BigBear.ai scores $70M

Newsletter for March 20, 2024

Great to see everyone at the Equitech Tuesday and Baltiprenuers Demo Day mashup last night! Today's coverage highlights some significant funding activities and partnerships in the Baltimore region. Additionally, TEDCO partnered with Frostburg State University for an event merging a hackathon with a pitch competition centered around climate change and ESG issues. Fifty students across different majors participated.

— Alanah, Technical.ly lead reporter for Baltimore

This week's newsletter is brought to you by TEDCO, aka the Maryland Technology Development Corporation. The organization recently partnered with Frostburg State University to host a unique event that blended a hackathon with a pitch competition. Check out the students’ innovative ideas and learn more about TEDCO’s efforts to boost entrepreneurship.

In Baltimore’s funding landscape, a variety of local companies garnered significant investments over the past month. BigBear.ai successfully closed a $70 million deal despite facing two lawsuits aimed at halting its merger, and Materic is getting $10 million from the Dept. of Energy.

Also, Brown Advisory obtained $13.7M, though specific plans for the funding haven't yet been disclosed. Did we miss any? Hit reply and let us know.

➡️ See more Money Moves in my full report here.

TEDCO, a Technical.ly Ecosystem Builder client, recently partnered with Frostburg State University to host a unique event that blended elements of a hackathon with a pitch competition. The 50 students who participated — across seven different majors: nursing, biology, mass communication and more — had two days to come up with a technical solution to a problem pertaining to climate change and environmental, science and governance (ESG).

On the final day, teams pulled together a business plan and pitched to win $2,500 in cash. “It gives them a confidence,” said Arti Santhanam, the former executive director of TEDCO’s Maryland Innovation Initiative, “of going into the real world and approaching problems in a holistic manner.”

➡️ Check out the students’ innovative ideas and TEDCO’s efforts to boost entrepreneurship here

• The BLK ED Network aims to empower Black executive directors in the nonprofit sector by offering access to community, capital, and equitable development opportunities. [BLK ED Network]

• Check out this video about Baltimore's underused buildings from its industrial era. [Instagram]

• Astek Diagnostics' $2M seed pitch deck underwent analysis and deconstruction to understand its structure, content, and effectiveness in securing funding. [Tech Crunch]

• The Baltimore Digital Equity Coalition welcomed Stephanie Brandford and Kenny Clash to its advisory board. [LinkedIn]

• Maryland lawmakers expedited the legislative process on Monday to meet a critical deadline, passing numerous bills between chambers for better chances of becoming law. With over 2,700 bills filed during the brief 90-day session, time is limited. Two bills were introduced in memory of late tech entrepreneur Pava LaPere. [Baltimore Banner]