Cybersecurity firm ZeroFOX topped the list of the region's funding announcements for February with a whopping $74 million investment. Cybersecurity companies in general dominated the list, which is no surprise for the DMV.
The month also saw a smattering of modest-sized funding announcements from companies in financial services, compliance, energy solutions, sports betting and biotech.
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Baltimore-based cybersecurity company ZeroFOX announced a $74 million funding round led by Intel Capital. The company says it works to protect digital brands whose public attack surface is made increasingly dynamic through popular platforms like Microsoft 365, G Suite, LinkedIn, Facebook, Slack, Instagram and Android and iOS apps. ZeroFOX says it protects these attack surfaces by monitoring its various data sources for potential threats. The company says it plans to use the new money to "accelerate our AI innovation, strengthen our intellectual property, and further our international expansion."
Cybersecurity startup Huntress announced an $18 million Series A investment from ForgePoint capital. The Ellicott City, Md. company provides a SaaS managed detection and response (MDR) platform to protect customers from cyberthreats. The company markets to managed service providers and value-added resellers in order to make its services accessible to smaller businesses.
WireWheel, an Arlington-based data privacy compliance software startup raised $10.6 million in new equity funding, according to an SEC filing. The company helps clients build data privacy programs and comply with user data requests. The company had a $10 million Series A round led by New Enterprise Associates and PSP Growth.
Ordway, a company that provides a billing and revenue automation platform, raised $10 million in its Series A round, led by CRV, with participation from Clocktower Ventures, Lerer Hippeau and Revolution’s Rise of the Rest Seed Fund. The company is based in D.C. and is led by CEO Sameer Gulati.
MotoRefi raised an $8.6 million Series A round led by Link Ventures and Accomplice. Based in Arlington, the company runs a platform that helps people refinance their auto loans. The company it will use the new money to grow its team and invest more in its technology platform, as well as add more partners and lenders.
Arlington-based DeepSig raised $5 million in its Series A round. The company is working on AI and ML tools to enhance signal processing and radio systems. DeepSig says it works with existing communications standards and that its technology can make 5G more reliable, efficient and secure.
Last Energy, a company looking to fight climate change by building new nuclear power plants, raised $3 million, according to VentureBeat. The funds came from from First Round Capital. The new company was spun out of the Energy Impact Center, a D.C.-based think tank founded by Bret Kugelmass.
Biotech startup Otomagnetics announced raising a $2.33 million Series A round from investor Neela Chipalkatty. Otomagnetics is developing a non-invasive way to direct drugs that need to target hard-to-reach areas. The company's method "allows replacement of needle by non-invasive magnetic forces that safely and effectively deliver therapy to difficult targets, including the cochlea," according to the announcement.
D.C.-based, Edge Systems Technologies reported adding $640.9K in new equity funding, according to an SEC filing. Led by Casey Huke, the company is known for its app fantasy sports betting app Football Genius. According to Crunchbase, Edge Systems Technologies has raised about $1.2 million.
HyperQube, an Arlington cybersecurity startup, received an investment of an undisclosed amount from CIT GAP Funds, a division of the Herndon-based Center for Innovative Technology. HyperQube provides a "cyber range as a service" offering that lets customers clone and run tests on any IT infrastructure. The company said at the end of last year that it's seeking to raise $2 million an is eyeing a Series A round.
