Potomac Tech Wire - June 10
Crystal City-based Nooks Raises $25 Million for Classified Workspaces
o Va.-based Nooks Raises $25 Million for Classified Workspaces
o IonQ to Acquire Oxford Ionics For $1.1 Billion
o DC-based Trustible Raises $4.6 Million in Seed Funding
o Alexandria-based Parlay Finance Lands $2 Million in Seed Round
o DC-based U.S. News Acquires College Admissions Platform Sups
o Briefly Noted: BAE Systems, BigBear.ai, NGP VAN
Crystal City-Based Nooks Raises $25 Million for Classified Workspaces
Crystal City, Va. – Nooks, a Crystal City-based provider of classified workspaces, said it has raised $25 million in its first round of funding. Participants included Zigg Capital, Upper90, SAIC and Lockheed Martin. The company, which currently operates in Arlington, Colorado Springs, and El Segundo, Calif., focuses on creating secure and affordable access to classified facilities for government agencies, contractors and entrepreneurs.
“The national security community is spending far too much time and too much cost on bespoke and specialized secure infrastructure – there is a way to dramatically increase speed and efficiency for everyone that Nooks is aggressively pursuing," said Sean Blackman, the CEO of Nooks.
College Park-Based IonQ to Acquire Oxford Ionics in $1.1 Billion Deal
College Park, Md. – IonQ, a College Park-based developer of quantum computing and networking systems, said it will acquire England-based Oxford Ionics in a deal valued at approximately $1.1 billion. The deal, expected to close later this year, includes $10 million in cash and the remainder in IonQ shares. The company said the acquisition will combine its quantum compute, application and networking stack with Oxford’s ion-trap technology manufactured on standard semiconductor chips. Oxford founders Chris Ballance and Tom Harty, are expected to remain with IonQ after the acquisition is completed.
“Today’s announcement… accelerates our mission to full fault-tolerant quantum computers with 2 million physical qubits and 80,000 logical qubits by 2030,” said Niccolo de Masi, CEO of IonQ. “We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications.”
DC-based Trustible Raises $4.6 Million in Seed Funding
Washington, DC – Trustible, a DC-based startup developing a governance platform for AI adoption, announced that it has raised $4.6 million in seed funding. The round was led by Lookout Ventures, with participation from the Office of Eric Schmidt, Tau Ventures, Inner Loop Capital, Alumni Ventures, FoundersX, former Deloitte CIO Larry Quinlan, former Relativity CEO Mike Gamson, and former Washington DC Mayor Adrian Fenty. Previous investors Harlem Capital, Vamos Ventures, and JHH VC also participated in the round. The company’s platform is aimed at helping companies manage the risks of adopting AI. "This capital will fuel our next stage of growth as we scale our team, deepen product capabilities, and empower even more global organizations to accelerate safe and compliant AI adoption,” said Gerald Kierce, Co-Founder and CEO of Trustible.
Alexandria-Based Parlay Finance Lands $2 Million in Seed Round
Alexandria, Va. – Parlay Finance, the Alexandria-based developer of an AI-powered system designed to help community lenders qualify SBA and small business loan prospects, said it has raised $2 million in seed funding, led by JAM FINTOP. The company said it will use the funds to continue scaling its technology nationwide. Parlay’s platform is designed to speed digital customer onboarding and information verification, and includes a decision management system aimed at streamlining processes for SBA loans, which are traditionally complex and costly to underwrite.
"Through this partnership, we're empowering community lenders nationwide to maintain rigorous underwriting standards while drastically improving operational efficiency and insight,” said Alex McLeod, the co-founder and CEO of Parlay. “By democratizing access to AI-powered technology, Parlay is helping community banks to better compete while advancing their mission to serve local businesses."
DC-Based U.S. News Acquires College Admissions Guidance Platform Sups
Washington, DC – U.S. News & World Report, the DC-based digital media company most noted for its various rankings, said it has acquired a majority stake in Texas-based Sups, developer of an AI college admissions guidance platform with students in 180 countries. Financial terms of the deal were not disclosed. Sups has joined the CollegeAdvisor.com division of U.S. News. Founded in 2023 by college students Samir Walji, Rehan Rupawalla and Daniel Rupawalla, Sups provides resources for students who want feedback in their college essay-writing process.
"As U.S. News continues to create marketplaces for our consumers, the addition of Sups is a natural evolution of growth," said Neil Maheshwari, the CFO and COO of U.S. News. "We are thrilled to incorporate this technology into our college advising portfolio."
Briefly Noted:
(Falls Church, Va.) Falls Church-based defense technology giant BAE Systems has named Tara Olivet as its senior vice president of finance. Olivet, who has been with the company since 2005, most recently as its deputy senior vice president of finance, succeeds the retiring Dan Sallet.
(McLean, Va.) McLean-based BigBear.ai, a provider of AI-powered decision intelligence tools and services, has named Sean Ricker as its interim CFO, succeeding Julie Peffer, who is departing. Ricker most recently served as the company’s chief accounting officer, and earlier was its corporate controller.
(Washington, DC) DC-based NGP VAN, a provider of technology to Democratic and progressive campaigns, has named Sunil Sadasivan as its vice president of engineering. Sadasivan previously served as the deputy CTO of Sen. Cory Booker's presidential campaign and is the founder of Pingdex, a fundraising app integrated with NGP VAN Payments.