.

“We hope this is just the first round of implementation awards,” the official said.

➡️ Learn more about the funding and the new Tech Hubs here.

News Incubator: What else to know

• It’s Supreme Court decision season, and there are several major tech-relevant rulings. For instance, the court ruled to overturn the Chevron doctrine, which gave federal regulatory agencies the power to interpret vague laws. Courts will now decide how much power these agencies have, and experts say it’s bound to allow Big Tech more of a say in regulation. [Wired]

• Also, the Supreme Court sent several social media-related laws back down to lower courts. But it was signaled that these companies, like Meta and X, have a First Amendment right to moderate content and governments shouldn’t get involved in possible censorship. [NPR]

• The Herndon-based defense technology firm HawkEye 360 announced that a new portion of its satellites, dubbed Cluster 8, are now operating after being launched into space in April. [HawkEye 360]

• This small bank with one location in McLean has worked with every Republican Party presidential nominee since John McCain. [Reuters]

• The expansion of the Reston Town Center may include 930,000 square feet of office space, according to a proposal submitted to Fairfax County. [FFXNow]

🗓️ On the Calendar