The DC region witnessed several large venture capital raises this summer, despite nearby federal unruliness and the presidential takeover of the city this week.
Cybersecurity, artificial intelligence and defense technology companies dominated the region’s cash flow over the last couple of months, including a $24 million Series A by the AI military logistics software company Rune Technologies in Arlington, Virginia. Data center technology firm Emerald AI also launched with a $24.5 million seed, and cyber firm Virtru in DC raised $50 million and doubled its valuation.
Get all the details on the latest money moves below the chart, where we look at the top 10 companies hiring for tech jobs in the DMV, and how that’s changed.
Rune Technologies, which is developing predictive software for use in battlefields, will put the funds toward expanding its team and building its product TyrOS, cofounder Peter Goldsborough told Technical.ly.
The majority of Rune Technologies’ staff is in the DC area, and the plan is to expand to a workforce of 40 by the end of 2025.
Rune Technologies has deployed its software within the US Army and Marine Corps. With the funds, leadership will also look to land new business across the Department of Defense and military services.
This round was led by Human Capital with participation from Pax VC and Washington Harbour Partners, plus a list of existing investors.
“We are thrilled and incredibly honored to have the support of some of the top investors in the defense technology sector,” Goldsborough said, “including Human Capital.”
Emerald AI in DC is developing software to enable data centers to adjust energy consumption depending on how much power is needed.
Radical Ventures led the round with participation from NVIDIA’s venture capital arm NVentures, AMPLO, CRV and Neotribe. The team will use the funds to develop its product dubbed the Emerald Conductor, founder and CEO Varun Sivaram told Technical.ly.
“We’re honored to partner with changemakers like Radical Ventures, NVIDIA, and so many more to help America win the AI race,” he said, “by freeing up the energy needed to support innovation while ensuring the stability and efficiency of the energy needed for everyday Americans.”
This raise doubled the cybersecurity firm’s valuation to $500 million. Virtru’s platform is used by private sector giants like JPMorgan Chase and Capital One, plus the Department of Defense.
The funds will help Virtru expand its customer base in both the private and public sectors.
“This funding strengthens Virtru’s position as the leader in data-centric security that extends beyond the perimeter,” CEO and cofounder John Ackerly told Technical.ly. “While many data security vendors focus on discovery and classification, and tagging of data for purposes of preventing data from being lost or stolen — Virtru provides the critical ‘last mile’ of protection when data is actively shared outside organizational boundaries.”