Potomac Tech Wire - July 22
Arlington-Based Rune Technologies Raises $24 Million for Military Logistics Software
o Arlington-Based Rune Technologies Raises $24 Million
o McLean-Based Booz Allen Hamilton to Triple VC Investments
o Richmond-Based goHappy Lands ‘Significant’ New Investment
o Arlington-Based DrFirst Names Laizer Kornwasser as CEO
o Briefly Noted: IonQ, BlackSky Technology, QinetiQ US
Arlington-Based Rune Technologies Raises $24 Million for Military Logistics Software
Arlington, Va. – Rune Technologies, an Arlington-based developer of AI predictive software used for military logistics, said on Monday it has raised $24 million in a round of funding, led by Human Capital. Pax VC and Washington Harbour Partners, as well as previous backers Andreessen Horowitz, Point72 Ventures, XYZ Venture Capital and Forward Deployed VC also participated in the round, which follows the company’s $6 million seed round in February. Rune's TyrOS architecture is designed to embed intelligence directly at the decision-making level, instead of pushing data to distant servers for processing. The company said this eliminates the need for constant connectivity to remote servers
"Our mission is to bring military logistics sophistication in line with the prowess of our fighting capabilities," said David Tuttle, the co-founder and CEO of Rune Technologies. "We've seen significant demand from across the services for a product that can replace the whiteboards and spreadsheets that are currently used to track logistics operationally. This investment will allow us to accelerate our deployment of TyrOS to sustainers across the joint force."
McLean-Based Booz Allen Hamilton to Triple VC Investments
McLean, Va. – Booz Allen Hamilton, the McLean-based management and technology consulting firm, said it plans to triple its venture capital commitment to $300 million, with plans to make 20-25 investments over the next five years in early-stage technology companies focused on the federal government. The company’s venture arm, Booz Allen Ventures, already has invested in 17 startups over the past five years, including Albedo, Hidden Level, Second Front and Shift5. Those companies focus on areas such as artificial intelligence, autonomy, cyber, space and quantum computing.
“Now, among fierce global technology competition and evolving geopolitics, this expansion gives us new capacity to collaborate and build with brilliant founders and deliver the best commercial tech to our nation at speed and scale,” said Brian MacCarthy, managing partner of Booz Allen Ventures.
Richmond-Based goHappy Lands ‘Significant’ New Investment
Richmond,. Va. – goHappy, a Richmond-based developer of an app-free communications tool designed to help companies better engage with their frontline employees, said on Tuesday it has landed a “significant” growth investment from North Carolina-based private equity firm Pamlico Capital. Specific financial terms were not disclosed. goHappy works with brands in the food service, hospitality, healthcare, manufacturing and retail industries. The company said it will use the funds to support its next phase of growth, after recently launching its Engagement Hub, which helps employers share documents, files and other company resources with workers.
"Frontline employees are the backbone of a majority of businesses, yet too often they lack the tools and support they deserve," said CEO Shawn Boyer. "This investment helps us continue to bring innovative solutions to employers that solve their most acute frontline challenges.”
Arlington-Based DrFirst Names Laizer Kornwasser as CEO
Arlington, Va. – DrFirst, an Arlington-based developer of intelligent medication management tools, has named Laizer Kornwasser as its new CEO. He succeeds G. Cameron Deemer, who has served as CEO since 2023 and president for 15 years, and will continue as the company’s vice chairman. Kornwasser most recently served as the president of enterprise growth and emerging markets at Teladoc Health, and previously held senior executive roles at CareCentrix and Medco Health. DrFirst’s technology reaches over 100 million patients annually through integrations and partnerships with electronic systems used by hospitals, medical practices and pharmacies nationwide.
Briefly Noted
(College Park, Md.) College Park-based IonQ, a developer of commercial quantum computing and networking technology, has named Rick Muller as its vice president of quantum systems. Muller most recently served as director of the Intelligence Advanced Research Projects Activity (IARPA), an organization within the Office of the Director of National Intelligence.
(Herndon, Va.) Herndon-based BlackSky Technology, a provider of imagery, analytics and high-frequency monitoring services, said on Monday it has priced an upsized $160 million private offering of convertible senior notes. The company, which previously had planned a $125 million offering, said it plans to use $103 million of the net proceeds to repay outstanding borrowings, and the remainder for working capital, operating expenses, capital expenditures and strategic investments.
(McLean, Va.) McLean-based defense and national security company QinetiQ US has named Scott McGleish as its chief growth officer. McGleish most recently served as the president and general manager of Weibel Scientific North America, and earlier held senior executive and business development positions at Raytheon Technologies and Booz Allen Hamilton.