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.
Corsha raised $12 million
Corsha, a DC-based security company focused on API (application programming interface) security, just nabbed $12 million in a Series A.
The round was led by Ten Eleven Ventures and Razor’s Edge Ventures, with additional participation from 1843 Capital. The company did not specify what the funds would be used for.
Corsha was cofounded by Chris Simkins and Anusha Iyer in 2018. According to the founders, the company’s technology creates one-time use and multifactor authentication credentials through a zero-trust platform for public, private and hybrid cloud environments. According to a statement, the startup offers an identity-first approach to API security, creating an extra layer of protection in service-to-service communication.
“The greater we automate our application development and deployment processes, the more the risk shifts from human to machine,” Simkins said in the statement. “It’s more important than ever to have clear visibility into the machines that are accessing APIs and be able to seamlessly control access.”
Jeenie adds $9.3 million in a Series A
DC virtual interpreting platform Jeenie just raised $9.3 million in a Series A, the company announced last week. Transformation Capital led the round.
Jeenie is a platform for clinicians and patients for virtual interpretation. Through a smartphone, tablet or third-party integrations, patients and providers can take part in a live video or audio call with interpreters in over 300 languages.
According to Jeenie, the fresh funds value the company at approximately $34 million and further affirm the need for its technology and innovative solutions in healthcare. The funds, Jeenie said, will be put towards expanding its operations and business reach.
“Together with our new partners at Transformation Capital, we will bring healthcare in the U.S. one step closer to a future of equity and access for all patients, no matter what language they speak,” CEO and cofounder Kristen Brecht Baker wrote in a Linkedin post announcing the news. “I am beyond proud of the Jeenie team that has brought us to this pivotal moment and accomplished so much. I look forward to the rewarding and prosperous journey we are all on together.”
Adaptive Phage adds another $20 million
Gaithersburg, Maryland-based biotech company Adaptive Phage Therapeutics added a new investor to its $40.75 million Series B round.
The AMR Action Fund added another $20 million to the round, which opened in May of 2021 and was led by Deerfield Management Company. An unnamed institutional investor and the Mayo Clinic also took part in the round, which will be put towards supporting clinical trials.
Adaptive Phage is a company in a clinical trial stage that was created to advance therapies and treatments for multi-drug-resistant infections. Since its founding, the company has already raised over $100 million in a combination of awards and equity funding.
“We are very pleased to welcome the AMR Action Fund as an investor,” said CEO and cofounder Greg Merril in a statement. “In addition to their capital, the AMR Action Fund adds significant strategic value, including advisory and scientific support. We believe AMR Action Fund will be an ideal partner to help progress and accelerate APT’s mission to provide an effective therapeutic response to the global rise of antimicrobial-resistant infections.”
Here’s what other money is moving around in the new quarter:
- Pacto, a startup based in both DC and Mexico that created an ordering and payment platform for restaurants and bars, raised $2 million in a pre-seed round. The company was founded by Ryan Croft, cofounder of Actionfigure — formerly known as TransitScreen.
- Riverbend Capital, a tech-focused VC firm from Great Falls, Virginia has plans to expand its presence and activity by pumping $100 million into at least 100 new companies over the next three years.
- Alexandria, Virginia’s Oxford Finance, which funds life science and healthcare companies, closed a $75 million senior secured term loan with Canada’s Fusion Pharmaceuticals. The funds will be used for working capital and growing the company’s pipeline.
- Maryland funding arm TEDCO invested $50,000 into Dogwood Gaming, a Silver Spring, Maryland-based indie game development studio.
- DC-based Hull Street Energy, an investment firm for companies focused on decarbonization and the energy transition, closed its second institutional fund. Hull Street Energy Partners II was oversubscribed and closed at $1.125 billion.
- Jia Finance, a DC startup that created an online residential mortgage platform for foreign investors, raised a $5 million seed round led by TTV Capital. Stanford Angels, a cofounder of SoFi and founder of UK investment app Nutmeg, also participated in the round, which will be used to expand Jia’s offerings in the US.
- Software equity firm Updata Partners, which is based in DC, is in the home stretch of completing a raise for its new fund. An amended SEC document filed last month said the firm has raised $590.25 million of a $600 million dollar goal, which was $90 million more than its initial goal of $500 million.
- Hive Wealth, an app from Impart Media in Rockville, Maryland, nabbed $600,000 from Black Tech Nation Ventures. The app is designed to close racial, gender and generational wealth gaps through financial tools.
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