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.
Somatus raised $325 million in a Series E
Barely two months into the new year, McLean, Virginia kidney care company Somatus has broken the 2021 record for funding with a $325 million Series E. The company is now valued at $2.5 billion.
The NoVa unicorn actually oversubscribed the round, raising over its $325 million goal, although it didn’t specify how much. The round was led by Wellington Management with investments from RA Capital Management, GIC and Fidelity Management & Research Company, among others. The funds will primarily be used to expand the reach of its care model, Somatus said.
“Since our inception, Somatus has always been committed to bringing superior evidence-based integrated care to patients with kidney disease which delays disease progression, improves quality of life, and lowers total cost of care,” said Ikenna Okezie, Somatus CEO and cofounder, in a statement. “This investment puts us in a great position to fund the expansion of our proven care model and continue building a nationwide network of providers and connected patients, who alongside our care teams are working together to improve lives and transform the industry.”
The company said it’s raised almost $500 million since its founding in 2016. In 2021, Somatus polished off a $60 million funding round for growth.
Federated Wireless nabs $58 million
Federated Wireless, a shared spectrum and CBRS technology provider based in Arlington, Virginia, closed a $58 million Series D round this week.
The round, which was led by Cerberus Capital Management with participation from Allied Minds and GIC, is earmarked to scale the company’s platform and potentially build partnerships. The goal with the round, Federated said, is to simplify the purchasing and deployment of wireless networks.
“Private wireless will deliver the type of transformation for enterprises that the cloud-delivered for IT infrastructure,” Federated Wireless CEO Iyad Tarazi said in a statement. “This investment will enable us to scale our spectrum platforms, invest in commercialization, and accelerate private wireless market adoption.”
The company did not respond to a request for comment on the deal, but it’s maintained a solid funding presence since 2017 when it raised $42 million in a Series B. Since then, the company raised $51 million in 2019 and another $13.7 million in 2020 ahead of this raise.
NASA has $200 million for space tech proposals
Through its Tipping Point program, NASA just launched a big ask for space tech companies.
The aeronautics entity said it has up to $200 million to award to multiple companies that are developing space exploration tech but need assistance in financing. Specifically, it’s looking for tech at the “tipping point” that can help spur commercial space capabilities and help out with future missions from NASA.
“A technology is considered at a tipping point if an investment in a demonstration will significantly mature the technology, increase the likelihood of infusion into a commercial space application, and bring the technology to market for both government and commercial applications,” NASA’s Tipping Point program page says.
NASA’s page also notes that it’s looking to partner with companies that have 25% of the total project resources, or a 10% minimum for those under 500 employees.
And here’s the rest of the money moving this month in the DMV:
- DC cybersecurity company Picnic, which specializes on the human aspects of attacks, raised $1.4 million in a Series A round led by Crosslink Capital and Rally Ventures.
- Epirus, a Los Angeles company with its east coast HQ in Tysons, Virginia, raised $200 million. The company is now valued at $1.35 billion, reaching unicorn status.
- KnowledgeNet.ai, an ai startup for dealmaking based in Frederick, Maryland, raised $9.35 million in a Series A round. Details of the deal were not disclosed.
- Spire Global, the data analytics firm for the space industry based in Vienna, Virginia, was awarded an $8 million-plus contract from the National Oceanographic and Oceanic Administration for space-based radio data for weather forecasting.
- DC-based job site platform Eyrus, raised a $12 million Series A round led by Spring Mountain Capital. With additional participation from Autodesk, Motley Fool Ventures and Fuel Venture Capital, Eyrus said it plans to use the funding to boost growth and enter into new markets.
- Mental healthcare company Rose Health, which has offices in both DC and Baltimore, is raising $7.5 million.
- Cardinality.ai, a McLean-based company providing ai and data tech to government agencies, closed an external investment round led by Attain Capital Partners. The news follows the company’s acquisition of ClearCycle, a healthcare and insurance tech firm in Washington state.
- Meta, formerly Facebook, donated $10,000 in ad credits to Bowie, Maryland-based The Coil Brush, a Black-owned styling tool company specializing in curly and textured hair.
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