Potomac Tech Wire - Sept. 9
DC-Based Accion Closes $61.6 Million Fund for Early-Stage Inclusive Fintech
o DC-Based Accion Closes $61.6 Million Fund for Inclusive Fintech
o Pikesville-Based Lumelight Acquires ClearFile
o Expedition Technology Lands Two Key Investments
o Germantown-Based AEM Acquires Van Essen Instruments
o Briefly Noted: BWX Technologies, CTIA, V2X
DC-Based Accion Closes $61.6 Million Fund for Early-Stage Inclusive Fintech
Washington, DC – Accion, a DC-based nonprofit focused on creating a “fair and inclusive economy,” said on Monday it has closed a new $61.6 million fund that will invest in early-stage fintech companies catering to the financially underserved. The fund, called Accion Venture Lab Fund II, plans to invest across Africa, South and Southeast Asia, Latin America and the U.S. Accion has so far deployed $59.4 million across 76 companies since 2012, with 13 full or partial exits. The three most recent exits were Apollo Agriculture, a company providing tech-enabled inputs, financing, insurance and training to farmers in Kenya and Zambia; Lula, an all-digital small business lender and bank account provider for enterprises in South Africa; and Pula, a company providing agricultural insurtech solutions to farmers across Africa and Asia.
"With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect many small businesses and low-income consumers to the digital economy for the first time,” said Michael Schlein, the president and CEO of Accion. “This fund seeks to support the growth of early-stage, disruptive companies providing high-quality, affordable financial services that can help reduce poverty and create opportunity for millions of people globally."
Pikesville-Based Lumelight Acquires ClearFile
Pikesville, Md. – Lumelight, a Pikesville-based provider of technology and services designed to help employers and health plans manage benefits, said on Tuesday it has acquired New York-based ClearFile, a provider of software and consulting services focused on regulatory compliance for health plans, third-party administrators and pharmacy benefit managers. Financial terms of the deal were not disclosed. Limelight said the move expands its compliance and claims tools with a platform designed to simplify regulatory filings and certifications. Joe Boyle, who founded ClearFile, will continue to serve as president of the business within Lumelight.
"ClearFile's expertise and technology further strengthen our ability to simplify health care compliance for organizations nationwide," said Jason Hall, the CEO of Lumelight. "Together, we will help clients reduce their regulatory risk, lower administrative costs and remain ahead in today's increasingly complex regulatory environment."
Herndon-Based Expedition Technology Lands Two Key Investments
Herndon, Va. – Expedition Technology, a Herndon-based developer of signals and geospatial intelligence systems for national security customers, said it has landed an unspecified amount of new funding from Reston-based Razor’s Edge and Chevy Chase-based Enlightenment Capital. The company said it will use the funds to help accelerate its growth across the signals and geospatial intelligence domains.
“Razor’s Edge and Enlightenment Capital each bring unique capabilities to the table, from strategic scaling to deep technology roots in the national security space,” said Marc Harlacher, the CEO of Expedition Technology. “I am thrilled to enter this next phase of growth with such a powerful combination of partners.”
Germantown-Based AEM Acquires Van Essen Instruments
Germantown, Md. – AEM, the Germantown-based operator of sensing networks and data management infrastructure designed to provide environmental insights, said it has acquired Van Essen Instruments, a Netherlands-based developer of precision groundwater and surface water monitoring systems. Financial terms of the deal were not disclosed. AEM said the move will allow it to offer a unified system for monitoring water, weather and other environmental risks.
“Water-level monitoring is a foundational element of environmental resilience,” said Rodney Smith, the CEO of AEM. “By acquiring Van Essen Instruments, we’re integrating highly specialized hydrological sensing into our broader environmental intelligence ecosystem, so organizations can monitor and respond across surface, subsurface and atmospheric domains.”
Briefly Noted:
(Lynchburg, Va.) Lynchburg-based BWX Technologies, a developer of nuclear technologies, has named Rik Geiersbach as its chief strategy officer. Geiersbach most recently served as vice president of strategy and corporate development at The Boeing Company.
(Washington, DC) Americans used a record 132 trillion megabytes of mobile data in 2024, shattering the 100 trillion megabytes mark set just the year before, according to a new survey published by DC-based wireless industry association CTIA. It marks the third straight year of approximately 35% growth. The survey is available here.
(Reston, Va.) Reston-based V2X, a provider of AI and machine learning tools to national security, defense, civilian and international markets, has named Greg Lundy as its vice president of technology. Lundy previously held senior roles with Sony, Booz Allen Hamilton and the U.S. Navy.