Plus, Honeywell acquires an Arlington defense tech company and a UM College Park spinout raises $3 million.
Several different tech companies, from defense technology giants to AI startups, announced major raises, grants and acquisitions in the past month.
Keep reading to get the details on different money related announcements from firms in DC, Northern Virginia and the nearby Maryland suburbs.
Rhizome releases new platform
The AI-powered software company Rhizome, headquartered in DC, announced a $1 million raise in conjunction with a new platform to help electric utilities mitigate wildfires. This builds off the $2.5 million seed Rhizome raised in the fall.
The new product, gridFIRM, can be used by utilities in the US, Canada and Australia, according to a press release.
“Now, with new forecasts predicting a hotter-than-usual summer across much of the US, addressing wildfire concerns has become a priority,” said Rhizome cofounder and CEO Mishal Thadani. “It is critical for utilities to be able to quantify the risk of igniting wildfires and what cost-effective measures can move the needle to prevent disasters and save lives.”
The San Francisco venture capital firm Convective Capital, which led this raise, specifically focuses on technology companies working to alleviate wildfire crises across the globe.
Defense technology giant acquires aerospace firm
Arlington’s CAES Systems Holdings LLC was acquired by the defense technology company Honeywell, which is based in Charlotte, North Carolina.
CAES was acquired from the private equity company Advent International for $1.9 billion, according to an announcement.
This is Honeywell’s third acquisition of 2024.
“This acquisition further positions Honeywell at the forefront of the defense industry’s most dynamic sectors and sets the tempo for continued growth across our aerospace business,” said Vimal Kapur, the chairman and CEO of Honeywell.
According to the press release, this acquisition will expand and build on Holleywell’s defense technology product offerings, including unmanned aircraft systems, radio frequency products and radar technologies.
HighT-Tech lands $3 million to expand reach
The Prince George’s County-based company HighT-Tech announced a $3 million seed round, led by Boston-based Taihill Venture with additional participation from the Maryland Momentum Fund and Illinois’ Abbott Ventures. To date, the company has raised more than $12 million.
The firm, which specializes in heating technology and manufacturing to decarbonize industries like the chemical and heavy industrial markets, is a spin out from the University of Maryland, College Park and Johns Hopkins University. HighT-Tech’s landmark product is an electrified ultrafast high-temperature shock (UHS) platform that professors at the two universities developed.
“HighT-Tech’s UHS reactor technology can produce unique materials at low costs with high efficiency, in seconds rather than hours,” said Bob Gatte, chief executive officer of HighT-Tech. “This latest round of fundraising will allow us to accelerate our development and commercialization efforts.”
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