Tech Companies in the DC Region Make Money Moves: Raises, Mergers, and Funding News

In the world of tech companies in the DC region, the past month has been filled with exciting news of raises, mergers, and acquisitions. From AI startups to defense technology giants, here are some of the major money moves that have been making headlines.

First up, AI-powered software company Rhizome, based in DC, announced a $1 million raise along with the launch of a new platform to help electric utilities mitigate wildfires. The new product, gridFIRM, is set to be used by utilities in the US, Canada, and Australia, addressing the growing concern of wildfires during the hotter-than-usual summer months.

In another major move, defense technology company Honeywell, based in Charlotte, North Carolina, acquired Arlington’s CAES Systems Holdings LLC for $1.9 billion. This acquisition marks Honeywell’s third of 2024 and will expand their defense technology product offerings, including unmanned aircraft systems, radio frequency products, and radar technologies.

Additionally, 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 Abbott Ventures. Specializing in heating technology and manufacturing to decarbonize industries, HighT-Tech is a spinout from the University of Maryland, College Park and Johns Hopkins University, with a landmark product that can produce unique materials at low costs with high efficiency.

These are just a few of the exciting money moves happening in the DC region’s tech industry. Stay tuned for more updates on raises, mergers, and funding news from tech companies across the region.