Potomac Tech Wire - May 16, 2023
Potomac Tech Wire - May 16, 2023
Ellicott City-based Cybersecurity Startup Huntress Raises $60 Million in Series C Funding
o Ellicott City-based Huntress Raises $60 Million in Series C Funding
o Columbia-based Intelligence Contractor iNovex Merging with Innoplex
o McLean-based B&A Acquires Bethesda-based IT Firm iDoxSolutions
o Warren Buffet’s Berkshire Hathaway Buys 9.9 Million Shares of Capital One
o Deadline is May 22 to Apply for Grants from Fairfax Founders Fund
o PayRange Acquires DC-Based Vending Machine Tech Firm Vagabond
o Reston-Based Dev Technology Group to Expand, Create 90 Jobs
o Hagerstown-based HBP Acquired by Marketing.como Briefly Noted: Mitre, HawkEye 360, Maryland Stem Cell Research Commission
Ellicott City-based Cybersecurity Startup Huntress Raises $60 Million in Series C Funding
Ellicott City, Md. – In one of the largest venture capital rounds in the region this year, Huntress, an Ellicott City-based cybersecurity startup focused on small and mid-sized businesses, announced that it has closed on $60 million in Series C financing. The round was led by Sapphire Ventures, with participation from previous investors Forgepoint Capital and JMI Equity. Huntress has developed a platform that monitors cyber attacks, discovers vulnerabilities and protects infrastructure. Its platform is aimed at enterprises that may lack in-house cybersecurity capabilities.
"There are 32 million small and mid-sized businesses in the United States alone. At Huntress, our mission is to ensure that all businesses, regardless of size, have access to the cutting-edge solutions they need to continuously operate free from cybersecurity threats,” said Kyle Hanslovan, CEO and co-founder of Huntress.
Columbia-based Intelligence Contractor iNovex Merging with Innoplex
Columbia, Md. – iNovex, a Columbia, Md.-based software developer and technology provider for intelligence agencies, announced that it has reached a deal to merge with Innoplex, a Columbia, Md.-based software and cybersecurity defense contractor. iNovex is a portfolio company of Chevy Chase-based private equity fund Enlightenment Capital. The combined companies, which have worked together for many years, said they will have about 1,000 employees and over $2 billion worth of recent prime contract awards once the deal closes. “iNovex and Innoplex have operated and grown alongside each other, developing a close relationship over nearly two decades,” said Gary Daigle, the CEO of iNovex. “We hold shared values and philosophies on doing business the right way, with a mission to solve our customers’ toughest challenges by driving innovation and technology.
McLean-based B&A Acquires Bethesda-based IT Firm iDoxSolutions
McLean, Va. – B&A, a McLean-based systems integrator and software developer for the federal government, announced that it has acquired Bethesda-based IT and management consulting firm iDoxSolutions. Financial terms of the deal were not disclosed. B&A said the combined entities will provide advanced IT offerings to governments, including to iDox’s customers that include the GSA, DoD, DOJ and other federal agencies. The move by B&A is its first acquisition since receiving backing last year from Battle Investment Group. "Together, we will deliver a broader array of capabilities enabling us to solve a wider set of mission-critical problems for our customers while also providing new opportunities for our talented team members to continue serving those customers,” said Mike Brant, the president of iDox.
Warren Buffet’s Berkshire Hathaway Buys 9.9 Million Shares of Capital One
McLean, Va. – Warren Buffet’s Berkshire Hathaway has accumulated 9.9 million shares in McLean-based Capital One, the financial services giant that is one of the region’s largest tech employers. The news came in a required SEC filing that provided a snapshot of Berkshire Hathaway’s holdings as of March 31. The value of the shares, which accounted for about a 2.2% stake in Capital One, are valued at nearly $1 billion. Capital One’s share price was up over 2% in mid-day trading on Tuesday. According to the filing, some of Berkshire’s largest holdings include large stakes in Apple, Bank of America and Chevron.
Deadline is May 22 to Apply for Grants from Fairfax Founders Fund
Fairfax, Va. – The deadline for startups applying to the next cohort receiving grants and technical assistance from the Fairfax Founders Fund is May 22. The fund provides up to $50,000 to early-stage startups in Fairfax County that “are on a high-growth trajectory.”
“Funds may be used to support companies’ commercialization and market entry efforts, including but not limited to product/prototype development, customer acquisition, market intelligence and business model validation, pilot or proof-of-concept activities, and/or intellectual property strategy development,” said the application.
PayRange Acquires DC-Based Vending Machine Tech Firm Vagabond
Washington, DC – PayRange, the Oregon-based developer of a touchless mobile payment platform, said it has acquired DC-based Vagabond, the creator of a mobile technology platform that offers real-time business intelligence to the vending machine and convenience services industry. Financial terms of the deal were not disclosed. PayRange said the acquisition will strengthen its core platform – which allows users to pay vending machines and other unattended retail through a mobile app – expanding its offering to both operators and consumers. Vagabond’s software helps operators monitor and track inventory, plan and map their routes, predict restockings and perform reporting functions. The two companies have partnered for several years.
Reston-Based Dev Technology Group to Expand, Create 90 Jobs
Reston, Va. – Dev Technology Group, a Reston-based provider of IT services to the federal government, said it will spend $366,000 to expand in Fairfax County, creating 90 new jobs. The 25-year-old company said the move is needed because of a “substantial increase in demand” for its services. Dev plans to add 10,000 square feet of space to accommodate additional IT and software personnel.
“As a federal contractor, Dev Technology has selected to continue its growth in Fairfax County due to the proximity of clients and access to highly skilled employees, including veterans,” said Kendall Holbrook, CEO of Dev Technology. The company counts the Department of Homeland Security, Army National Guard, U.S. Geological Survey, DARPA and the Consumer Financial Protection Bureau among its clients.
Hagerstown-Based Print Communications Firm HBP Acquired by Marketing.com
Hagerstown, Md. – HBP, a Hagerstown-based print communications firm, said it has been acquired by Missouri-based Marketing.com, which offers a range of marketing services from more than 30 facilities. Financial terms of the deal were not disclosed. HBP, which also has locations in Fairfax and Springfield, said the move gives it “a nationwide platform and expanded offerings from click to print and everything in between.” Marketing.com said it plans to keep HBP’s business processes and team in place.
Briefly Noted:
(McLean, Va.) Mitre, the McLean- and Massachusetts-based operator of federally funded R&D centers, said it has promoted Laurie Giandomenico to senior vice president and chief acceleration officer. Giandomenico first joined MITRE in the early 1990s as a member of the technical staff, and most recently served as vice president and chief acceleration officer. She incubated and has led MITRE Engenuity since its inception in 2019.
(Herndon, Va.) Herndon-based HawkEye 360, a developer of defense technology focused on space-based radio frequency data and analytics, has announced its 2023 advisory board. Members include John Abizaid, a retired U.S. Army four-star general; Kari Bingen, director of the Aerospace Security Project; Jim Cooper, a recently retired congressman (D-TN) who served in the House of Representatives for 32 years; and Dr. M. Sanjayan, a conservation scientist and CEO of Conservation International.
(Columbia, Md.) The Maryland Stem Cell Research Commission has announced $14.1 million in grant awards to support research designed to advance stem cell treatments and technologies. All told, 39 scientists from Maryland-based research institutions and companies will receive awards from this funding round, which is the largest awarded to state-based institutions and companies since 2010.