Money Moves is a recurring series where we chart the raises, grants, contracts, mergers and other funding news of tech companies across our regions. Have a tip? Email us at [email protected].

A DC data center energy startup officially reached unicorn status.

Emerald AI, a young company creating power-adjusting tech that coordinates communications between data centers and the power grid in an aim to prevent blackouts, raised $150 million, bringing its valuation to just over $1 billion. 

Several other DMV startups are attracting funds to find solutions for powering the data center boom, including in Northern Virginia’s Data Center Alley. 

A Los Angeles semiconductor manufacturer acquired Claros, a Northern Virginia startup specializing in data center energy management, for $232.8 million. Curio, a DC company building facilities to recycle already used nuclear fuel, won an additional $2.5 million from the Department of Energy to validate its technology. 

Keep scrolling to get the details on those and other recent money moves in the DC region. 

Emerald AI is a unicorn

Data center power management startup Emerald AI plans to use the new $150 million investment to expand its customer base, which includes data center operators and utility companies. 

The Series A brings the startup’s total funding to $220 million since its founding in 2024, per a press release, and Emerald AI closed a $25 million round this spring. This most recent fundraise was led by the energy-focused firm Energize Capital and deep tech investor DCVC. 

The company’s “Emerald Conductor” was first piloted in Nvidia facilities, and the major chip company is an existing investor. The software holistically considers the power used for cooling, storage and on-site energy systems within data centers, is hardware-agnostic and scalable in existing and future facilities, AI chief scientist Ayse Coskun previously told Technical.ly.

“Emerald AI has converted world-class research into commercial deployments faster than any company we have seen in this category, and we are proud to co-lead this round as the team defines how AI infrastructure and the grid grow together,” said Energize Capital managing partner John Tough.

Publicly-traded chip maker to acquire Claros for $232.8 million

Navitas Semiconductor Corporation has signed a definitive agreement to acquire Claros, a McLean-based software and hardware startup specializing in data center energy management. The deal, valued at up to $232.8 million in cash and common stock, comes less than two years after Claros emerged from stealth.

Claros raised $30 million this spring and builds fridge-like structures that combine power from the grid and behind-the-meter systems to feed to data centers, and tiny “integrated voltage regulators” that change how power flows inside the servers to chips.

With the acquisition of Claros, the publicly-traded manufacturer Navitas would extend its business model beyond chips to the grid, per a press release. The company, with a $3.25 billion market cap, specializes in building chips with materials that can better handle high-voltage energy and heat to be more efficient — instead of traditional silicon, Navitas uses critical minerals gallium and silicon carbide. 

“This acquisition follows our Navitas 2.0 transformation,” said Navitas president and CEO Chris Allexandre, “and significantly expands our addressable market, deepens our engagement with hyperscalers and AI power platform providers, as well as strengthens our leadership in AI infrastructure in terms of both capabilities and product solutions offering.”

This deal has been unanimously approved by the boards of directors of both companies. It’s expected to close before the end of the year. 

Nuclear recycling startup wins another federal award

DC’s Curio won an additional $2.5 million from the Department of Energy’s advanced research projects agency to keep testing and developing its technology to recycle already used nuclear fuel. 

The startup previously won $5 million from the same department in 2023 and has signed several memorandums of understanding with energy companies, in the US and globally. 

This round of funding will be used to validate its NuCycle tech at the lab scale, per a press release. Curio’s goal is to develop a scaled prototype capable of processing up to 4,000 metric tons of used nuclear fuel by the end of 2027. The US generates about half of that in one year on average, according to federal data. 

“This additional funding is further evidence that the DOE intends to embrace new technologies that will not only reduce the amount of nuclear waste in storage,” said Curio CEO Ed McGinnis, “but also capitalize on the untapped resources even beyond fuel that are currently sitting in domestic reserves. We stand ready to help lead the US into the second nuclear era.”

Other DC area raises and awards

  • DC-based data automator Prefect acquired the Bay Area data operations company Dagster Labs. The price was undisclosed, but around the time the deal closed, Prefect filed an SEC notice reporting $65.3 million in equity issued in connection with an M&A deal.
  • Takt, an AI platform analyzing warehouse operations data, raised a $9.25 million Series A. Based in Reston, the startup also helps operations teams build plans for staffing and integrating robotics, along with finding ways to cut costs.  
  • Falls Church defense tech company Lyntris made its public market debut and raised $297.5 million in the week of its initial public offering. That was well below the target, the Washington Business Journal reported. 
  • Washington Dulles International Airport is getting a $20 billion makeover. The Metropolitan Washington Airports Authority, which is not taxpayer funded, is financing most of the project through municipal bonds. 
  • Restaurant management platform MarginEdge in Arlington raised a $80M Series D to hire more staff and develop more products for the industry. 
  • Speaking of, the food and beverage R&D startup Proxy Foods AI raised a $6M seed round led by DC serial entrepreneur and executive Ted Leonsis. The platform uses agentic AI to quicken food product development considering nutrition and sustainability, and boasts customers like Barilla and the restaurant chain Cava. 

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