DC / Funding / Pitches / Startups / Venture capital

DC Money Moves: Biotech company Rivanna nabbed a $2.9M NIH grant

Plus, construction startup CloudRig raised $2.5 million, Ted Leonsis made a $5 million Bark Tank endowment, and more local funding news.

Rivanna cofounder Will Mauldin. (Courtesy Rivanna)
Money Moves is a column where we chart the raises, mergers and other funding news of tech companies across the region on the third Wednesday of the month. Have a tip? Email us at

Rivanna got a $2.9 million grant

Rivanna, a Charlottesville, Virginia startup, was awarded a $2.9 million grant from the National Institutes of Health. With the funds, the company will develop its Accuro 3S technology, an image-guided tool to help administer regional anesthesia for hip fractures.

Rivanna was founded by University of Virginia alums Will Mauldin and Kevin Owen in 2010. The company builds ultrasound-guided medical technologies to counter high failure rates in placements for epidurals and spinal anesthesia.

“Our technology is well-positioned to bridge a crucial gap in healthcare delivery and expand the range of Accuro 3S clinical applications, unlocking a significant U.S. market opportunity estimated at $295 million annually,” Mauldin said in a statement.

DC’s CloudRig raised $2.5 million

According to company filings, DC construction startup CloudRig just raised $2.5 million from undisclosed investors.

CloudRig developed a software platform for construction management and was cofounded by  JP Spence and Seve Esparrago. Spence previously held roles at KPMG and C3 AI, while Esparrango has founded multiple startups including Even More Magic and Re.Star and held a role at Scaleable.

CloudRig’s software helps contractors, project managers, accountants, executives and more with management and real-time project updates.

Ted Leonsis gives $5 million for Bark Tank’s future

At the end of the most recent Bark Tank pitch competition for students, Monumental Sports & Entertainment CEO Ted Leonsis pledged $5 million to ensure the event’s future.

Bark Tank is an annual competition for student entrepreneurs at Georgetown University, where they compete for cash prizes. Students of this year’s competition in October took home $125,000 in total prizes, including grand prize winner Reservoir, runner-up Orbit, and third place winners Georgetown REUSE, Shanda and Selleb.

Leonsis’s pledge will ensure the competition stays afloat for years to come and establishes the Leonsis Family Venture Development Program for student startup support initiatives.

“Ted’s generosity has not only transformed lives but has also inspired us all to be better, to do more, and to give back to the world in whatever ways we can,” McDonough School of Business Dean Paul Almeida said during the event. “We are so grateful for his continued leadership, for his dedication to our school, and most importantly, for his support of our students.

More Money Moves

Here’s who else has cash grabs (and losses) this month:

  • With a $100,000 grant, Verizon and DC’s Centri Tech Foundation will create the Community Skills Connect Pilot. The program will offer workforce training to 8,200 DC, Philadelphia and Baltimore residents.
  • NearStar Fusion, a Chantilly, Virginia-based startup that develops pulse fusion technology, was awarded a $50,000 grant through the Fairfax Founders Fund.
  • Herndon, Virginia’s HawkEye 360 brought its Series D-1 round total to $68 million with a $10 million investment from Lockheed Martin Ventures. Through the investment, the pair will develop an end-to-end remote sensing solution.
  • HawkEye was also awarded a $12.25 million contract from the Naval Information Warfare Center Pacific.
  • Arlington, Virginia’s Donorbox, a fundraising platform, has processed over $2 billion in donations, which it says signifies the company’s impact in the nonprofit world.
  • Maryland funding arm TEDCO invested $25,000 into biopharma company HBVtech through its Rural Business Innovation Initiative pre-seed fund.
  • TEDCO also invested $200,000 into Pirl Technology, an EV charger technology company. The company also received an investment last year through TEDCO’s Rural Business Innovation Initiative.
  • DC’s Rhizome, a climate resilience planning platform, made its official launch with a $2.5 million raise. The company also announced partnerships with Seattle City Light and the Vermont Electric Power Company.
  • RTX, an Arlington defense contractor, reported an almost billion-dollar loss in quarterly earnings in October, largely thanks to a rare defect in one of its building materials. RTX was formerly known as Raytheon Technologies.
  • Bethesda, Maryland’s Eat the Change, a snack company from Honest Tea’s Seth Goldman, raised $14 million. The round was led by the family of former Timberland CEO Jeff Swartz.
  • iTech AG, a government consulting firm in Arlington, was awarded a contract with the Internal Revenue Service for its Enterprise Services team. Terms of the contract were not disclosed.
Series: Money Moves

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