Potomac Tech Wire - Aug 29
o Alexandria-based Startup Parry Labs Raises $80 Million
o Cadmus Moves HQ from Massachusetts to Arlington, Va.
o Falls Church-Based Retension Pharmaceuticals Raises $10.4 Million
o Maryland TEDCO Invests $2.1 Million in Seven Startups
o McLean-Based Bluestone Investment Partners Invests in Qualis
o Briefly Noted: Compu Dynamics, Auterion Government Solutions, Vbrick
Alexandria-based Defense Tech Startup Parry Labs Raises $80 Million
Alexandria, Va. – Joining a growing list of well-funded local startups in the military technology space, Parry Labs, a defense technology company focused on open architecture platforms, has raised $80 million in its first institutional funding round. The round was led by Capitol Meridian Partners, with participation from True Ventures, 3Wire Partners and Teamworthy Ventures. Parry’s technology includes command and control offerings, mission critical software and AI computing.
"The Parry team is leading the way defense customers can leverage digital engineering and open systems to provide new capabilities to the warfighter at the speed of need," said John Parkes, founder and CEO of Parry Labs. "We are excited to partner with Capitol Meridian Partners and this group of investors who have deep expertise in defense and technology, as well as proven track records of supporting high growth companies that will benefit the company in our continued growth as we lead the way in redefining the edge for combat effectiveness."
Cadmus Moves HQ from Massachusetts to Arlington, Va.
Arlington, Va. – Cadmus, the large provider of technical services to the government, announced that it has moved its headquarters from Waltham, Mass., to Arlington, Va. Last year, Cadmus acquired Arlington-based Nathan Associates, an international economic consultancy. In 2021, private equity firm CI Capital Partners bought a majority stake in Cadmus.
“Cadmus has a well-established presence in the Washington metropolitan area, where many of our clients and half of our U.S. employees are based, so moving our headquarters to Arlington was a natural decision,” said Ian Kline, president and CEO of Cadmus. “We’re delighted to bring our colleagues together in this stunning, sustainable space in the dynamic Ballston neighborhood.”
Falls Church-Based Retension Pharmaceuticals Raises $10.4 Million
Falls Church, Va. – Retension Pharmaceuticals, a Falls Church-based biotechnology company developing a therapy for patients with hypertension, said it has raised $10.4 million in its first round of funding. Collage Venture Partners and several new investors took part in the round. The company said it will use the proceeds to launch a Phase 2 clinical study of its lead drug candidate, known as RTN-001, in patients with hypertension. The drug so far has been studied in over 265 people, and has demonstrated clinically significant blood pressure lowering effects.
Maryland TEDCO Invests $2.1 Million in Seven Startups
Columbia, Md. – The Maryland Technology Development Corp. (TEDCO), said it has invested $2.1 million in seven start-ups through its Maryland Innovation Initiative (MII). The program is designed to promote the commercialization of research across multiple industries from Maryland's academic institutions. Investments went to Baltimore-based Gelectric Medical and Imagining Reality Insights and Solutions, College Park-based US Plasma and New Copper, National Harbor-based Reversal Therapeutics, Ellicott City-based FlexiCharge, and Bethesda-based Relai.ai. Selected companies will have access to various TEDCO resources, including mentor opportunities, CEO roundtables and loaned executives.
McLean-Based Bluestone Investment Partners Invests in Qualis
McLean, Va. – Bluestone Investment Partners, a private equity firm focused on lower middle-market companies in the defense and government technology arena, said it has invested an unspecified amount in Alabama-based missile defense and space systems technology business Qualis. Founded in 1993, Qualis has 310 employees, primarily scientists and engineers serving U.S. government customers at major test sites throughout the U.S. and the Asia-Pacific region. With the investment, the company said it will continue to provide support to its customers across the DoD and NASA while pursuing opportunities with new customers throughout the missile defense and satellite communications segments.
Briefly Noted:
(Chantilly, Va.) In a move toward nationwide expansion, Chantilly-based Compu Dynamics, a developer of infrastructure for data centers and cloud providers, has named Kurt Haglund as its new COO. Haglund, who will oversee the company’s day-to-day operations and support its expansion into new markets, previously held leadership roles with JLL, Gensler, Staubach and Rand Construction. Compu Dynamics also has named Viggy Hegde, a former vice president at Flexential, as its vice president of marketing.
(Arlington, Va.) Arlington-based Auterion Government Solutions, a developer of software designed to power mobile robotics and drones, has named Ted Davis, a retired colonel in the U.S. Air Force, as its president and general manager of government solutions. Davis succeeds Errol Farr, who becomes executive advisor to the company’s board of directors.
(Herndon, Va.) Herndon-based Vbrick, a developer of an enterprise video platform, has named Paul von Autenried to its board of directors. von Autenried previously spent 14 years as the chief information officer of Bristol-Myers Squibb, and is a seasoned board member and CEO advisor.