o Bethesda-based Rotunda Capital Closes on New $735 Million Fund
o Bethesda-based AuthMind Raises $19.3 Million in Seed Round
o Scott Frederick Stepping Down From Sands Capital
o Sparks-Based KCI Construction Services Acquires Richmond’s ATS
o Rockville-Based CloudBolt Software Names Rod Squires as CEO
o Virginia Beach-Based Mythics Acquires SpearMC to Continue Growth
o Video of Potomac Tech Wire’s AI Outlook Event
o DC-Based FiscalNote to Sell Australian Subsidiary
Bethesda-based Rotunda Capital Closes on New $735 Million Fund
Bethesda, Md. – Rotunda Capital Partners, a Bethesda-based private equity firm focused on industrial businesses, announced that it has closed on its newest fund with $735 million in capital commitments. Similar to its previous funds, the new fund, Rotunda Capital Partners Fund IV, will partner with founders in industrial sectors for its investments. Fund IV has already invested in Capital Machine Technologies, a distributor and repair company for the manufacturing sector.
“This milestone reflects not only the strength of our strategy and relationships, but the unwavering support of our investors – both longstanding and new – who share our vision of growing family-founder-led industrial businesses through data-driven operational transformation,” the firm wrote in a LinkedIn posting about the new fund. “We are humbled and proud of what our team has accomplished and deeply grateful for the trust placed in our firm.”
Bethesda-based AuthMind Raises $19.3 Million in Seed Round
Bethesda, Md. – AuthMind, a Bethesda-based identity protection startup, announced that it has secured $19.3 million in seed funding. The round included a strategic investment from F5, the publicly traded application security company. "AuthMind is uniquely positioned to deliver critical insights into identity-related activities across the entire infrastructure – a capability essential to securing today's organizations," said John Maddison, Chief Product Marketing and Technology Alliances Officer at F5.
Scott Frederick Stepping Down From Sands Capital
Arlington, Va. – Scott Frederick, managing partner at Sands Capital and a key figure in the DC venture ecosystem for nearly three decades, announced he will be stepping down. Since 1997, Frederick has played a pivotal role in shaping the region’s startup and venture capital landscape. Prior to his time at Sands Capital, he served as a partner at NEA, co-founder and general partner at Valhalla Partners, and partner at FBR Technology Venture Partners. In a LinkedIn post, he wrote:
“As for what’s next, I’m giving myself space to explore. Whether it’s angel investing, helping entrepreneurs, companies or investment firms as a board member or advisor, teaching, writing, or something else entirely, I’m excited to rediscover what it means to create and build,” he wrote in the LinkedIn post. “Indeed, those who know me well know that I’ve been knocking around a start-up idea of my own. If a few more pieces fall into place, I just might switch from writing checks, to chasing them.”
Sparks-Based KCI Construction Services Acquires Richmond’s ATS
Sparks, Md. – The telecommunications division of KCI Construction Services said it has acquired Advanced Telecommunications Solutions (ATS), a Richmond-based firm specializing in the installation of equipment supporting the wireless industry. Financial terms of the deal were not disclosed. Nine-year-old ATS specializes in the installation of electronic telecommunications equipment, batteries, DC power systems and equipment cabinets. The move gives KCI 16 new employees based in Richmond
"This strategic acquisition supports KCI’s continued growth, delivers core services in a new geography and strengthens our ability to serve clients with end-to-end solutions in wireless infrastructure deployment,” said Marty Ayres, KCI’s vice president of operations.
Rockville-Based CloudBolt Software Names Rod Squires as CEO
Rockville, Md. – CloudBolt Software, a Rockville-based developer of cloud cost management software, has named Rod Squires as its new CEO. He succeeds Craig Hinkley, who had led the company for two years. Squires most recently served as the CEO of StormForge, which was acquired by CloudBolt at the end of March, and earlier was the CEO of OverOps and senior vice president of Hitachi Data Systems. Both companies are backed by Insight Partners.
Virginia Beach-Based Mythics Acquires SpearMC to Continue Growth
Virginia Beach, Va. – Mythics, a Virginia Beach-based provider of Oracle systems integration services, said it has acquired SpearMC, a Silicon Valley-based provider of PeopleSoft Managed Services, Consulting and Training. Financial terms of the deal were not disclosed. Mythics said the acquisition strengthens its position within the public sector, and also will help it further expand into other markets, such as healthcare, higher education, commercial and regulatory services. "The team at SpearMC will help us accelerate our vision for strategic growth and market expansion," said Paul Seifert, the CEO of Mythics. Last month, Mythics also acquired Silicon Valley counterpart Smart ERP Solutions.
DC-Based FiscalNote to Sell Australian Subsidiary
Washington, DC – Continuing its recent string of divestitures to shore up its balance sheet, DC-based FiscalNote, a developer of software focused on policy and global intelligence, said on Monday it will sell its Australian subsidiary, TimeBase, to Thomson Reuters for $6.5 million. The deal is expected to close upon receipt of antitrust clearance in Australia and other customary closing conditions. The company said it plans to use the proceeds to further pay down the balance of its senior term loan. FiscalNote acquired TimeBase, a Sydney-based provider of Australian legislative information for legal professionals, in 2021 as part of its expansion into the APAC region. The news comes just weeks after FiscalNote completed its $40 million sale of two companies within its Global Intelligence business – Oxford Analytica and Dragonfly – to Dow Jones.
Video of Last Week’s AI Outlook Event (for Paid Subscribers)
Briefly Noted:
(Manassas, Va.) Manassas-based aerospace company Electra.aero has named Max Ochoa as its CFO. Ochoa most recently served as the CFO and general counsel at Satelles, and earlier held executive leadership roles at Alation, Turn, Adify and TiVo.
(Washington, DC) DC-based Telescope, a backer of early-stage technology companies, has named John Lyman as a managing partner, focused on venture investing. Lyman was most recently a partner at Google Ventures (now GV), the venture capital investment arm of Alphabet.
(Rockville, Md.) The United States Pharmacopeia (USP), a Rockville-based independent scientific organization that develops standards for medicines, dietary supplements and food ingredients, has announced several key hires and promotions. The organization has named Fouad Atouf as its chief science officer and chair of the USP Council of Experts; Amanda Cowley as chief growth officer and head of Regions, Programs and Strategy; and Ken Alexander as its general counsel.