Potomac Tech Wire - July 9
McLean-based Trase Raises $107 Million for AI Platform
o McLean-based Trase Raises $107 Million for AI Platform
o Arlington-based Marlinspike Partners Raises $127 Million Fund
o Rocket Lab to Acquire McLean-based Iridium for $8 Billion
o UMD Names 11 Awardees for Grand Challenges Grants
o Tysons-based RVNA Acquires SF-based UXB Holdings
o Arlington Capital Forms New Naval Company Highwater
o McLean-based CrossCountry Acquires Dupont Circle Solutions
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o Briefly Noted: FiscalNote, Tyto Athene, Deltek
McLean-based Trase Raises $107 Million for AI Platform
McLean, Va. – Trase, a McLean-based startup developing an AI agent platform, has raised $107 million in seed funding. The round was led by ARCH Venture Partners, with participation from Red Cell Partners and others. The company’s technology is focused on “high-stakes environments” in the healthcare and government space that follow strict compliance and governance requirements. Trase, co-founded by CEO Grant Verstandig and President Baskar Sridharan, now has 55 employees, with hubs in McLean and Seattle.
“In the age of AI, powered by the sovereignty, predictability, and trustworthiness that Trase’s OS delivers, agents are handling the onerous, immutable tasks that bog down highly trained individuals,” said Verstandig. “Shifting that valuable mental capacity to higher-acuity work will help make the most important systems in the United States cheaper, faster, and better for every American.”
Arlington-based Marlinspike Partners Raises $127 Million Fund
Arlington, Va. – Marlinspike Partners, a McLean-based venture capital firm investing in dual-use technologies for both national security and commercial applications, announced the final close on its second fund at $127 million. The fund – Marlinspike Disruptive Technology Fund II – will invest in early-stage companies in AI, autonomous systems, advanced manufacturing, and other emerging sectors. Investors in the fund include family offices, Conway Investment Solutions, and institutional investors including Fairfax County Employees’ and Police Officers Retirement Systems.
“We believe we are transitioning from a human-centric to an autonomy-centric world; from a world run and operated by humans to one run by AI and operated by robotics. We are at the early stages of the transition, and we expect to see meaningful acceleration of U.S. GDP growth in the next few years. We look for bold founders rebuilding the U.S. industrial base through grit and pushing the boundaries of engineering,” said Mislav Tolusic, Managing Partner and Chief Investment Officer at Marlinspike Partners.
Rocket Lab to Acquire McLean-based Iridium for $8 Billion
McLean, Va. – In a move to compete more directly against SpaceX, California-based Rocket Lab, a launch and space systems company, has agreed to acquire McLean-based Iridium Communications for about $8 billion. The move will merge Rocket Lab’s launch capabilities with Iridium’s large satellite communication network.
“This is a defining moment for the space industry and the start of a new era of strategic, accelerated growth for Rocket Lab and Iridium,” said Sir Peter Beck, founder and CEO of Rocket Lab. “Iridium has built the gold standard in secure, safety critical global satellite connectivity. It is relied upon by maritime fleets, the aviation industry, governments, and heavy industrial organizations who operate in the most remote off-the-grid locations. By marrying Iridium’s deep heritage, trusted infrastructure, and highly sought-after spectrum with Rocket Lab’s extensive and proven launch and manufacturing capabilities, we have the capability to unlock entirely new markets.”
UMD Names 11 Awardees for Grand Challenges Grants
College Park, Md. – The University of Maryland has announced the launch of 11 research projects funded by nearly $15 million from its Grand Challenges Grants Program, the university’s initiative to support research across disciplines to solve major world problems. The newly funded projects come from 40 disciplines at the university. The list of grantees is here.
Tysons-based RVNA Acquires SF-based UXB Holdings
Tysons, Va. – RVNA Technologies, a Tysons-based enterprise technology firm, announced the acquisition of San Francisco-based UXB Holdings, a customer experience and work management firm. Financial terms of the deal were not disclosed. RVNA said it plans to combine UXB’s customer experience expertise with its consulting, data and enterprise technology offerings.
“Over the past decade, we built a business centered on customer success, long-term partnerships, and delivering measurable outcomes through innovative technology,” said Bruno Saab, founder and CEO of UXB. “RVNA is the right partner to accelerate that mission and to unlock the next phase of growth for our customers, employees, and partners in the years ahead.”
Arlington Capital Forms New Naval Company Highwater
Bethesda, Md. – Arlington Capital Partners, the Bethesda-based private equity firm focused on government-regulated industries, announced the launch of a new company called Highwater in the naval services space in Australia and the United States. The company is being formed by the combination of Arlington Capital’s portfolio company Eptec Defence, based in Australia, with AMP United.
“Highwater reflects Arlington’s approach to building market-leading platforms in sectors essential to national security,” said Peter Manos, a Managing Partner at Arlington Capital Partners. “As geopolitical competition intensifies and naval fleets face growing operational demands, naval modernization and preservation is essential to fleet readiness.”
McLean-based CrossCountry Acquires Dupont Circle Solutions
McLean, Va. – CrossCountry Consulting, a McLean-based business advisory firm, announced the acquisition of Arlington-based Dupont Circle Solutions (DCS), a technology consulting firm focused on the Salesforce platform. Founded in 2015, DCS has 60 employees. “Joining CrossCountry expands what we can offer our clients, bringing dedicated Salesforce advisory and implementation expertise to their broader set of finance, risk, and transaction services,” said Erin Hatten, co-founder and Managing Director of Dupont Circle Solutions.
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Briefly Noted
(Washington, D.C.) FiscalNote, the struggling policy and regulatory intelligence company that was recently delisted from the NYSE, has named Key Compton as its president and CEO, succeeding Josh Resnik. Compton is the co-Founder and managing director of GPO Fund, and has served as a board member of FiscalNote since 2021.
(Reston, Va.) Tyto Athene, a Reston-based federal systems integrator and portfolio company of Arlington Capital Partners, has named Andrew Boyd as CEO. He succeeds Dennis Kelly, who remains on the company’s board of directors. Boyd was previously IBM’s Consulting Federal Defense and Intelligence Industry Lead.
(Herndon, Va.) Deltek, the Herndon-based platform for project-based businesses, has named Heather Larkin as its CFO, and elevated Tracy Schampers from Chief Legal Officer to Chief Legal and Administrative Officer. Larkin formerly served as SVP of Finance at UKG.