Potomac Tech Wire - April 22
Lockheed Increases Size of Its Venture Fund to $1 Billion
o Lockheed Increases Size of Its Venture Fund to $1 Billion
o Herndon-based HawkEye 360 Files for IPO
o Rockville-based X-Energy Launches Roadshow for IPO
o Chevy Chase-based Blue Energy Raises $380 Million
o UMC White Paper: AI Not Reducing Overall Labor Demand
o Charlottesville-based RIIG Raises $6 Million in Series A
o Booz Allen Ventures Invests in Portal Space Systems
o TEDCO Awards $2.1 Million in Grants to 13 Companies
> Event: Social Media Outlook for GovCon - May 15 (Reston)
o Briefly Noted: L3Harris - Orange County, AeroVironment, UVA AI Literacy and Action Lab, NTT DATA, sbLiftOff, AFCEA International
Lockheed Increases Size of Its Venture Fund to $1 Billion
Bethesda, Md. – In a move to expand its investments in new technologies and startups, Lockheed Martin announced that it will increase the available funding in its Lockheed Martin Ventures from $400 million to $1 billion. The firm said it is the largest increase in its investment fund since it was founded in 2007. The fund has made investments in various technology sectors, including quantum computing, autonomy, AI, directed energy, advanced materials and microelectronics.
“Our venture capital investments are a critical part of our overall strategy to develop and integrate the best technologies for national security now and in the future,” said Evan Scott, CFO of Lockheed Martin. “Our investments help create a pipeline of cutting-edge technologies that create a resilient industrial base, drive growth, and ultimately help the United States and its allies deter the most pressing emerging threats.”
Herndon-based HawkEye 360 Files for IPO
Herndon, Va. – Amid a flurry of deal activity by space technology companies, HawkEye 360, the Herndon-based data intelligence company, has filed paperwork with the SEC for an initial public offering. The company said it plans to list on the NYSE under the ticker symbol HAWK. In the filing, the company said that it recorded revenue of $117 million in 2025, up from $67 million in 2024. In December, the company raised $150 million in a Series E preferred equity financing round that reportedly valued the company at about $2 billion. The Series E was co-led by existing investor NightDragon and Center15 Capital.
Rockville-based X-Energy Launches Roadshow for IPO
Rockville, Md. – X-Energy, the Rockville-based nuclear reactor and fuel technology firm with backing from Amazon, said it expects to price its upcoming IPO at between $16.00 to $19.00 per share that would value the company around $7.5 billion. The company, which recently announced the launch of its IPO roadshow for potential investors, plans to list on the Nasdaq under the ticker symbol XE.
Chevy Chase-based Blue Energy Raises $380 Million
Chevy Chase, Md. – Blue Energy, a Chevy Chase-based developer of prefabricated nuclear power plants, announced that it has raised $380 million in its latest funding round. The raise was led by VXI Capital with participation from Engine Ventures, At One Ventures, Tamarack Global and others. The company said it aims to speed up the timeline for the construction of nuclear reactors, with some likely to be delivered in under four years.
“This funding marks an important step in Blue Energy’s mission to make new nuclear more deployable, predictable, and financeable,” said Blue Energy CEO and co-founder Jake Jurewicz. “Blue Energy is poised to deliver a significantly de-risked product and finally attract the private capital that nuclear deployment has historically struggled to secure. And for the first time, a nuclear project is designed so that it doesn’t need to rely primarily on taxpayer dollars and ratepayers to backstop risk.”
UMC White Paper: AI Not Reducing Overall Labor Demand
College Park, Md. – Bucking the current narratives around AI, a new white paper from the University of Maryland–LinkUp AI Maps Project argues that there is no empirical evidence that AI is reducing overall labor market demand. The report, called “Tribal Tales vs Hard Data: What Comprehensive Job Postings Data Reveal About Impact of AI on Labor Market Demand” analyzed 155 million U.S. job postings since 2018.
“Much of the current discourse around AI and jobs is driven by anecdotes, small sample or non-representative surveys, and isolated cases,” says Anil Gupta, professor at the University of Maryland’s Robert H. Smith School of Business and co-lead of the project. “When you look at economy-wide data, a very different picture emerges. AI is not shrinking the labor market - it’s reshaping it…If anything, AI may be tilting the playing field in favor of younger, less experienced workers. Our data show that demand for fresh graduates has not only held up — it has strengthened in the AI era.”
