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Venture capital fund meeting development
goals
by Heather Hayes
for Virginia Business
July 2005
The Virginia Tech Foundation, Carilion
Health Systems and several other companies set up a
private equity/venture capital fund last year to attract
promising information-technology and life-sciences companies
to the Roanoke and New River
Valley areas. The fund appears to be getting
the job done.
Last year, a $850,000 offer by NewVa
Capital Partners persuaded biotech firm Geno-matix Corp.
to relocate its research and production facilities from
Cincinnati to Roanoke. Then earlier this year, fund
managers rewarded Geno-matix with another round of financing,
$500,000.
Bob Beech, CEO of Genomatix, said
the company will use this latest investment to bolster
sales and marketing of its proprietary genetic tools.
“It’s giving us a chance to really shift
gears in terms of market momentum,” he says.
The seven-employee firm took in revenues
of $7 million last year while selling to national and
international researchers. Beech noted that the firm’s
move to Roanoke has been positive. “They’re
trying to create a thriving life-sciences community
here, so the attitude we’ve experienced has been
very welcoming,” he says. |
