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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Sixteen Fairfax County Companies Lure $150m in Venture Capital in Q1
County figure is 61 percent of Virginia total, FCEDA says
Fairfax County, Virginia, May 14, 2001 — Sixteen Fairfax County-based technology companies received $150.8 million in venture capital investment during the first three months of the year, according to the latest PricewaterhouseCoopers Money Tree Survey done in partnership with Venture One. The total for the Fairfax County companies is 61 percent of the venture capital invested in companies throughout Virginia during the first quarter of the year, said the Fairfax County Economic Development Authority (FCEDA).
The 16 Fairfax County firms make up 39 percent of the Washington-area companies included in the Money Tree Survey for the first quarter, the FCEDA said.
"Companies with products and services that help businesses work smarter still are finding investors despite the slowing economy, and Fairfax County remains the best place in the Washington area and Virginia to find those companies and investors," said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA (www.FairfaxCountyEDA.org).
Most of the Fairfax County companies that received venture capital in the first quarter develop software or offer information network security products or services. Some received later-stage funding while others received early-stage investments.
Thirty-four venture capital firms and organizations have offices in Fairfax County, up from 20 at the beginning of 2000.
Reflecting the slowdown in the national and regional economies, the first quarter total fell below the previous three quarters yet comes close to the venture capital secured by county companies in all of 1998 ($187 million). Most recent quarterly figures: Fourth quarter 2000, $277 million to 23 companies; third quarter 2000, $310.97 million to 30 companies; second quarter 2000, $338.83 million to 24 companies.
The MoneyTree Survey identified these Fairfax County-based firms that received venture capital investment in the first quarter of 2001:
- Certia, $6 million.
- Cryptek Secure Communications, $5 million.
- DiamondBack Vision, $9.6 million.
- FOLIOfn, amount undisclosed.
- Gemplex Internet, $25 million.
- hyperNOC, $4 million.
- infoShark, $6 million.
- InphoMatch, $1.5 million.
- iSeg Technologies, $7 million.
- Network Mantra, amount undisclosed.
- Para-Protect, $10.2 million.
- RateIntegration, $4 million.
- SevenSpace, $45 million.
- TruSecure, $22 million.
The MoneyTree Survey noted that two unidentified companies received investments of $4.5 million and $1 million during the quarter.
The Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. The FCEDA assists businesses by identifying possible sites and facilities, and is a source for up-to-date demographic and economic statistics. The FCEDA maintains a capital attraction program to link entrepreneurs and start-up companies with funding sources. Another program targets small, minority and women-owned businesses. The FCEDA maintains marketing offices in London, Frankfurt and Tokyo.
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