Data science and machine learning startup Veda Data Solutions Inc. has raised $8.5 million in new funding, according to a recent Securities and Exchange Commission filing.
The new round comes after a $7.5 million raise by the company in September 2019, and brings the total funding since its founding in 2015 to a little more than $18 million, according to data from PitchBook.
The D.C. company was also approved for a Small Business Administration Paycheck Protection Program loan in April, according to data from the agency. The company did not respond to requests for comment regarding the funding round.
Veda Data’s two platforms, Alchemy and Sentinel, provide machine learning and artificial intelligence techniques to help continuously monitor network data, especially in health networks, helping to reduce disruptions, fraud and errors, according to the company’s website.
Co-founder and CEO Meghan Gaffney Buck was formerly a principal at national fundraising firm and political action committee MGB Development and had worked in politics for years in fundraising and other operations.
Co-founder and Chief Technology Officer Bob Linder was previously a senior data scientist at the Earthling Interactive and had led research into statistical machine learning to automate the analysis of scientific data.
Veda Data is not the only local startup to have raised money recently, according to SEC filings. Cyber compliance risk and automation startup Caveonix recently raised $2.25 million in equity and debt, according to recent filings.
The Falls Church firm, founded in 2017, is led by CEO and cofounder Kaus Phaltankar, a parter at Fidusview Investments LLC and former president at Virtustream Security Solutions, a Dell Technologies company. He was also the former CEO of ViewTrust Technology Inc.
Co-founder and Chairman Tim Sullivan was the former chairman at cyber startup Syncurity Corp. and the former vice president of enterprise forensics group at FireEye Inc. He joined FireEye after the purchase of nPulse Technologies Inc., which he led as CEO and president.
Arlington-based HyperQube Technologies Inc. also closed a $2.3 million raise, according to SEC filings. I wrote more extensively about the company last year.
