D.C. tech companies were rolling in investor dough last month, with the top five funding rounds totaling $605 million — an increase from the $570 million raised in May and the $264 million in April. Investors seems to be diversifying their portfolio in the DMV tech scene by investing in companies from a variety of industries ranging from data analytics to electric vehicles to proptech. Read on to learn about the top five funding rounds from last month and how companies are putting their new capital to use.
#5. $7 million, June 2
Gigasheet makes data science and analytics more accessible through user-friendly spreadsheets. The D.C.-based company’s Series A round was backed by Accomplice, Argon, Founder Collective and REV, among others. While Gigasheet was originally founded in 2020 to focus on cybersecurity data solutions, it now supports thousands of users from a range of industries. The $7 million raise will be used to accelerate its growth trajectory and product roadmap.
#4. $10 million, June 1
Cove is a co-working and proptech company that has made a number of pivots in recent years from operating ad-hoc offices to providing technology solutions to build tenants and property managers. In early June, Blackstone Innovations Investments led a $10 million funding round for cove. Other investors subscribed to the round include Kastle Systems and Second Century Ventures. According to the Washington Business Journal, cove plans to use its new capital to grow its team from 18 employees to 30.
#3. $15 million, June 15
D.C.-based cybersecurity intelligence company GreyNoise Intelligence helps security teams sift through irrelevant security alerts and focus on actual threats. The company closed its $15 million Series A round led by Radian Capital in mid-June and plans to use its new funds to improve product efficiency and new product development.
#2. $123 million, June 6
Aledade is a Bethesda-based data analytics company helping doctors’ offices transition to value-based care. The $123 million Series E round brings the company’s total raised capital raised to $429 million and its valuation to $3.1 billion. The funding round led by existing investor Growth Equity will be used to accelerate growth and expand Aledade’s services.
#1. $450 million, June 28
Reston-based electric vehicle (EV) charger network Electrify America raised $450 million in a round led by Siemens Financial Services, a representative of which will join the company’s board. Volkswagen Group also participated in the funding round, which will be used to expand the number of Electrify America charging stations to 1,800 and more than 10,000 ultra-cast chargers across the U.S. and Canada by 2026. This new funding brings the company’s valuation to $2.45 billion.