Startups
AI / Career development / Funding / Venture capital

Catalyte secures $1.5M in year of growth

The AI-for-workforce development company's raise comes several months after the company appointed a new CEO, as well as acquired another company.

Matt Derella, the CEO of Catalyte as of December 2022. (Courtesy Catalyte)

Otterbein-based Catalyte is raising money for an ongoing round, according to a recent Securities and Exchange Commission (SEC) filing.

The tech workforce development company posted a raise of $1.52 million, according to the Form D it submitted to the SEC on Wednesday. Based on details in the filing, the company has already secured 15 investors and seeks to raise a total of $5 million. When reached for comment, Catalyte Communications Director Adam Curtis stated that this round was “ongoing,” and therefore declined to provide more information.

Whatever the company plans to do with this money, the raise comes after several years of noteworthy growth by the company, which includes its acquisition of digital marketing company The Agency Shop in January 2023 and the hire of new CEO and ex-Twitter exec Matt Derella a month earlier.

Founded just after the Y2K fears proved unfounded in 2000, Catalyte, initially known as Catalyst Devworks and founded by Michael Rosenbaum, made remarkable strides since its inception. Technical.ly featured Cataylte in a 2018 article highlighting its groundbreaking predictive analytics platform designed to identify individuals with untapped potential to excel as software developers, regardless of their background. That article also noted Cataylte’s validating its unique approach and vision in the market by raising a $27 million Series A, led by the Rise of the Rest fund.

The AI tech-driven company’s expansion has since been driven by strategic acquisitions, leadership changes, and the implementation of apprenticeship programs, as well as opening talent hubs throughout the country. Despite this growth, Derella told Technical.ly in December that the company would reinforce its foundations in Baltimore.

“All I can say is: We’re going to be doubling down on Baltimore and building out the community,” he said. “We want to be a company that the people of Baltimore and the greater region in Maryland are really proud of, for what we’re doing.”

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Technical.ly editor Sameer Rao contributed to this report.

Companies: Catalyte

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