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 dc@technical.ly.

The DMV startup scene is often best known for government-related software, which continues to see a ton of cash flow. But some niche sectors are gaining traction.  

“We’re pouring gasoline on our rapid product development model.”

Mitchell Kasselman, Ressio

Ressio, an AI-powered construction management platform for residential builders, landed $8.75 million to boost product development. Tysons Corner events platform Cvent acquired two companies to close the year.

And large government deals are still persistent — including the cloud computing firm Appian inking a deal with the Army. 

Keep scrolling to get the details on those moves and more financial news. 

Streamlining residential construction 

Ressio’s $8.75 Series A, as reported in an SEC filing, will be used to expand its customer base for its product, which helps construction leaders manage schedules, budgets and documents. Notably, it wasn’t a traditional VC that led the round; it was Blueprint Equity, a growth equity firm. 

“With this funding, we’re pouring gasoline on our rapid product development model that starts with direct customer input,” founder and CEO Mitchell Kasselman said in a press release. “This investment allows us to move even faster — turning real-world needs into product updates that will help teams run more efficient projects while delivering an interactive experience for homeowners.”

To build out the product and customer services, Ressio plans to hire product, engineering, support and onboarding staff, doubling its headcount, per marketing director Amber Fehrenbacher. 

Cvent is piling up acquisitions, including of a publicly traded company

The Northern Virginia events management platform reported two separate acquisitions totalling nearly three-quarters of a billion dollars. 

Cvent first acquired Goldcast, a Boston AI video content platform, for nearly $300 million, Axios reported. A few weeks later, the company announced it entered an agreement to purchase sales and publicly traded marketing tech company ON24 for $400 million. 

“We are pleased to announce this transformative transaction which marks an important new chapter for ON24,” said cofounder, chairman and CEO Sharat Sharan. “I would like to thank our talented team around the globe for what they have helped build at ON24, and I look forward to the next phase of ON24’s journey.”

That deal is expected to close during the first half of this year, per a press release, pending approval by ON24 shareholders. Once the acquisition is complete, ON24 will no longer be listed as a public company and will transition to be privately held. 

Since Cvent was acquired by BlackRock in 2023, the company has made acquisitions a priority — racking up seven since the start of 2024. 

Army to use Appian AI products 

A deal with the Department of War allows the government to purchase up to $500 million of Appian services and products over the next decade. (Appian also has corporate clients, including Merck and Deloitte.)

Furthermore, the Appian Defense Cloud (software to streamline tasks like financial audits and personnel training) is now authorized to be used by the Army under certain conditions, per a press release.

“We’re enabling the Army and Department of War to move from pilot projects to mission-ready capabilities at scale, with speed, predictability and confidence,” said Appian founder and CTO Michael Beckley. 

Other DC raises and awards 

  • Chantilly data center infrastructure firm Compu Dynamics hosted a charity golf tournament that brought total donations to Northern Virginia Community College to more than $200,000.
  • Valinor Enterprises, a defense and government technology operational holding company in DC, raised a $54 million Series A, bringing the firm’s total capital raised to about $85 million. 
  • Government contractor GDIT inked a $120 million task order with the Airforce to embed the company’s cybersecurity tech across 187 bases worldwide.
  • Executives at defense contractor Two Six Technologies in Arlington invested $10 million of their own money into the company, the Washington Business Journal reported. 
  • AI legal writing assistant startup BriefCatch closed a $6 million Series A. The capital will be used to continue building the platform. 
  • Aerospace company Avio USA is set to spend $500 million to open a new manufacturing site in Virginia, per the Business Journal. 

More from SEC filings