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.
Shift5, the Arlington, Virginia-based cybersecurity firm for military platforms and critical transportation systems, just inked a $50 million Series B deal.
Led by VC firm Insight Partners, the funding will be put toward increasing cyber protections for planes, trains and weapon systems. Shift5 said it will be using the funds for product development and hiring to keep up with demand; see the plethora of open roles here.
The fresh funds follow a not-so-far-off investment for Shift5: In October 2021, the company landed a $20 million Series A, which it planned to use to expand infrastructure. A statement from the company also said that in 2021, Shift5 completed multiple seven-figure deals and increased employees numbers by 200%.
The company’s technology is meeting advancing threats posed by attackers, Shift5 President Joe Lea said.
“Evolution in cybersecurity technology has historically occurred alongside innovation in the threat landscape: we’re seeing attacks now beyond the traditional network and endpoint vectors to other parts of the landscape like IoT, medical devices and operational technology that have grave consequences when disrupted,” he said in a statement. “This cat and mouse game is bleeding into critical infrastructure, and defenders must extend their purview to encompass operational technology.”
VIPC invests in Moment AI
Virginia Venture Partners, from the Virginia Innovation Partnership Corporation (formerly CIT), just announced its latest funding for local startups: an undisclosed investment in Arlington’s Moment AI.
While there’s been a lot of work in AI-based and self-driving vehicles over the past few years, Moment said it’s one of few working on the impacts of health conditions while driving. Moment created a patent-pending AI software to help the “vulnerable population,” i.e. those with chronic health conditions, while on the road. This includes safeguarding for serious incidents like strokes and seizures but also works to combat more everyday issues such as drowsiness and fatigue.
The funding, which is distributed through the Virginia Founders Fund, will be used to support hiring, continued operation and licensing costs; see open roles here.
“For people with pre-existing medical conditions or drivers amongst our aging population, operating a vehicle can be a challenge,” said Moment AI CEO and founder Megan Gray, who herself has epilepsy, in a statement. “The ability to get around via car is vital to many people’s daily routines, so helping people continue to drive safely is Moment AI’s mission. Moment AI is grateful for the support of VIPC’s Virginia Venture Partners, and we are excited to continue expanding our technology for the benefit of all drivers.”
Sayari Labs continues growth with a $40M credit line
Sayari Labs, the Chinatown-based fintech and supply chain company, just landed a $40 million credit facility courtesy of Technology Banking Group, from California’s Bridge Bank.
The credit facility, the pair said, is both venture debt and a monthly recurring revenue line of credit for Sayari, which uses data intelligence to prevent financial crime. The funding will primarily be used to support Sayari’s continued growth. (The company was already named to the 2021 Deloitte Fast 500 list.)
The new deal follows strong progress from Sayari since its founding in 2015. In September, the company raised the same amount in a Series C led by Centana Growth Partners. At the time, Sayari said the funding would be used for global expansion; it already works in 35 countries across the world, with clients including Coca-Cola, Facebook and Santander.
“This financing through Bridge Bank will provide liquidity as Sayari expands our reach to businesses and governments around the world,” said Eric Rhoades, Sayari CFO, in a statement. “We appreciate Bridge Bank’s role in helping to power our growth toward our goal of helping our clients integrate data and advanced analytics into their everyday operations.”
Other DMV funding news
- Energy storage company Ion Storage Systems, based in Beltsville, Maryland, closed a $30 million Series A led by Clear Creek Investments, VoLo Earth Ventures and Alsop Louie Partners.
- Falls Church, Virginia-based Electra.aero, an aircraft developer, nabbed an unspecified Series A from Lockheed Martin Ventures to begin flight-testing its aircraft.
- Brivo, a Bethesda, Maryland-based cloud security company, announced that it intends to go public this year via a special purpose acquisition company (SPAC) merger.
- Eaglebrook Advisors, a DC cryptocurrency company, raised a $20 million Series A round led by Castle Island Ventures and Brewer Lane Ventures.
- Bethesda’s myDigitalOffice, a software company for hotels, landed an undisclosed investment deal from Cove Hill Partners. MyDigitalOffice said it plans to use the funds for product expansion and hiring.
- Contraline, a Charlottesville, Virginia company creating male contraceptive tech, received a $1 million investment from Amboy Street Ventures. This follows a $10.7 million Series A the company raised in October.
- Bethesda-based Bark Social, the high-end dog park and social club, is expanding along the East Coast and dropped at least two more locations in DC after a $2 million raise led by Early Light Ventures Syndicate.
- Following its uber-successful IPO last year, Rockville, Maryland-based manufacturing marketplace Xometry, announced it’s raising $250 million in a debt offering.
- Financial giant JPMorgan Chase announced a $75 million investment, with a five-year commitment, to provide capital and low-cost loans in greater DC and Baltimore. (You can check out the Baltimore wealth-building programs that already got funding through the program here.)
- Reston, Virginia’s NVE Inc, a woman-owned facilities operation company, landed a contract from the General Service Administration’s Public Building Service to support two builds in Kansas City, Missouri. NVE did not share the contract amount but said it was a one-year deal with up to nine additional years of extension.
- Parsons, a Centreville, Virginia defense and intelligence tech provider, won an $11 million contract from the Defense Advanced Research Project Agency for flight demonstration tech.
- NCI Information Systems, an IT provider in Reston, nabbed a five-year, $13.4 million contract from the Navy to develop network connections.
- Arlington’s Excella, an Agile solutions provider, landed a spot in the Department of Homeland Security’s US immigration and customs enforcement contract to provide Agile software and cloud support.