Charlottesville-based RIIG Raises $6 Million in Series A
Charlottesville, Va. – RIIG Technology, a Charlottesville-based developer of an AI-based healthcare insurance platform, has closed on over $6 million in a Series A company said the round was led “by a combination of Family Offices, a publicly listed entity, and high net worth individuals.”
“Closing our Series A represents a defining moment for RIIG and HOOTL,” said Denver Riggleman, CEO of RIIG Technology. “We are building the foundational infrastructure for automation in industries where trust, compliance, and precision are non-negotiable. This capital allows us to accelerate deployment, deepen our technology stack, and expand into new markets with confidence.”
Booz Allen Ventures Invests in Portal Space Systems
McLean, Va. – Booz Allen Ventures announced that it has invested in Washington State-based Portal Space Systems, a developer of rapidly maneuverable spacecraft. Portal Space is developing transorbital spacecraft used for defense purposes. The amount of the investment was not disclosed.
“Space is a critical domain for national and economic security, and maintaining advantage demands speed, agility, and resilience,” said Eric Hoffman, senior vice president of space solutions at Booz Allen. “Portal’s ability to enable rapid, dynamic maneuvering in orbit allows operators to reposition and respond in real time and addresses a critical need our customers face in an increasingly contested environment.”
TEDCO Awards $2.1 Million in Grants to 13 Companies
Columbia, Md. – TEDCO, Maryland’s economic development authority, has announced the latest round of grants from the Maryland Innovation Initiative’s Company Formation and Technology Assessment program. The program recently awarded $2.1 million to 13 awardees. The full full list of companies receiving grants is available here. The program was created as a collaboration between the State of Maryland and five academic research institutions – Johns Hopkins University, Morgan State University, University of Maryland, Baltimore, University of Maryland, Baltimore County and University of Maryland, College Park, to help move research and technologies into the commercial sector.
Event: Social Media Outlook for GovCon - May 15 (Reston)
Briefly Noted:
(Orange County, Va.) L3Harris Technologies announced that it will spend over $1 billion on an expansion project in Orange County, Virginia, that will grow its solid rocket motor production capacity. The company said it plans to more than double its manufacturing capacity and create over 350 new jobs in the county over the next five years. Orange County is located about 20 miles from Charlottesville.
(Arlington, Va.) AeroVironment, the Arlington-based defense technology company, has named Sean Woodward as its CFO. Woodward, who held several senior positions at AeroVironment, will succeed Kevin McDonnell.
(Charlottesville, Va.) The University of Virginia College and Graduate School of Arts & Sciences and UVA Library have launched the AI Literacy and Action Lab, an initiative aimed at equipping students, faculty and the broader community with the skills and critical understanding needed to engage with artificial intelligence across disciplines. The initiative is designed to embed AI literacy directly into coursework and research, with early pilot projects spanning fields such as economics, literature, philosophy and STEM subjects.
(Herndon, Va.) NTT DATA, the Japan-based technology service company with its U.S. federal office in Herndon, announced that Horace Blackman has been named the new leader of its federal business. Blackman most recently served as SVP and business unit leader at CGI Federal.
(Herndon, Va.) sbLiftOff, an M&A advisory firm focused on government contracting, intelligence, and aerospace, named Paula Smithers to its senior team. Smithers was previously CFO at Newbrook Solutions.
(Fairfax, Va.) AFCEA International, the professional organization for global security, has named Lt. Gen. Bruce Crawford, USA (Ret.) as its new president and CEO. Crawford is taking over from Lt. Gen. Susan S. Lawrence, USA (Ret.), who plans to retire.
Join us next month for our Social Media Outlook for GovCon on May 15, 2026 at 8:30 AM in Reston.
Space is limited—register early to secure your spot.
The event will feature leading digital strategy and communications experts who will share their perspectives on the unique, and evolving, social landscape and the trends for the GovCon sector. Speakers Include:
Alex Love, VP of Marketing and Communications, Riva Systems
Casey Dell’Isola, Senior Account Director, REQ
Mark Amtower, Managing Partner, Amtower & Company
Moderator: Paul Sherman, Editor, Paul Sherman