The weather is hot, and so is the funding.
A steady stream of money came into the D.C. area's technology industry in July, totaling at least $102 million in local startup funding across 11 deals. The total falls short of last July's whopping $200 million and last month's $140 million, but still puts the region on pace for a big year.
The capital injections were led by software provider Fractal Industries, which changed its name to Qomplx as it announced $41 million in new funding. Two cybersecurity companies, Trinity Cyber and Prevailion, followed it with big rounds of their own. Farther down the list, Greater Washington companies raking in investments represent a swath of industries ranging from video streaming to manufacturing to artificial intelligence.
And the funding wave isn't likely to stop any time soon. Rockville-based Camber Creek, McLean's Blue Delta Capital Partners and Revolution's Rise of the Rest all are raising fresh venture capital funds – some of which historically has been invested in local startups.
Here are the biggest D.C.-area startup funding deals from July.
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Analytics and insurance software provider Fractal Industries added $41 million in new capital to close its Series A funding round totaling $78.6 million, led by Cannae Holdings and Motive Partners. Coinciding with the fresh round, the company changed its name to QOMPLX. The tech firm will use the capital to expand its headcount – currently at about 100 – and accelerate growth, according to a release. The investments bring its total funding to more than $100 million.
Trinity Cyber, a Bowie, Md.-based provider of cybersecurity threat solutions, raised $23 million in funding led by Intel Capital. This appears to be its first institutional funding round, marking its exit from stealth mode. Trinity's services focus on stealthily intercepting external cyber threats before they reach an internal network.
Fulton, Md.-based cybersecurity firm Prevailion raised $10 million in Series A funding. The round was led by AllegisCyber, with participation from investors including Fulton VC foundry DataTribe. The Texas-born startup expanded into Maryland last year, after winning a $2 million funding competition hosted by DataTribe. Prevailion's new capital will be used for talent acquisition, technical development and to ramp up sales and marketing efforts.
On-demand streaming software company ViewLift raised $7.4 million in equity funding, according to SEC filings. The firm launched in 2014 as a division of D.C.-based SnagFilms, an independent movie streaming service. Last year's $4 million raise went toward growing ViewLift, but it's unclear what the plans are for the new capital. This round puts the combined company's total funding at $54 million, with backers including New Enterprise Associates and controlling shareholder Ted Leonsis.
Somerville, Va.-based VIA, an artificial intelligence and blockchain provider focused on the energy and utility industry, raised $7 million in seed funding led by The Westly Group. The funding will accelerate VIA’s customer acquisition and increase the number of network operators in its Global Data Asset Collaborative program, which fuels its predictive maintenance application.
Falls Church-based satellite startup Ubiquitilink raised $5.25 million in fresh funding as it aims to build a network of cell towers in space. The new round follows a $4.4 million raise in the form of options and warrants from earlier this year, but it's unclear if the two are related. Ubiquitilink had previously raised about $1.5 million, according to SEC filings.
On-demand manufacturing platform Xometry increased its recent Series D funding round from $50 million to $55 million thanks to an investment from Robert Bosch Venture Capital, the VC arm of manufacturing giant Bosch Group. Along with the fresh funding, Xometry announced plans to expand into Europe by the end of the year.
Alexandria-based Till Inc., a lender that exclusively loans money for individuals' rent payments, raised $1.75 million in an equity raise, according to SEC filings. Founded in 2017, the startup directly pays landlords full or partial rent, and customers pay it back in bi-weekly installments. The fresh funding brings its total to just over $6 million.
Reston-based Smart City Works, an accelerator for smart-city tech startups, and coworking hub Refraction partnered up to land a $750,000 federal grant that will go toward their Northern Virginia Smart City Initiative. The group was one of 26 selected from 140 applicants for the EDA's Regional Innovation Strategies program, which gave out $23 million to companies making local impacts through technology.
District-based Halcyon was one of 44 organizations – and the only one in D.C. – to receive a grant from the U.S. Commerce Department’s Regional Innovations Strategies Program to expand entrepreneurship and increase access to capital in the region. The three-year, $300,000 grant will allow Halcyon to continue building a network of impact investors to increase funding opportunities for social enterprises.
D.C.-based tech education nonprofit Byte Back won a $100,000 grant at the California-based Kapor Center’s inaugural Tech Done Right Challenge grant competition. The challenge, supported by the Bill & Melinda Gates Foundation, supplied that total to each of 10 social impact organizations working to diversify the tech industry.
