February was a month of growth for tech companies in the D.C. metro area. The top five funding rounds brought in a combined total of $139.25 million, a decline from last month. Data analytic companies saw a spike in funding, with three of the companies on our February round up bringing in funding to scale their AI and machine learning enabled platforms. Read on to learn more about the top five tech fundings rounds in DMV last month.
#5. $7.5 million, February 28
Squeezing in on the last day of February was Ex Parte, a Bethesda legal tech company whose $7.5 million in Series A funding will expand its engineering team and scale new customer growth through new sales and marketing initiatives. Ex Parte uses AI and machine learning to predict litigation outcomes and make suggestions to help customers decide whether to continue litigation or settle.
#4. $9.35 million, February 10
With the help of a $9.35 million Series A funding round, iyotee launched its “knowledge intelligence” platform, KnowledgeNet.ai. The platform uses AI and machine learning to collect and synthesize data from disparate sources such as email, CRMs, file storage, professional networks and industry newsfeeds with the aim of improving corporate decision making.
#3. $14.4 million, February 8
Baltimore-based electronic device supply chain automation platform Apkudo raised $14.4 million in growth financing last month. The new capital is slotted for platform development and growth. Apkudo’s technology offers electronic device companies access to greater supply chain transparency so they can make decisions regarding device inventory, repair, resale and recycling opportunities.
#2. $50 million, February 8
Arlington operational technology (OT) cybersecurity company, Shift5 raised $50 million in Series B funding last month, following a $20 million Series A in October. Shift5’s technology helps protect OT systems — those that power infrastructure like public utilities and military vehicles — from cyber attacks. The company allotted its new funds for product development and hiring across departments.
#1. $58 million, February 24
Private wireless connectivity company Federated Wireless raised a $58 million Series D round last month. The Arlington-based company plans to use its new funds to scale platform capabilities and partnership growth. Ferderated Wireless specializes in shared spectrum software and helps enterprises deliver fast wireless connectivity.