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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)
Eleven Fairfax County companies receive
$66.4 million in funding in first quarter
Fairfax County accounts for two-thirds of Virginia total
Fairfax County, Virginia, May 7, 2004 – Eleven Fairfax County-based technology companies received $66.4 million in venture capital investments in the first quarter of 2004, 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 funding total represents 68.7 percent of the $96.7 million invested in Virginia companies during the quarter, according to the MoneyTree ™ Survey. The county total represents 31.2 percent of the $213 million in investments made to 39 companies in the Washington region (District of Columbia, Virginia, Maryland, West Virginia) in January, February and March. There were no reported investments in Washington, DC companies in the first quarter. Maryland reported 21 deals worth $113 million and West Virginia logged in one deal worth $2.8 million.
“Fairfax County once again leads the Washington area and the Commonwealth of Virginia in venture capital deals, said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA. “As the nation’s economy grows we expect investors to continue to look to Fairfax County for investment opportunities in our cutting-edge IT companies.”
Fairfax County companies have received about $3.3 billion in private equity funding since the FCEDA began its Capital Attraction Program in 1997 to link entrepreneurs with possible funding sources. Thirty-three venture capital firms and organizations have offices in Fairfax County, the highest concentration in the Washington area.
Fairfax County companies receiving venture capital investments in the first quarter, according to the MoneyTree ™ Survey:
• Approva Corporation, $8 million, Vienna
• Ecutel Systems, Inc., $5.5 million, Herndon
• Epipeline.com. Inc., $150,000, Herndon
• EYT, $19.9 million, Chantilly
• iLumin, $8.5 million, Reston
• InphoMatch, Inc., $13.5 million, Chantilly
• Intersect Software, $1.8 million, Herndon
• Managed Objects Solutions, Inc.,
$1 million, McLean
• Netuitive Software, Inc., $3.5 million, Reston
• ServiceBench, $3.2 million, Fairfax
• Tucana Technologies, Inc., $1.3 million, Reston.
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. Another program targets small, minority and women-owned businesses. The FCEDA maintains marketing offices in London, Frankfurt and Tokyo, and in2004 will open offices in Tel Aviv, Israel, and Bangalore, India.
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