o DC-Based Emerald AI Launches with $24.5 Million in Funding
o DC-Based Saalex Acquires Lexington Park’s Greenfield Engineering
o Chantilly-Based Amentum Sells Business to Lockheed Martin
o Herndon-Based ePlus Closes Sale of U.S. Financing Business
o Maryland Tech Council Names 12 New Members to Board
o Briefly Noted: Boeing, Altamira Technologies
DC-Based Emerald AI Launches with $24.5 Million in Funding
Washington, DC – Emerald AI, a DC-based developer of AI software designed to reduce power consumption in data centers, said on Tuesday it has launched operations after landing $24.5 million in a round of seed funding, led by Radical Ventures. NVentures (the venture capital arm of NVIDIA), AMPLO, CRV and Neotribe also took part in the round, which the company will use as it prepares to hold large-scale demonstrations of its technology around the country. The company's Emerald AI Conductor platform is designed to manage AI workloads in real-time, enabling data centers to reduce their energy consumption through software and theoretically bypass grid interconnection queues.
"We're at a critical inflection point as exponential growth of AI computing pressures our electrical infrastructure," said Emerald AI founder and CEO Varun Sivaram. "To unshackle AI technology progress from power constraints, Emerald AI transforms data centers from grid liabilities into flexible assets, enabling grid operators to swiftly interconnect AI, bolster reliability and energy security, and more efficiently harness the massive spare capacity on today's grids.”
DC-Based Saalex Acquires Lexington Park’s Greenfield Engineering
Washington, DC – Looking to bolster its software development capabilities, DC-based Saalex, a provider of defense and technology services, said it has acquired Lexington Park-based Greenfield Engineering, a software and systems engineering firm specializing in avionics software development for the U.S. Navy. Financial terms of the deal were not disclosed. Saalex said the move will significantly enhance its software development activities, particularly in the area of highly specialized avionics software for complex real-time systems. All 61 of Greenfield’s employees will join Saalex as part of the acquisition.
"The acquisition of Greenfield Engineering demonstrates the Saalex Corporation commitment to supporting the warfighter and growing our software development capabilities in highly sensitive and secure DoD environments," said Travis Mack, the chairman and CEO of Saalex. "I am extremely pleased to continue our expansion and growth in the Patuxent, Maryland area."
Chantilly-Based Amentum Sells Business to Lockheed Martin
Chantilly, Va. – Completing a deal first announced in April, Chantilly-based Amentum, a provider of engineering and technology services, said it has sold its hardware and product business, Rapid Solutions, to Bethesda-based Lockheed Martin for $360 million in cash. Amentum said the acquisition will help reduce its debt and sharpen its focus as a provider of technology-enabled services. Rapid Solutions, which accounts for approximately 1% of Amentum’s annual revenue, is a manufacturer of products aligned to national security missions, such as ISR, advanced communications and tactical systems. Approximately 230 employees will transition to Lockheed Martin upon close of the sale.
Herndon-Based ePlus Closes Sale of U.S. Financing Business
Herndon, Va. – Completing a deal first announced last month, Herndon-based ePlus, a provider of technology products and services, said it has sold its U.S. financing business to New Jersey-based PEAC Solutions. Financial terms of the deal were not disclosed. ePlus said the sale provides it with capital to focus on growth opportunities and potential acquisitions in its core technology and services space. “It also strengthens our ability to continue to invest in high growth areas of AI, cybersecurity, data center modernization, high-performance networking and related consulting and managed services, while providing us the flexibility to accelerate plans around expanding our footprint and customer base,” said Mark Marron, the president and CEO of ePlus.
Maryland Tech Council Names 12 New Members to Board
Rockville, Md. – The Rockville-based Maryland Tech Council (MTC), the largest technology and life sciences trade association in the state, has named 12 new members to its board of directors. The new directors are: (Life Sciences) Timothy Fouts of ABL, Jacob Greenwood of Precision for Medicine, Laura Vivian of TrilliumBiO and Markus Weiss of Miltenyi Biotec North America; (Technology) Allyson Black-Woodson of Pepco Holdings, Rob Corradi of AWS, Gary Daigle of RealmOne, Dean Merritt of Mindgrub Technologies and Paul Plymouth of Verizon; and (New Service Provider and Government) Michael Halaiko of Baker Donelson and Greg Tselikis, SC&H Group.
Briefly Noted
(Arlington, Va.) Arlington-based aircraft manufacturer Boeing has named Steve Parker as the president and CEO of its Defense, Space & Security (BDS) business. Parker has served as interim leader of the unit since September, and previously had been the unit’s COO and has led BDS divisions including Bombers & Fighters and Vertical Lift.
(McLean, Va.) McLean-based Altamira Technologies, a provider of technology and services to the defense and intelligence sectors, has named Frank Calvelli to its board of directors. Most recently, Calvelli served as the Assistant Secretary of the Air Force for Space Acquisition and Integration, where he was the first Senate-confirmed official responsible for military space programs.