Potomac Tech Wire - April 9
DC-based Rivet Industries Raises $57 Million
o DC-based Rivet Industries Raises $57 Million
o Arlington-based ORAN Development Raises $45 Million
o DC-based FiscalNote Delisted from NYSE; Now Trading OTC
o Windward Acquires Centreville-based Prominent Edge
o DC-based Prism Layer Emerges from Stealth, Raises Pre-Seed
> Next Week: Wire Event: M&A Outlook 2026 - April 15 (Reston, Va.)
o Briefly Noted: Siemens - Ann Fairchild, XLA - James Vant, growth[period] - Marty Brennan
DC-based Rivet Industries Raises $57 Million
Washington, DC – As part of a growing number of defense tech startups in the DC area, Rivet Industries, a DC-based developer of AI-based wearable devices for defense and industrial purposes, has raised $57 million. The company was founded by Dave Marra, formerly Head of Mixed Reality at Palantir. Investors in the round included Snowpoint Ventures, Point72, Palantir Technologies, and the Duquesne Family Office. The company said it has already delivered 70 prototypes to the U.S. Army. “On September 4, 2025, Rivet executed a $195M agreement as prime for Soldier Borne Mission Command – a next-generation capability for the U.S. Army that fuses data from soldiers, sensors, and mission systems into one clear operational picture, day or night,” the company said on its website.
Arlington-based ORAN Development Raises $45 Million
Arlington, Va. – With backing from major communications and tech powerhouses, ORAN Development Company (ODC), an Arlington-based developer of AI radio access networks and software for emerging 6G networks, has raised $45 million in Series A financing. Investors in the round were Booz Allen, Cisco Investments, Nokia, and NVIDIA, alongside telecommunication firms AT&T, MTN, and Telecom Italia. Previous investors in the company included Phoenix Venture Partners and Cerberus Capital Management.
“The successful completion of our Series A round will allow us to scale our engagement with global partners who recognize that the wireless edge is the next frontier for AI,” said Shaygan Kheradpir, Chairman of ODC. “This is more than a technical deployment. Our platform is designed to enable transformation of the network from a communication pipe into a Distributed Compute Grid—a global network of Token Factories capable of everything from general AI inference to the real-time spatial sensing required for autonomous systems.”
DC-based FiscalNote Delisted from NYSE; Now Trading OTC
Washington, DC – FiscalNote, the once high-flying DC startup that went public in 2022 through a SPAC deal, has been delisted from the NYSE and is now trading on the over-the-counter market. The company was delisted because it failed to maintain an average closing price of at least $1.00 for a 30-day period. FiscalNote recently announced a 25% cut in its headcount and a reduction in cash operating costs.
“FiscalNote’s transition to trading on the OTC markets does not affect its operations, commitment to customers, or the continued development of its PolicyNote platform,” the company said in a news release about its new OTC listing. “The Company remains dedicated to serving advocacy organizations, corporations, and government affairs professionals with the most complete, real-time view of the global policy landscape.”
Windward Acquires Centreville-based Prominent Edge
Centreville, Va. – Windward, a London-based maritime AI technology company, announced that it has acquired Centreville-based Prominent Edge, a provider of software to defense and government clients. Financial terms of the deal were not disclosed. Windward was acquired by New York-based growth equity firm FTV Capital in 2025.
“Windward has built the world’s leading maritime AI platform, and we are already trusted by governments around the world to deliver critical maritime intelligence,” said Jon Goldman, chief revenue officer at Windward. “Prominent Edge is the ideal complement to what we’ve built. They bring proven U.S. Government delivery, deep geospatial and maritime expertise, and the mission-grade execution that strengthens our ability to solve the hardest challenges facing U.S. national security.”
DC-based Prism Layer Emerges from Stealth, Raises Pre-Seed
Washington, DC – Prism Layer, a DC-based AI-based platform for enterprise risk management, is emerging from stealth and announcing a pre-seed round led by Fenway Summer. Other investors in the round included Plural Ventures and a syndicate of angel investors. The company was co-founded by three former risk management executives at Block – Simone Garreau, Daniel Nolan, and Chandra Bradley.
“Prism Layer is solving one of the most consequential and consistently underestimated problems in regulated industries,” said Raj Date, Managing Partner of Fenway Summer. “The speed gap between business execution and risk assessment is not a competitive inconvenience. It is a systemic liability. Simone and her team have the domain depth and the technical architecture to close this critical gap.”
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Briefly Noted
(Washington, DC) German technology giant Siemens has named Ann Fairchild as president and CEO of DC-based Siemens USA. Fairchild joined Siemens in 1999, and has held various senior positions in the company’s legal and compliance departments.
(Vienna, Va.) XLA, a Vienna-based cybersecurity company, announced that James Vant has been named CEO. Vant previously served as president of eTelligent Group.
(McLean, Va.) growth[period], a Tysons-based strategic advisory firm, has named Marty Brennan as its COO. Brennan previously served as Managing Director of Transaction Advisory Services at Deep Water Point & Associates.
