Heard around Virginia June 2025

Vienna-based Aldrich Capital Partners poured $107 million — its largest investment since its founding in 2014 — into Massachusetts digital health startup Persivia, the latter announced in late April. The funding, part of a recapitalization, gives Persivia the runway and structure it needs to launch a national growth strategy. It should also help the company add to its sales team over the next year and launch new technologies for health systems. Aldrich invests in health care and financial services tech companies, usually ones with at least $5 million in revenue. (Washington Business Journal)

Richmond investment advisory firm Cary Street Partners Financial took on private equity backing to support future growth. Terms of the investment from Chicago-based CIVC Partners, announced in mid-April, were not disclosed. The deal also allows Cary Street Partners to pay out some of its long-standing outside investors, and roughly half the firm will be owned by company insiders when the deal closes. Cary Street Partners said the infusion of money will help it fuel organic expansion as well as take on strategic acquisitions to enhance its national footprint and service capabilities. (Richmond Inno)

Manassas-based aviation startup Electra.aero announced April 24 it has secured $115 million in Series B funding to enter the preproduction and certification phase of its EL9 model, a hybrid ultra-short aircraft that can take off and land in
150 feet. The round was led by Prysm Capital, a New Jersey-headquartered growth equity firm. Prysm’s co-founder and managing partner, Jay Park, has joined Electra’s board. Additionally, in May, Electra announced Max Ochoa joined the company as chief financial officer. He was previously CFO and general counsel at Satelles. (VirginiaBusiness.com)

Richmond life sciences laboratory product company Grenova said in mid-April it had completed a new round of growth equity capital, although the company did not disclose the amount of new funding. Connecticut’s Peloton Equity — Grenova’s majority owner — and Pennsylvania’s Hamilton Lane, as well as other existing investors, led the round. Grenova manufactures technology that washes and sterilizes devices used in diagnostics testing so they can be reused. The company said it intends to use the funding to enhance its automation portfolio, expand its research and development and build up its team. (Richmond Inno)

Seventeen small business owners from across Northern Virginia participated in the BizLaunch PitchFest Finale. The pitch competition, hosted by Arlington Economic Development’s BizLaunch division in partnership with SCORE and the Arlington Chamber of Commerce, was the culmination of the monthslong BizLaunch Transformational Challenge. Specialty coffee business Red Bean Harvest, led by Maria Martinez, won the top award, receiving $2,500. Diljee, led by Havil Mitra and Isabella Russian, took second place, securing $1,000. The startup category winner, which receives $1,000, was AI workflow automation company Quantum Rhodes, led by Justin Lewis. Law firm YH Global Immigration, led by Yalda Hajavi, won $500 as the honorable mention. (News release)

University of Mary Washington seniors Taylor Munger, Katie Reif and Helen Worku won first place and $2,500 in UMW’s College of Business’ Eagle Innovation StartUp Pitch Competition held in early April for their Flossypik dental flosser. The trio plan to produce the mobility-friendly tooth-cleaning tool in various colors with stickers and apply for a patent. Second place, which receives a $1,500 prize, went to Joey Welsh for Electric Thrillz, which he developed with Cody Faust. The project proposes a rental service for motorized scooters. David Fitzgerald, Themba Martin-Weiler and Max McCusker claimed third, winning $500 for Zip Rugby and their plan to launch uniform apparel. (News release)