In covering the D.C. innovation economy comes the inevitable: funding news. Trust us, there’s a lot of it floating around the D.C. metro area, and we cover it everyday in our daily newsletter, The Beat. Here’s a roundup of all of the major funding news from the region in January:
McLean, Va.-based precision medicine company Perthera is raising a $4 million funding round, according to reports on Jan. 3. So far, the company has already raised $750,000 from investors, and they’re in the middle of locking down commitments for $2.2 million more. Names such as McLean Capital and Pilot Growth Equity are a part of the round. Perthera’s technology helps provide targeted cancer treatment recommendations by taking sequences of the molecular makeup of tumors and running it against a patient’s medical history.
Arlington, Va.-based Stardog Union has added $3 million in funding to its $6 million seed round, according to reports on Jan. 4. Stardog’s total Series A funding round now sits at $9 million, and the new funding was led Tenfore Holdings.
Personal Genome Diagnostics
Baltimore-based Personal Genome Diagnostics has closed a $75 million Series B funding round as of Jan. 5. Both Bristol Myers Squibb and NEA led the round in the cancer diagnostics startup. Other investors included Inova Strategic Investments, Co-win Healthcare Fund, Helsinn Investment Fund, Windham Venture Partners and the Maryland Venture Fund. The new funding will go towards developing an in vitro diagnostic, or IVD, test kit.
Baltimore, Md.-based Tissue Analytics has closed a $5 million Series A funding round, which comes shortly after the startup announced they would open a satellite office in Kansas City, Mo. DigiTx Partners led the round and Tencent, Dreamit, Molnlycke Health Care, Intermountain Healthcare and Penn Medicine joined in. Tissue Analytics builds a mobile platform to help doctors better analyze and track wound recovery among patients. Previously, they closed a $1.9 million seed funding round. New funding will support the expansion of the sales team out in Missouri and the hiring of data analytics team members in Baltimore.
Baltimore-based healthcare data protection startup Protenus closed an $11 million Series B funding round on Jan. 29. The new round was co-led by Kaiser Permanente Ventures and F-Prime Capital Partners. Arthur Ventures, Lionbird Venture Capital and Cognosante Ventures all participated. Founded by two Johns Hopkins alumni in 2014, Protenus closed a $4 million Series A funding round in February 2016.
SnagFilms, the D.C.-based startup that provides a platform similar to Netflix but for independent films, raised another $4 million from existing investors on Jan. 19. The funding will go towards the expansion of their B2B spinoff, ViewLift. Since launch in 2008, the company has raised $37.5 million. They were founded by Ted Leonsis.
Reston, Va.-based online lender StreetShares closed $23 million in equity funding on Jan. 24. The lender focuses on veteran-owned small businesses and relies on a peer-to-peer lending model. About $20 million of the new round is from Bethesda, Md.-based firm Rotunda Capital Partners. Previously, StreetShares had raised $8.3 million between three rounds.
McLean, Va.-based KLDiscovery has raised an undisclosed amount of growth equity funding as of Jan. 30. The provider of e-discovery solutions plans to use the new funding to improve its sales, marketing and technology. WestView Capital Partners led the round, and The Carlyle Group and Revolution Growth both participated.
D.C. startup Arcadia Power has closed a $5.5 million round of funding to expand its product offerings, according to reports on Jan. 31. Arcadia Power started in 2014, and the startup has raised more than $15 million to date.
Charlottesville-based social club CommonHouse is raising a $1 million round, according to recent SEC filings on Jan. 30. CommonHouse is akin to NYC’s The Wing, which is opening a location in D.C. in March. But instead CommonHouse plans to target smaller markets, like Charlottesville, Richmond and Durham as they eye expansion. It’s unclear what this new funding will be used for, but Vogue has more background on the Virginia company.