Potomac Tech Wire - Sept. 5

McLean-based Bright Core Federal Acquires Virginia-based GeoYeti

o McLean-based Bright Core Federal Acquires Virginia-based GeoYeti
o DC-Based C5 Capital Offers IronNet Help for Restructuring
o Battery Ventures Acquires Division of Bethesda-based GrammaTech
o Securiport to Move Headquarters from DC to Reston Station
o Unstuck Labs to Open Startup Studio at Rosslyn City Center
o George Mason Launches Hackathon to Fight Counterfeiters
o TEDCO Invests $500,000 in Gaithersburg-Based Polaris Genomics
o Briefly Noted: Rancher Government Solutions, Ciena, Spire Global, Common Securitization Solutions

McLean-based Bright Core Federal Acquires Virginia-based GeoYeti

McLean, Va. – Bridge Core Federal, a McLean-based provider of visual intelligence and technical offerings to the federal government that is backed by NewSpring Holdings, announced that it has acquired Haymarket, Va.-based GeoYeti, a data science and analytics firm focused on the government. Financial terms of the deal were not disclosed. Bridge Core, acquired by private equity and holding company NewSpring Holdings earlier this year, said the acquisition will strengthen its data and analytics capabilities.

“As the data landscape evolves, the human element – our analysts, data scientists, and engineers – becomes increasingly critical in transforming raw data into precise, actionable insights,” said Chad Kim, the CEO of Bridge Core. “Our collaboration with Bridge Core and GeoYeti underscores our commitment to nurturing talent that can innovate and excel in this complex arena. We're not just backing technology; we're investing in people who will set new benchmarks for analytics and mission impact."

DC-Based C5 Capital Offers IronNet Financing to Enable Restructuring

Washington, DC – C5 Capital, a DC-based venture capital firm focused on the cybersecurity, space and energy security sectors, said it has offered to fund the restructuring of financially troubled IronNet, a McLean-based cybersecurity firm. The firm said it and its partners have offered IronNet a term sheet, and provided the company with $300,000 in short-term funding and another $1 million in bridge financing. C5 and its partners are the sole funders of IronNet since January, having provided $15.2 million to the company. Founded in 2014, IronNet offers a tool designed to detect previously hidden intrusions, as well as a real-time threat-sharing platform. The company disclosed in December that it was on the verge of filing for bankruptcy amid allegations that company executives misled investors over growth projections.

Battery Ventures Acquires Software Division of Bethesda-based GrammaTech

Bethesda, Md. – GrammaTech, a Betheda-based application security testing and software research company, announced that Boston-based Battery Ventures has acquired its software products division. Terms of the deal were not disclosed. The new company formed by the purchased assets will be called CodeSecure. GrammaTech will retain its cybersecurity research and tools for U.S. defense and intelligence agencies; the deal includes GrammaTech’s CodeSonar and CodeSentry product lines.

“Software security is undergoing significant change and expansion; many organizations are creating their own product security teams and recognizing that product safety is a critical function,” said Mike Dager, who will serve as CEO of CodeSecure. “With more than 40 years of experience growing some of the world’s most well-known software businesses, we feel Battery Ventures is the ideal partner to help us scale up the CodeSonar and CodeSentry product lines.”

Securiport to Move Headquarters from DC to Reston Station

Reston, Va. – Securiport, a developer of border security and data analytics technology, said it will relocate its headquarters from the District of Columbia to Reston. Through a deal with developer Comstock Holding, the company will immediately move into existing space at Reston Station on a temporary basis, then relocate permanently to 24,800 feet of space in the same development, located at 1900 Reston Metro Plaza, once that building is completed next year. “After 20 years in Washington, DC, although it was a hard decision, we are excited to move our headquarters to Reston Station,” said CEO Enrique Segura.

Unstuck Labs to Open Startup Studio at Rosslyn City Center

Arlington, Va. – Unstuck Labs, an Arlington-based tech accelerator and mobile app developer, said it has struck a deal with McLean-based American Real Estate Partners (AREP) to move its new startup studio location to the company’s new Rosslyn City Center. Located above the Rosslyn Metro station, the building will become the home of the accelerator’s Unstuck Tuesdays, a series of free workshops for entrepreneurs. Unstuck also runs a 12-week startup studio program that provides hands-on support, deliverables and other perks to selected founders.

George Mason Launches Second Annual Hackathon to Fight Counterfeiters

Arlington, Va. – George Mason University's Terrorism, Transnational Crime and Corruption Center (TraCCC) said it has launched its second annual hackathon focused on fighting counterfeiters. The Bring Down Counterfeiting Hackathon awarded $50,000 in prizes last year in a policy-focused competition that attracted over 200 registrants worldwide. This year, TraCCC is partnering with the U.S. Chamber of Commerce Global Innovation Policy Center to

challenge teams to develop technical and policy fixes that prevent counterfeit and pirated goods from entering the stream of commerce and reaching consumers. They also seek tools that help recognize the spoofing of official U.S. government websites, trademarks and other services. The challenge, which has a grand prize of $20,000, launched in August. Complete details are available here.

TEDCO Invests $500,000 in Gaithersburg-Based Polaris Genomics

Gaithersburg, Md. – The Maryland Technology Development Co. (TEDCO) said it has invested $500,000 into Gaithersburg-based biotech company Polaris Genomics through its State Small Business Credit Initiative. Polaris is working to bring molecular diagnostics to mental health, marrying genomics with machine learning to provide users with possible assessments, diagnoses and treatments for neuropsychiatric conditions. “Polaris Genomics offers a solution that could allow physicians to more objectively diagnose PTSD with a blood test,” said Katherine Hill Ritchie, TEDCO’s senior director.

Briefly Noted:

(Reston, Va.) Reston-based Rancher Government Solutions (RGS), a developer of open-source Kubernetes management software, has named Mike Byrd as its vice president of ecosystems and partner management. Byrd most recently served as Red Hat’s vice president of North American ecosystem partner management and vice president of U.S. public sector channel sales, and earlier spent ten years at Sun Microsystems.

(Hanover, Md.) Hanover-based Ciena, a provider of networking systems, services and software, has named Mary Puma to its board of directors. Puma previously served as the president and CEO of Axcelis Technologies, and earlier served as its president and COO.

(Vienna, Va.) Vienna-based Spire Global, a provider of space-based data, analytics and space services, said it has won a $4.6 million contract from NASA on behalf of the National Oceanic and Atmospheric Administration (NOAA). Under the deal, the company will participate in NOAA’s Sounder for Microwave-Based Applications Phase-A study, competing with three other companies to develop a microwave sounder for NOAA’s Near-Earth Orbit Network (NEON) program.

(Bethesda, Md.) Bethesda-based Common Securitization Solutions (CSS), a tech-focused mortgage securitization administrator, has named Farhad Fariba as its executive vice president and CTO. Fariba most recently served as the senior vice president of IT platforms and services at Travel & Leisure Co., and earlier was the vice president of technology shared services and service management at Trellix.