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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
$99m in venture capital investment in Q1
County total is 74 percent of Virginia total, almost more than Maryland total, FCEDA says
Fairfax County, Virginia, May 12, 2003 – Fourteen Fairfax County-based technology companies received $99 million in venture capital investments in the first three months of 2003, 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 amount invested in Fairfax County companies is the largest since the second quarter of 2002, and comes as venture capital investments held steady in the Washington, D.C., area but nationally dropped 12 percent during the quarter.
The Fairfax County total represents 74.1 percent of the $133.3 million of venture capital invested in Virginia firms during the first quarter, and 39.2 percent of the $252.5 million invested in firms throughout the Washington, D.C., area during the period. The amount invested in Fairfax County firms nearly topped the $102.8 million invested in Maryland firms during the quarter.
“The fact that we almost as much was invested in one county as in an entire state shows that companies with good, marketable IT ideas still have a receptive audience in Fairfax County,” said Gerald L. Gordon, president and CEO of the FCEDA.
Thirty-four venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
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 woman-owned businesses. The FCEDA maintains marketing offices in London, Frankfurt and Tokyo.
Fairfax County-based companies and the amount of venture capital received in January, February and March 2003:
- BNX Systems Corp, $7.8 million
- BrickStream Corp., $6.2 million
- Cinea, www.cinea.com, $250,000
- Emerging Technology Group, $3 million
- Epipeline, www.epipeline.com, $180,000
- k12, www.k12.com, $20 million
- Lightstream Technologies Inc., undisclosed
- Mythic Entertainment, www.mythicentertainment.com, $20.2 million
- Network Security Technology Inc., $10 million
- SevenSpace, $4 million
- Surety Inc., www.surety.com, $2 million
- VNX Solutions, $300,000
- Xtreme Spectrum Inc., $24 million
- Ztango.com Inc., $1 million
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