D.C.-area startups across sector, size and stage raised new funding at a steady clip in June.
At the highest end of the spectrum, Reston’s Electrify America LLC raked in $450 million and Bethesda’s Aledade Inc. grabbed $123 million to further fuel its expansion.
But the smaller rounds were no less important: Bethesda’s Collage Group raised $25 million, D.C.’s cove took in $10 million, the District’s Meaningful Gigs raised $6 million and Chevy Chase’s Dorvie Inc. secured $2.6 million.
Some activity came from local backers, including Halcyon’s investment vehicles, which supported Rockville’s JuneBrain Inc. with a $235,000 pre-seed round and Arlington’s OxiWear Inc., which is closing in on a $1 million bridge round.
Then there was D.C.’s Socially Determined — which, as we first reported, secured the bulk of its Series B funding earlier this month. The company then ended June by closing the round at a total of $26 million.
That Series B round, led by the nearby Questa Capital with participation from multiple other investors, will allow the business to do a few things, Dr. Trenor Williams, co-founder and CEO of Socially Determined, told us. The roadmap includes introducing new tools and metrics and automating more features on its software-as-a-service platform, he said. The company, now with about 40 employees, also plans to bulk up its sales and marketing team, as well as hire for engineering, client delivery, data science and analytics positions. It’s targeting between 15 and 20 new hires for the rest of this year.
Of course, money continued moving throughout the region’s ecosystem. These companies also raised capital in June:
- GreyNoise Inc.: The D.C. cybersecurity company closed a $15 million Series A round led by New York’s Radian Capital, alongside investors including CRV, Inner Loop, Stone Mill Ventures and Paladin Capital. The latest infusion allows the business to expand its threat intelligence data solution, which, the company said, helps security teams focus on threats and “waste less time on irrelevant or harmless activity.” GreyNoise’s customers include corporations, governments, security vendors and threat researchers — from CenturyLink and Airbus to multiple intelligence agencies, according to its announcement. The business also has a free plan for security analysts at more than 10,000 organizations.
- Gigasheet Inc.: The Leesburg data firm opened June with $7 million in Series A financing from venture capital backers including Accomplice Management LLC and Argon Ventures, both of Boston; Founder Collective of Cambridge, Massachusetts; and London’s REV Venture Partners Ltd. The company’s analytics platform is designed to help organizations easily comb through big data sets.
- Givebutter Inc.: The District-based nonprofit fundraising startup completed a $7 million seed funding round from more than 50 backers including Ardent Venture Partners, whose co-founder, Phil Bronner, has joined the company’s board of directors. Givebutter plans to use the capital to speed up the development and rollout of its free tools, which include donation forms, campaigns, emails and texting, and a new auction offering set to launch later this year.
- Live Chair Health: The Baltimore startup, which originally launched in the District, secured $3.5 million in a seed extension to break into new markets this year and bulk up its team. The money came from lead investor Healthy Ventures of San Francisco, among others. The company, led by co-founder and CEO Andrew Suggs, sets out to improve health outcomes for the African American community — by providing health screenings at barbershops and other community institutions.
- AI Squared Inc.: The D.C. artificial intelligence startup raised $6 million in seed funding from Chevy Chase’s New Enterprise Associates, as well as Los Angeles-based Ridgeline Partners. The company’s low-code platform aims to make web apps smarter for other companies. And it said the new funding positions the business to hire up and continue building out that product.
Related:
- The 2022 rundown for January, February, March, April and May
- All of our funding roundups from 2021: January and February, March and April, May, June, July, August, September, October, November and December
- PitchBook-NVCA Venture Monitor report findings for Q1 of 2022; and for Q4, Q3, Q2 and Q1 of 2021
