Ven­ture cap­i­tal­ist NRV funds D.C. firm

Rich­mond com­pany as­sists tech­nol­ogy an­a­lyt­ics startup

Richmond Times-Dispatch - - BUSINESS - BY JOHN REID BLACK­WELL jblack­well@times­dis­ (804) 775-8123

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.

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