DC weekly roundup: Tech jobs galore; new fund’s local launch; SEC investigates Bethesda AI company

Welcome to the weekly roundup of the latest from DC's tech and entrepreneurship scene. Want this in your inbox? Subscribe for free.

DC has more tech jobs than you think

Job postings in the region beat out top hubs like New York City at different points in 2024. CompTIA reported more than 16,000 positions in October alone, compared to New York’s nearly 13,400 and San Francisco’s 5,500 that month. 

Software development jobs especially increased in Northern Virginia’s Arlington and Loudoun counties over the last decade. Those jobs increased by more than 90% between 2014 and 2023, according to Lightcast workforce data.

Contrary to DC’s ongoing uptick in jobs, its venture capital, along with the rest of the country, stalled for the most part this year. But major firms like Andreessen Horowitz announced plans to set up offices in DC, reflecting its ongoing importance to the global economy. 

 ➡️ Learn more about the state of tech in the DMV

A venture fund of firsts

Portfolia focuses on companies tackling women’s health, aging, sustainability and generally “changing the world,” said founder and CEO Trish Costello. To date, the firm has invested $70 million across its funds. 

Rising America III, the third iteration of the fund and the California firm Portfolia’s most successful one, targets LGBTQ entrepreneurs, women and people of color. This fund is also the first venture capital fund led by five Black and Hispanic women, to its leaders’ knowledge. 

“When you back companies focused on these huge markets, led by diverse founders,” Costello told the crowd at a recent fund launch event, “you get amazing numbers.”

➡️ Get details on Portfolia’s history and plans for Rising America III

News Incubator: What else to know

• Tyto Athene, the IT services firm based in Herndon, announced that it acquired the bid and proposal consulting firm Key Solutions out of Chantilly. It’s the company’s third acquisition of the year. [Technical.ly]

• The University of Maryland hired 40 new faculty across its colleges for its AI institute, which launched earlier this year. [UMD/Technical.ly]

• For the last four years, DC purchased controversial web surveillance software from the intelligence firm Cobwebs Technologies, which was founded by former members of the Israeli Defense Forces. It’s been used to “monitor social media threats etc.,” but it’s unclear what that means. [Washington City Paper]

•  UDC opened its new Firebird Research Farm in Beltsville, Maryland. It includes “agro-tech” classrooms combining artificial intelligence with agriculture and is largely run by solar energy. [Washington Informer]

• Montgomery County is giving office rental grants to companies trying to expand in the jurisdiction. [MoCo360] 

•  College Park’s IonQ is working with software giant Nvidia to improve hybrid quantum computing, focusing on chemistry applications. [IonQ]

• Trump picked Brendan Carr as the next chair of the FCC. The agency’s current senior Republican penned a chapter about the agency in Project 2025, where he wrote it should prioritize “reining in Big Tech” and “promoting national security.” Carr previously attended Georgetown University and earned his law degree from the Catholic University of America. [Axios]

• iLearningEngines in Bethesda is under investigation by the SEC after a short-seller report alleged the AI company misled investors about its sources of revenue. It also disclosed a cybersecurity incident and that its CFO was placed on administrative leave. [Washington Business Journal]    

Meet potential investors face to face

NEXT powered by Shulman Rogers is hosting its fourth in-person event bringing together founders and funders. The startup-focused legal practice is accepting applications to participate from companies currently raising seed to Series A.

If selected for the My NEXT Raise Early Stage Founder Funder event on Dec. 12, you’ll get access to 3 hours of speed-dating with investors at the law firm’s Park Potomac, MD, office. And anyone who applies is welcome to the afternoon panel discussion titled “What is Investor Readiness and How to Achieve?” plus a 5 p.m. happy hour with investors in the room.

➡️ Apply for the 1:1 investor speed dating by Nov. 25

This sponsored blurb supports our journalism. Want to see your message here? Get details and book online.

🗓️ On the Calendar

• Chat about tech with women and non-binary people over a video call on Nov. 22 with Women and Gender eXpansive Coders. [Details here]

• Close out and get a synopsis of the region’s 2024 at DC Tech Meetup’s last event of the year on Dec. 4. [Details here]

• Watch founders showcase their companies on Dec. 5 at the Techstars Washington DC demo day. [Details here]

• Cowork with developers at the West End Library on Dec. 7 for DC Code and Coffee. [Details here]

• Network with fellow technologists, get connected to employment and learn new skills at the Techsgiving Summit from Dec. 11 to 14. [Details here]