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.
District-based Adlumin closed a $6 million Series A funding round led by Leawood Venture Capital.
Adlumin created a patented security and compliance analytics platform for businesses in the financial sector with assets ranging from $100 million to $25 billion and other service providers. The company plans to use this Series A to expand its tech platform.
“As proud investors of the company, we have had a front row seat to Adlumin’s growth and expansion within the financial sector,” said Karl Gemperli, founding partner at Leawood Venture Capital, in a press release. “Adlumin’s world-class analytics, features and capabilities are among the short list of the potential it has to dominate the industry.”
Adlumin has raised $6.3 million in venture capital to date, including a $300,000 seed round in 2016.
Rockville, Maryland-based N5 Sensors closed a $1 million financing round with investments from Blu Venture Investors and Maryland Momentum Fund.
Founded in 2012, N5 Sensors is a spinoff company out of University of Maryland, College Park that develops sensor tech and products. Along with creating wearable gas and chemical hazard sensor detectors, the 15-person company also develops sensors for industrial monitoring and for outdoor and indoor air quality along with other home safety monitoring needs.
Maryland Momentum Fund invested $300,000 this round, and this is the second investment N5 Sensors has secured from Blu Venture Investors, following a $800,000 seed round in 2016.
“We are excited to take N5 to the next level with support from Blu Venture Investors and the Maryland Momentum Fund,” said N5 Sensors founder and CEO Abhishek Motayed in a press release. “We plan to leverage this funding to accelerate the commercial release of our products, scale up manufacturing, and expand our business team.”
N5 Sensors was one of the companies the Department of Homeland Security selected earlier this year to develop sensor tech to combat wildfires.
Arlington, Virginia-based GoTab, a startup developing a mobile payment platform for the hospitality industry, secured $6 million in new funding from a group of existing investors including Anthony Bruce, former CEO at APT, and Greg Cohen, former president of iPayment and Paya. The four-year-old company plans to use the investment to enhance its flagship tech product.
“GoTab has helped countless operators adapt their hospitality model and turn a corner despite the current challenges they are facing,” said GoTab CEO Tim McLaughlin in a statement. “We are confident that further integrations and partnerships with best-of-breed technology will bring even more innovation and success to our operators.”
GoTab’s tech is used by hundreds of businesses across 31 states in the U.S. Despite the pandemic, the company reported the highest number of transactions processed on its platform during Labor Day weekend since its inception in 2016.-30-