When it comes to launching a business in the venture capital-centric world of early startups, there is sometimes a mindset or status where the less said, the better. This strategy has been affectionately described as a startup going into "stealth mode." The term refers to an emerging company’s temporary state of secrecy. At times, the thinking goes, a lack of publicity may have a positive influence on a certain startup’s chance for success.
For example, there are several local companies currently in stealth mode with notable people in upper management and the reputable funding.
Here are the stealthy startups we think may become important down the road:
Starting 2015 on a positive note, Columbia, Md.-based cybersecurity company Tangible Security raised $6 million in equity, according to an SEC filing on Jan. 2. The company specializes in cybersecurity contracts for the U.S. defense and intelligence agencies. As Eric Hal Schwartz of DC Inno reports, “[Tangible Software] acquired two successful cybersecurity companies in the last two years and looks to be well-poised for further growth. The $6 million is likely to be in aid of that continued expansion in both the government and private spheres.”
DC Inno’s request for a comment on the funding round in early January was declined.
2.) SteamEngine
Former National Geographic president Tim Kelly has launched a Washington, D.C.-based educational technology startup, STEAM Engine Inc., and has $8 million in funding for it. There is no website or contact information regarding the venture available to the public. According to the posting, STEAM Engine is an edtech company in the process of developing a game-based social learning platform.
The equity funding was disclosed in an SEC filing on Jan. 16. It came from a single investor but the filing doesn't note who the investor is. Though STEAM Engine does not have a website, Kelly is listed as CEO in the SEC filing, and as founder/CEO in a job posting from October on an executive headhunter site.
DC Inno was the first outlet to discover and publish material concerning Kelly’s stealthy startup. On Jan. 23, we reached out to Kelly but were unable to reach him for comment.
3.) Gravatate
Reston, Va.-based communication applications startup, Gravatate, raised $65,000 of a total $500,000 offered in equity based on an SEC filing on Jan. 23. Very little is known about the startup as the company website currently requires username and login credentials — investors are also not listed.
Douglas Kachadorian is listed as the Chief Financial Officer and Director at Gravatate, according to a BloombergBusiness profile. Kachadorian's LinkedIn page notes that he is currently the President of Kachadorian Consulting and formerly the CFO at EMCOR Government Services. No information could be found on fellow Gravatate director and executive Javier Castro.
According to the company's LinkedIn profile, Gravatate provides communication and collaboration tools for communities: “We enable community members and organizers to communicate effectively and efficiently.”
4.) Radius Networks
On Jan. 29, Radius Networks noted their newest SEC filling, raising $6.4 million of an offered $6.6 million in equity. Marc Wallace is the Co-Founder & CEO Radius Networks as well as the Co-Founder & Chairman of District Taco. The Washington, D.C.-based proximity beacon startup is no stranger to large funding rounds though. Previous rounds include a $1.1 million equity raise in March and then an additional $4.5 million debt raise in April of last year.
Unfortunately, there is also relatively little information regarding Radius Network’s speciality, Beacon Technology. According to a LinkedIn profile, “Our technologies leverage the wireless signals of mobile devices, such as WiFi, Bluetooth and GPS, to detect when visitors are in close proximity to important points-of-interest and to use this information to provide a better understanding of customer shopping patterns and behaviors…”
Founded in 2011 and appearing at CES for the first time in 2015, there has yet to be a media publication to extensively cover Radius Networks as they remain in a deep sort of stealth mode — media or press inquiry information is unavailable from the company website. DC Inno has reached out to Radius Networks but has been unable to contact a representative outside of the support staff.
5.) FullMeasure Education Inc
Based in Washington, DC, FullMeasure is developing next-generation mobile, social and web technologies focused on helping to retain students. The stealthy edtech startup, which DC Inno has attempted to contact for interview, filed a $5.5 million equity funding round on Jan. 30.
Full Measure provides Student Success Counselors (SSCs) who are available 24/7 to support and assist university/college students, according to a job posting on the company's LinkedIn feed. Founded in 2013, the company aims to mitigate communication breakdowns between universities and their specific academic departments so as to “improve retention and graduation rates,” among other things. Robert Abraham, formerly a VP at BlackBoard, is Full Measure’s President. Social Radar President and CEO Michael Chasen, formerly the President and CEO of Blackboard, is also listed as a Director.
Investors remain undisclosed and to this point. We will update this story with further information if/when made available.
Quick Overview List (Jan 1st - February 3rd):
| Company | Industry | Location | Funding Amount ($) | Date of Deal |
|---|---|---|---|---|
| Tangible Software | Cyber Security Applications | Mclean, VA | $6,000,000 | 1/2/2015 |
| SteamEngine | Edtech Virtual Reality Software | Washington DC | $7,999,999 | 1/16/2015 |
| Gravatate | Other Technology | Reston, VA | $65,000 | 1/23/2015 |
| Radius Networks | Proximity Beacon Tecnology | Washington DC | $6,471,200 | 1/29/2015 |
| FullMeasure | Edtech software applications | Washington DC | $5,515,462 | 1/30/2015 |
