Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at firstname.lastname@example.org.
Bethesda, Maryland-based Aledade, manager of a tech platform to help healthcare providers join forces to reduce Medicare costs, closed a $100 million Series D funding round. This latest investment round was led by returning investor Meritech Capital.
The tech company plans to use the fresh funding to expand its value-based care model and secure more strategic partnerships with Medicare Advantage (MA) plans to benefit seniors. Through MA contracts, the company serves more than 100,000 patients, per a news release.
“Every other innovator in this space wants to own the doctors and be their boss. But Aledade’s team set out to prove that doctors are better caregivers and leaders in their community when they stay independent,” said Craig Sherman, managing director at Meritech Capital. “Aledade and its network of independent primary care practices have proven they can treat patients far better and, as a bonus, raise revenue for primary care practices while simultaneously saving money.”
Lanched in 2014, Aledade closed a $64 million Series C funding round in April 2020, then bringing its venture capital raise to nearly $195 million. The company is now hiring for a number of local roles, including in bizdev, tech and product.
Quantum Xchange, developer of advanced encryption technology and products, recently closed a $13.5 million Series A. The Bethesda-based company plans to keep expanding on its flagship products, which apply quantum mechanics to cybersecurity.
This announcement comes with some top-level hires, too: The three-year-old company appointed Eddy Zervigon as its new CEO, Holly Neiweem as CFO and Shahryar Shaghaghi as CTO.
Join us in welcoming our new CEO, Eddy! With a customer-focused mindset and a fully transparent and collaborative leadership style, Eddy joins us with a deep understanding of what it takes to build a successful business. Read his story here: https://t.co/FldHAGDGtG pic.twitter.com/My0GAeAyRq
— Quantum Xchange (@Quantum_Xchange) January 8, 2021
“In a short period of time, Quantum Xchange has solidified its place as a cybersecurity pioneer helping to define and create the rapidly emerging quantum-safe security market,” said Zervigon in a press release. “As awareness of the growing quantum-computing threat increases and harvesting attacks continue, organizations are realizing that they can’t afford not to act. This presents an enormous opportunity for Quantum Xchange. I’m thrilled to be at the helm and excited for what’s ahead.”
The company also raised $10 million in June 2018.
Reston, Virginia-based Comscore, provider of digital audience measurement services, secured a major $204 million investment from Charter Communications, Qurate Retail and a Cerberus Capital Management affiliate. The investment firms are making cash investments in exchange for shares of convertible preferred stock. Comscore will use this investment to take care of its existing debt and expand its financial and liquidity positions.
Aligned with this investment, Comcast has also extended its current data agreement with Comscore.
“This is a watershed moment in our history,” said Comscore CEO Bill Livek in a statement. “The retirement of debt provides the company with the financial flexibility to execute our plan. We are built to deliver now.”
We spot a local data analyst role and a local software engineer role on the company’s website.
Tysons, Virginia-based AI platform developer boodleAI has closed a $3.5 million pre Series A funding round. Led by Osage Venture Partners, the company plans to use the fresh funding to further develop its analytics platform, expand to more markets and launch partnerships.
Since launching in 2019, boodleAI has signed over 90 nonprofit and corporate partners, it said. To date, the AI company has raised $8.7 million in venture capital. It currently has a few sales roles posted on its website.-30-