|
FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Fourteen Fairfax County IT companies lure $73.8m in venture capital in Q102
County figure is 73.5 percent of Virginia venture capital sum, FCEDA says
Fairfax County, Virginia, May 13, 2002 — Fourteen Fairfax County-based information technology companies received $73.8 million in venture capital investment in the first three months of 2002, 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.
The Fairfax County dollar amount is 73.5 percent of the venture capital invested in Virginia technology companies during the quarter and 30.3 percent of the total invested in Washington, D.C., area companies (including 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 deals completed in Virginia during the quarter and 35 percent of the deals made throughout the Washington area, according to the MoneyTree™ Survey.
"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.
Thirty-four venture capital firms and organizations have offices in Fairfax County, one of the highest concentrations of any jurisdiction in the Washington area.
Fairfax County companies that received venture capital investment in the fourth quarter of 2001, according to the MoneyTree™ Survey:
Company and Web site |
Funding Amount |
Location
|
Amazing Media
|
$2.44 million |
Fairfax |
Cinea Inc.
|
$2.0 million |
Herndon |
ClearCross Network |
$1.7 million |
Reston |
Gemplex Internet Inc.
|
$0.27 million |
Vienna |
ISR Solutions
|
$17.5 million |
Chantilly |
Managed Objects
|
$13.0 million |
McLean |
Mesa Communications Group LLC
|
$10.0 million |
Falls Church |
NEC Eluminant Technologies Inc.
|
$5.0 million |
Chantilly |
PromiseMark Inc. |
$.40 million |
Fairfax |
RateIntegration
|
$9.0 million |
McLean |
Secure Methods Inc.
|
$.19 million |
Vienna |
SevenSpace Inc.
|
$0.82 million |
Chantilly |
VideoNEXT Inc.
|
$2.0 million |
McLean |
Confidential |
$7.0 million |
Chantilly |
The total does not include $3.1 million received by Approva Inc., which moved into Fairfax County in April 2002 after it secured its funding round.
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 information. 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.
# # #
| 
