Potomac Tech Wire - April 3
Runtime Ventures Launches $32 Million Fund for Seed-Stage Cyber Startups
o Runtime Ventures Launches $32 Million Fund for Cyber Startups
o McLean-based MITRE to Layoff 442 Employees
o DC-Based CaryHealth Tops 2025 Inc. Regionals: Mid-Atlantic List
o Hunt Valley-Based Sinclair Gains Key Drone Approval from FAA
o Arlington-Based Lovelytics Merges with Nousot
o Briefly Noted: Leidos, PCI Government Services, Peraton, DXC Technology
Runtime Ventures Launches $32 Million Fund for Seed-Stage Cyber Startups
Arlington, Va. – Runtime Ventures, an Arlington- and Austin-based venture capital firm focused on seed-stage cybersecurity investments, on Wednesday announced the launch of its $32 million debut fund. Runtime was co-founded by Texas-based David Endler, who co-founded cybersecurity startups SpyCloud and Jumpshot, and Northern Virginia’s Michael Sutton, the founder of StoneMill Ventures and former CISO of publicly traded security company Zscaler.
“We’ve chosen to focus on seed stage cyber as it’s what we know and love, having spent decades in the industry building and backing dozens of successful companies,” said Sutton. “I’m even more proud of the talent that exists within our LP base. Some of the most successful cybersecurity founders and operators in the world have chosen to back us and they’re anxious to get involved.”
McLean-based MITRE to Layoff 442 Employees
McLean, Va. – Reflecting the continued turbulence in the region’s government contracting sector, Mitre, the McLean- and Massachusetts-based government contractor that has long been one of the most prestigious local R&D firms, is planning to lay off 442 employees, according to a notice filed with the Virginia Department of Workforce Development and Advancement. The layoffs come as a result of various contracts being cut by the Department of Government Efficiency. A Mitre spokesperson provided the following statement about the layoffs:
“MITRE has made the difficult decision to undertake a reduction in force for a small percentage of our workforce,” the statement said. “We continuously assess our costs, value, and technical capabilities to ensure we are best positioned to deliver exceptional mission impact to the U.S. government. These actions will ensure MITRE is effectively aligned with present and future challenges related to the health, safety, and security of the nation.”
DC-Based CaryHealth Tops 2025 Inc. Regionals: Mid-Atlantic List
Washington, DC – CaryHealth, a DC-based digital health company, tops the newly released “Inc. Regionals: Mid-Atlantic” list, a ranking of the fastest-growing private companies in the Mid-Atlantic region, defined as Delaware, Maryland, DC, Virginia, West Virginia and North Carolina. The company led the list with two-year revenue growth of 3,049% between 2021-2023, beating out Frederick-based Trail Grid Pro (2,048%), Clarksville-based Calibyr (1,225%), Silver Spring-based DCM Insights (1,020%) and Millersville-based J29 (918%). Thew complete list is available at THIS link.
Hunt Valley-Based Sinclair Gains Key Drone Approval from FAA
Hunt Valley, Md. – Sinclair, the Hunt Valley-based media company that owns or operates 185 television stations in 86 markets, said it has become the first broadcast media company approved by the Federal Aviation Administration (FAA) to fly drones over people and vehicles without needing a waiver for news gathering. The FAA’s authorization allows the company to operate specially modified drones while adhering to strict safety protocols and procedures that meet federal requirements. “By incorporating expanded drone footage, we enhance our coverage of breaking news, local events, weather and community stories,” said Scott Livingston, Sinclair’s senior vice president of news. The company said all of its drone pilots undergo training at Virginia Tech’s Mid-Atlantic Aviation Partnership (MAAP).
Arlington-Based Lovelytics Merges with Nousot
Arlington, Va. – Lovelytics, an Arlington-based provider of data, AI and analytics consulting services, said it has merged with Chicago-based counterpart Nousot. The two Databricks consulting firms will operate under the Lovelytics name, with the deal coming two months after Lovelytics announced its acquisition of Argentina-based Datalytics. The combined company will have 500 employees "This merger represents a monumental moment for Lovelytics," said CEO Scott Love. "By combining the talent and expertise of Nousot with our existing teams across the U.S. and LATAM, we're creating an unmatched depth of experience in the Databricks ecosystem.”
Briefly Noted:
(Reston, Va.) Reston-based government technology contractor Leidos has named Daryle Lademan as its senior vice president of corporate strategy. Lademan previously served as a principal at management consulting firm The Avascent Group and a director at strategic advisory firm CSP Associates.
(Reston, Va.) PCI Government Services, a provider of technical and professional services to federal agencies and the Department of Defense, said it has relocated its headquarters to a larger facility in Reston. The company said the move to 12007 Sunrise Valley Dr. was necessitated by recent government contract awards that caused it to outgrow its space.
(Reston, Va.) Reston-based Peraton, a provider of cyber-hardened systems and system engineering services focused on national security, has named Todd Borkey as its CTO. Borkey previously served as executive vice president and CTO at Huntington Ingalls Industries (HII), and earlier held CTO roles at Alion Science and Technology, Thales Defense and DRS.
(Ashburn, Va.) Ashburn-based technology services provider DXC Technology has named Anders Lange as its chief procurement officer. Lange most recently served as the global head of procurement at Bloomberg, overseeing procurement and supplier management, and previously held procurement leadership roles at LEO Pharma, Diageo and Carlsberg Breweries.