Money Moves: Amid a strong Q1, Gaithersburg's Edgybees closed a $9.5M Series A - Technical.ly DC

Growth

Feb. 18, 2021 2:01 pm

Money Moves: Amid a strong Q1, Gaithersburg’s Edgybees closed a $9.5M Series A

Plus, funding news from Qrvey and Sweetie Boy Delivers, and a look at other funding deals that closed earlier this month.
Here’s where investments are going.

Here's where investments are going.

(Photo by Flickr user CafeCredit.com, used under a Creative Commons license)

Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at dc@technical.ly.


Startups in the DMV region have been busy at work securing venture capital this quarter.

D.C.-area companies usually have a strong Q1, but this one feels different: We published three Money Moves columns last month alone because of all of the funding pouring into local tech companies. Check out the previous edition here. So far, February is shaping up to be another strong month as well.

Earlier this month, Tysons, Virginia-based satellite networking company Omnispace closed a $60 million equity round and Arlington-based data privacy company WireWheel closed a $20 million Series B. Tech-enabled flower company Poppy, a 2021 RealLIST Startups honoree, also secured a $1.65 million seed round.

There have been so many funding deals closing recently, this reporter decided to include some of them in our shorties as part of Technical.ly DC’s daily newsletter. Read our roundups for more information.

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Here are some new funding deals DMV tech companies closed this month:

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Gaithersburg, Maryland-based Edgybees closed a $9.5 million Series A led by Seraphim Capital with participation from new investor LG Technology Ventures and existing investor OurCrowd.

The company uses augmented reality technology to help businesses and users — mainly first responders and military personnel — accurately geotag aerial video streams in real time. Edgybees’ Visual Intelligence Platform allows users to track and register assets from drone video footage.

This Series A comes two years after the company closed a $5.5 million seed round. See its open product management and R&D roles.

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Tysons, Virginia-based Qrvey, curator of an analytics platform for SaaS application providers, raised $8.5 million in venture capital from existing investors. This is a follow-on investment coming after the $7.5 million Series A that the company closed last May. Qrvey plans to use the fresh funding to expand its sales, marketing and customer experience operations. This investment is a clear indication that the company’s investors believe in its growth potential.

“We had phenomenal performance in 2020, registering an average quarter over quarter annual recurring revenue growth rate north of 40%,” said QrveyCRO Ben Mathew in a statement. “We will continue to deliver a superior ROI to our customers and offer them the ability to leverage unconventional analytics, thereby gaining an unfair competitive advantage in their respective markets.”

Qrvey has raised $19.5 million in venture capital since its inception in 2015. Check out its open sales roles.

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CIT GAP Funds, the early-stage fund from the Center for Innovative Technology (CIT), has invested an undisclosed amount into Richmond, Virginia-based Sweetie Boy Delivers (SBD). The company curates a platform to help car dealers connect with automobile transportation and other services. SBD plans to use this investment to expand its sales and development teams.

“The COVID-19 pandemic brought many changes to the automotive industry in 2020 – dealership requests for digital purchasing increased dramatically, forcing dealers and manufacturers to quickly adjust,” said SBD President and CEO Tyler McCormick in a statement. “Our mission is to provide dealers with a one-stop-shop transportation solution. With our experience and resources, we can alleviate the stress of dealing with logistics, while also maximizing a dealership’s overall savings.”

Though CIT GAP Funds doesn’t disclose how much they invest in companies, the fund recently shared that it has invested $32.4 million in venture capital into its more than 240 of its portfolio startups since its inception in 2005.

Projects: CIT Gap Funds
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