C5MI, RunSafe and Second Front Systems bring in new investors
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By
Ross Wilkers
The first transaction detailed in this roundup is of the private equity variety and the latter two are all about venture capital activity.
C5MI
Private equity firm DC Capital Partners has acquired a controlling interest in this provider of supply chain and logistics offerings for customers in the government market and certain commercial sectors.
C5MI started in 2016 to focus on developing software with the goal of helping clients carry out their supply chain operations in contested or degraded environments.
Substantially all of CM5I’s $49.2 million in unclassified prime contract obligations from the past 12 months are from the Defense Logistics Agency, according to USASpending.gov data.
Also as part of the transaction, C5MI’s founding team have reinvested equity into the company.
Raymond James worked as the financial adviser to C5MI, whose legal counsel was Pillsbury Winthrop Shaw Pittman. Arnold & Porter Kaye Scholer LLP acted as legal counsel to DC Capital.
RunSafe Security
This eight-year-old cyber company has captured approximately $12 million in Series B capital from new and existing investors to support its product development and market expansion efforts.
Lockheed Martin’s venture capital arm first backed RunSafe as part of the latter’s Serie A round that completed in 2020 and is continuing that relationship after the Series B phase’s completion.
Critical Ventures and SineWave Venture Partners led the Series B round that also included participants such as BMW i Ventures, Working Lab Capital, HyperLink Ventures, Iron Gate Ventures, Alsop Louie Partners and NextGen Venture Partners.
RunSafe designs its product line to help defend critical infrastructure across several different verticals including the public sector.
The company closed this round amid the rollout of Homeland Security Department cyber measures, such as software bills of materials, and other similar mandates worldwide.
Second Front Systems
Salesforce’s venture capital arm for investing in promising startups led the close of a $70 million Series C funding round to back this 10-year-old developer of cloud-based national security software.
Battery Ventures has joined the network of Second Front’s investors as a new member alongside existing backers Artis Ventures, Moore Strategic Ventures and NEA.
Second Front completed a $40 million Series B completed in the fall of 2023 and then secured investment of an undisclosed amount from Booz Allen Hamilton’s venture capital arm through a separate transaction.
A public benefit software company, Second Front designed its flagship Game Warden product to further enable software development teams to carry out tests and evaluations in secure environments.
In the spring, NATO’s DIANA technology accelerator arm signed a contract with Second Front to work together on accrediting Game Warden for eventual use in the alliance’s cloud environment.