Venture capitalist NRV funds D.C. firm
Richmond company assists technology analytics startup
NRV, a venture capital firm based in Richmond, said Thursday that it has participated in a $6.6 million investment round in ICX Media, a Washingtonbased technology and data analytics company.
The investment is the fourth made by NRV from its early-stage growth fund, a $33 million fund assembled in June with money raised from 83 investors across Virginia.
The venture capital firm was founded in 2011 as New Richmond Ventures to invest in promising Richmond-area businesses, but it has since formally changed its name to NRV and expanded the scope of its investments beyond the region.
NRV’s three other investments from its early-stage growth fund were in two Richmond-based companies — non-allergenic food ingredients maker Nutriati, and Health Warrior, a maker of chia seed-based energy snack bars — and in an Alexandria-based company, Territory, that delivers professionally prepared meals to its customers based on their dietary needs.
NRV did not disclose the amount of its investment in ICX Media.
The funding round was led by Washington-based venture capital firm Grotech Ventures. Besides NRV, other participants were Boston-based PJC and Avonlea Capital.
ICX Media will use the investment proceeds to enhance its sales, marketing and business development teams and to support continued development of its data science and technology capabilities.
As part of the financing, NRV Managing Director Scott Tolleson has joined the ICX Media board of directors, along with Grotech General Partner Don Rainey. PJC Managing Partner David Martirano has joined the board as an observer.
ICX Media provides technology and analytics for companies engaged in the fast-growing market of digital video content. Its artificial intelligence platform enables media and entertainment companies to collect data providing insights about the audience for online video content.
It has more than 850,000 video creators on its media platform, which offers tools to manage, distribute, market and sell videos across multiple digital and social channels.
“There is a skyrocketing number of firms out there creating internet video,” Tolleson said.