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FOR IMMEDIATE RELEASE
Contact: Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Fifteen Fairfax County IT companies nab $101m
in venture capital in Q2, FCEDA says
County totals are tops for the Washington area
Fairfax County, Virginia, August 19, 2002 — Fairfax County topped all other Washington area localities in number of venture capital deals and amount of venture capital invested during April, May and June, according to figures compiled by the Fairfax County Economic Development Authority (FCEDA) and based on the PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree™ Survey.
Fifteen Fairfax County-based information technology companies received $101.67 million in venture capital investment during the second quarter.
The Fairfax County dollar amount is 86.25 percent of the $117.87 million in venture capital invested in Virginia companies during the quarter and 36.5 percent of the $278.17 million invested in Washington, D.C., area companies (Virginia, Maryland, the District of Columbia and West Virginia) during the period, according to the MoneyTree Survey.
The number of venture investments made in Fairfax County represents 73.6 percent of the 21 deals completed in Virginia during the quarter and 35 percent of the 46 deals made throughout the Washington area, according to the survey.
Among the companies receiving venture capital during the quarter were SRA International Inc., a government IT contractor ($39.6 million); Mantas Inc., a software developer and SRA International spinoff ($17.5 million); and XtremeSpectrum, which develops ultra-wideband wireless electronic products ($10 million).
“Fairfax County continues to be the center of venture capital investment in Virginia and the IT-specific venture investment for the Washington region,” said Gerald L. Gordon, president and CEO of the FCEDA. “With seven-eighths of the venture capital investment in Virginia this quarter, Fairfax County reasserts itself as being home to the vast majority of the Commonwealth’s IT brain power.”
Thirty-four venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
Fairfax County companies that received venture capital investment in the fourth quarter of 2001, according to the MoneyTree™ Survey:
| Name |
URL |
$ Invested |
| Agari Mediaware |
|
$5,000,000 |
| Blue Ridge Networks |
www.blueridgenetworks.com |
$1,750,000 |
| ClearCross Inc. |
|
$1,000,000 |
| ePipeline.com Inc. |
www.epipeline.com |
$1,500,000 |
| Ikimbo |
|
$9,999,900 |
| Mantas |
www.mantas.com |
$17,500,000 |
| Lightstream Technologies |
www.lightstream-usa.com |
Undisclosed |
| Manticom Networks |
|
$1,500,000 |
| Network Security Technology Inc. |
www.networksecurity.com |
$7,500,000 |
| PromiseMark, Inc. |
|
$480,000 |
| QED Solutions, Inc. |
|
$4,000,000 |
| Servicebench.com, Inc. |
www.servicebench.com |
$1,250,000 |
| SRA International |
www.sra.com |
$39,600,000 |
| Vfirm |
|
$600,000 |
| XtremeSpectrum |
|
$10,000,000 |
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