Money moves is a column that shows fundraising from technology companies across the region. Do you have a tip? Send us an email at dc@technical.ly.
There has been a lot of money news on the DMV in the last few weeks and we can barely catch our breath. Already this month, which is less than two weeks old, remote-with-DC-roots prefect completed its second round of funding in 2021, Downtown DC’s Morning counseling achieved unicorn status and rockvilles Xometry submitted to go public.
And thats just the beginning. From SPAC deals to edtech to more public offerings, the district has seen a lot of cash flow lately. Here are the latest funding deals signed by local tech companies this month:
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NoMa’s edtech company Full measure education just completed a $ 10 million survey led by Fulcrum Equity Partnersthe company announced on Friday. The funds will primarily be used to hire, expand its headquarters and grow its product, which uses software to help students navigate college from their phones using social media, messaging, and other forms of communication use.
CEO of Full Measure Greg Davies, who was one of the original employees. was blackboard, told Technically that the company is currently doing a lot of work in the approval process, but has seen tremendous demand for additional services over the past year. He said the raise will allow the company to expand its offerings to include student services, grants, alumni services, and events like moving days and graduation ceremonies.
“We saw increased demand from our partner institutions for more of what we do. Given our size, we were unable to meet that demand for expansion, ”said Davies. Now the new funding will help the company meet those needs.
Despite the move to distance learning, Full Measure has seen strong growth recently, which, according to Davies, has led to the increase. The company was founded in 2013 and now looks after around 450 schools, but most of them have been rebuilt in the last year and a half. The increase will allow the company to grow its team, which will double from 40 to 80 people this year and then grow back to 100 in 2022. There are also plans to double the size of his office by adding a second floor, a project that is expected to be completed around Labor Day. (See the current open roles.)
“Our software has become a much more important part of successful management services over the past 18 months,” said Davies. “Linked to this is the need to enlarge the team and our investments in our people. So this fundraiser was really about meeting the demand that is clearly in the market for what our software can do. “
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McLean, Virginias NextNav announced last week that it was with Spartacus Acquisition Corp., a special purpose vehicle for acquisition (SPAC). The geolocation company will go public through the deal that valued the company at $ 1.2 billion.
NextNav is expected to generate $ 408 million in transaction proceeds, including $ 203 million in cash from Spartacus and $ 205 million from a private PIPE round of investors, including Koch Strategic Platforms, Fortress Investment Group, Ophir Asset Management Woody Creek Capital Management and Quantlab Disruptive Technologies, Iridian Asset Management LLC, and Sponsor of the Spartacus Acquisition Corporation.
The merged company will be renamed NextNav Inc., will operate under the Ticket NN and will continue to be led by the co-founder and CEO Ganesh Pattabiraman.
“This transaction allows us to build on that success and enables the next generation of location and timing services – more accurate, available and resilient, and will drive the next generation of applications and services in mobile apps, autonomous vehicles, public safety and critical infrastructure. “Worldwide,” Pattabiraman said in a statement.
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Data and advanced analytics company BigBear.ai, based in Columbia, Maryland, plans to go public following a merger with Palo Alto, California GigCapital4, a SPAC already traded on the NASDAQ exchange. Upon completion of the transaction in the third quarter of this year, the combined company, also known as BigBear.ai, will be valued at $ 1.57 billion.
“[We] see a ripe opportunity in the growing commercial market as companies spend their budget on technology that enables them to leverage the power of AI and ML for predictive analytics and forecasting capabilities to manage risk and seize opportunities, ”said CEO Dr. Reggie brothers in a statement.
After the merger, the company plans to expand further and develop additional technologies. According to an investor presentation, the company expects sales of $ 277 million in 2022, a growth rate of 63%.
“As a publicly traded company, BigBear.ai will have a stronger capital structure to invest in additional technology development, expand commercial R&D and business development teams, and accelerate growth both organically and through acquisitions,” said Dr. Raluca Dinu, CEO of GigCapital4.
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Restons Scientific Applications International Corp (SAIC) health technology company acquired by Arlington Halfaker and staff for $ 250 million in cash and debt. The deal is expected to close in the second quarter of 2022.
Nazi Keene, CEO of SAIC, said the deal will fuel the company’s profitable growth, generate new, diverse talent and work with health IT actors for the SAIC Department of Defense and federal government.
“Halfaker is a strong cultural fit with mission-driven talent, enhancing our ability to support our customers’ digital transformation needs and positioning SAIC as an innovative provider of technology solutions for the future,” Keene said in a statement.
“This acquisition allows our delivery teams to maintain our customer-centric focus while increasing exponentially our ability to provide the technical depth and talent needed to meet the government’s most pressing challenges,” agreed. Twilight Halfaker, CEO and President of Halfaker and Associates.
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Here are some other DMV deals that were closed this month:
- Fairfax’s blackberry acquired Edmonds engineering. For an unspecified amount, the service company acquired the Alabama company with five locations and over 75 employees.
- DC based online school Nexford University, which focuses on labor training, raised $ 10.8 million in funding prior to the Series A. VC Global Ventures led the way, bringing Nexford’s total funding to $ 15.3 million to date.
- Center for Innovation Technology (CIT) GAP Fund invested an undisclosed amount in Ashburns Henchman. The startup developed a mobile app to connect workers with restaurant and retail positions.
- Centrevilles Parson Corporation acquired Herndonsdon BlackHorse solutions valued at $ 203 million.
- Catch of the day: Starkist tuna invests $ 3.6 million to move its headquarters from Pittsburgh, Pennsylvania to Reston.
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