Potomac Tech Wire - Feb. 3

Arlington-based GenLogs Closes on $60 Million Series B Round Led by Battery Venture

o Arlington-based GenLogs Closes on $60 Million Series B Round
o Tysons-base MicroStrategy Hits 52-Week Low Amid Bitcoin Selloff
o Auria Acquires Bethesda-based RKF, Kythera Space Solutions
o Warrenton-based BCubed Acquired By Auria
o DC Capital Partners Takes Majority Stake in Vienna-based Knexus
o McLean-based CrossCountry Consulting Acquires Due Diligence Firm
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o Briefly Noted: TNS - Radianz, Capitol AI

Arlington-based GenLogs Closes on $60 Million Series B Round

Arlington, Va. – GenLogs, an Arlington-based developer of intelligence technology for the trucking and logistics industries, announced that it has closed on a $60 million Series B round. The round was led by Battery Ventures with participation by IVP, Cathay Innovation, and 9Yards, in addition to existing investors Venrock, Steel Atlas, HOF Capital, TitletownTech, and Autotech Ventures. The company previously raised $21 million in a seed and Series A round.

“The trillion-dollar trucking industry links every sector of our economy, but it is highly fragmented in its composition and still analog in its operations,” said Ryan Joyce, CEO and co-founder of GenLogs, and a former CIA officer. “GenLogs is applying many aspects of the U.S. intelligence community’s playbook to drive total visibility in the trucking industry, resulting in more efficiency, better pricing and protection against fraud and $35 billion in annual cargo theft.”

Tysons-based MicroStrategy Hits 52-Week Low Amid Major Bitcoin Selloff

Tysons, Va. – The share price of Tysons-based MicroStrategy, the Bitcoin holding and enterprise software firm, hit a one-year low on Tuesday, amid a sharp selloff in Bitcoin, which was down 3% in late-day trading and also hit a new one-year low. MicroStrategy’s share price was down 5% in late-day trading and down nearly 60% over the last year. Earlier in the day, Strategy’s executive chairman Michael Saylor continued to be a staunch defender of Bitcoin, writing on X: “The Rules of Bitcoin 1. Buy Bitcoin 2. Don’t sell Bitcoin.” As of Feb. 1, MicroStrategy, which is now calling itself Strategy, said it holds 713,502 Bitcoins. The company will release its quarterly financial results on Thursday.

Auria Acquires Bethesda-based RKF, Kythera Space Solutions

Chevy Chase, Md. – Auria, a Michigan-based provider of software and advanced technology for missile operations, announced last month that it acquired Bethesda-based RKF Engineering Solutions and Kythera Space Solutions. Auria is a portfolio company of Chevy Chase-based Enlightenment Capital. Financial terms of the deal were not disclosed. Founded in 2002, RKF provides satellite communications technology; Kythera, founded in 2018 in Bethesda, provides software for satellite payloads.

“The acquisitions of RKF and Kythera enhance Auria’s SATCOM engineering expertise and add advanced software capabilities critical to modern space-based communications and space operations,” said Thomas Young, partner at Enlightenment Capital. “We are thrilled to welcome the RKF and Kythera teams to Auria. With these acquisitions, we are well positioned to continue delivering secure, resilient space operations solutions in support of key national security missions.”

Warrenton-based BCubed Acquired By Auria

Warrenton, Va. – Following two other acquisitions last month, Auria, a portfolio company of Enlightenment Capital, announced on Tuesday the acquisition of Warrenton-based BCubed, a provider of technology to defense and intelligence agencies. “BCubed was built to ensure mission continuity from the highest levels of command down to the point of execution,” said Chris Bartley, founder and CEO of BCubed. “Joining Auria allows us to scale our technology offerings and deliver even greater end-to-end mission impact for our customers and operators on the ground.”

DC Capital Partners Makes Majority Investment in Vienna-based Knexus

Vienna, Va. – DC Capital Partners, an Alexandria-based private equity firm focused on government and engineering industries, has made a majority investment in Vienna-based Knexus, a provider of AI technology to government agencies. Founded in 2006, Knexus provides defense and civilian agencies with tailored AI technology.

“Over the last several years, our team has made meaningful progress building a modern applied AI platform purpose-built for government missions,” said Adam Lurie, CEO of Knexus. “We have had a front row seat to witness how AI can be leveraged for the public good and this partnership with DC Capital will accelerate our ability to scale and put AI solutions in the hands of our customers.”

McLean-based CrossCountry Consulting Acquires Due Diligence Firm

McLan, Va. – CrossCountry Consulting, a McLean-based business advisory firm, announced that it has acquired San Francisco-based financial due diligence firm CDS. CrossCountry said the acquisition will expand its ability to offer advisory services on mergers and acquisitions, carve-outs, and recapitalization transactions. Financial terms of the deal were not disclosed.

“The addition of CDS not only strengthens our ability to serve the Office of the CFO but also improves our ability to provide comprehensive solutions to private equity sponsors and their portfolio companies across the deal and investment life cycles,” said Erik Linn, co-founder and managing partner of CrossCountry Consulting.

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Briefly Noted:

(Reston, Va.) Reston-based Transaction Network Services (TNS) announced that it has completed its acquisition of BT’s Radianz business, a provider of communications services to the financial sector.

(Washington, DC) Capitol AI, a DC-based startup developing an enterprise AI platform, has named Rama Veeraragoo to lead product management and product roadmap. Veeraragoo formerly worked at Stripe.