Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at email@example.com.
Following strong funding trends from previous quarters, companies in the DMV region are still closing major VC deals as we work through Q3.
Other recent funding raises for Stacklet, Till, The Demex Group, miRecule, TemperPack and GreyNoise Intelligence range from $250,000 up to $31.3 million. More details on those below.
Arlington, Virginia-based Stacklet, developer of cloud management software, closed a $4 million seed funding round.
Stacklet provides a solution that addresses enterprise needs on cloud governance including security, operations, visibility and cost optimization. This funding round includes investments from Foundation Capital and Lee Fixel’s new fund, Addition.
“Managing security and governance policies in the cloud is one of the biggest challenges large enterprises face today. There is no better team to solve this than Stacklet,” said Sid Trivedi, partner at Foundation Capital, in a press release. “The Stacklet cofounders have been on the frontlines tackling this as practitioners at big corporations so they know firsthand what is needed to build an out-of-box commercial cloud governance solution that both IT/security admins and developers will want to use.”
Alexandria, Virginia-based fintech company Till closed an $8 million seed funding round led by Route 66 Ventures, MetaProp and NextGen Venture Partners.
Till manages a platform that provides home renters with a detailed analysis of their cash flow and expenses to break bill payments into smaller and more manageable increments throughout the month.
“At Till, our mission is to enable renters to thrive in their homes by radically transforming rent into a positive and personalized financial experience,” said Till Founder and CEO David Sullivan in a statement. “We partner with institutional landlords to help them bridge the often challenging landlord-renter relationship. With the backing of Route 66 Ventures and other investors, we are now in prime position to expand our platform and fully reimagine the way Americans rent their housing.”
Till reports that its flagship platform has been rolled out to 170 properties comprising 30,000 units across 14 states. The company will use the seed funding to continue expanding to more states and advancing its platform.
D.C.-based The Demex Group has raised $4.2 million in seed funding with lead investments from Anthemis and IA Capital Group.
The company leverages advanced technology and rich data to manage climate-driven financial volatility and provide financial risk solutions. The Demex Group will use the funding to expand its team of risk advisors and advance its go-to-market strategy.
“Our customers know that extreme weather drives unwanted fluctuations on their bottom line,” said Demex founder and CEO Ed Byrns in a press release. “We are building a world where financial resiliency to climate is as simple as the tap of a credit card.”
Gaithersburg, Maryland-based miRecule secured a $250,000 investment from the University System of Maryland Momentum Fund as part of its more than $3.5 million seed round it has been raising over the past year
The biotech company created a discovery platform to create RNA therapeutics. MiRecule plans to use the seed funding to advance its flagship program addressing head and neck cancer toward clinical development.
“By correcting the underlying mutations that make a patient resistant to treatment, we think we can triple response rates and give years of quality life back to many patients,” said miRecule CEO Anthony Saleh in a press release.
Richmond, Virginia-based thermal packaging company TemperPack closed on a $31.3 million Series C funding round. U.K.-based food and agricultural investment firm Wheatsheaf Group led the funding round, with participation from Revolution Growth, Harbert Growth Partners, SJF Ventures, Arborview Capital, Tao Capital, Third Prime Capital and Greenhouse Capital.
TemperPack manufactures thermal insulation products for home deliveries of perishable foods and temperature-sensitive medicine. The company plans to use the funding to expand manufacturing of its patented ClimaCell thermal liners.
“We’ve been seeing increased demand from companies across a range of categories in the food space and from leading life sciences companies proactively breaking away from Styrofoam,” said TemperPack CEO Brian Powers in a statement. “The time was right for us to look for partners to allow us to build and accelerate our growth.”
The company has raised over $78 million in venture capital to date with 200 employees working across its Richmond and Las Vegas offices.
D.C.-based GreyNoise Intelligence, a cybersecurity company that manages a platform to look through harmless security alerts, raised $4.8 million in seed capital. The investment round was led by CRV with participation from Paladin Capital Group and other individual tech investors.
Instead of using machine learning, the company’s uses automated analysis of sensor data to power its platform. The three-year-old startup plans to use the fresh funding to explore new data collection methods with its customers.
GreyNoise has seven employees, TechCrunch reported, with plans to hire an additional 10 team members over the the next year.
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