Early stage investment firm is reaching into Maryland again for its latest deal.
The Raleigh-based venture capital operation is announcing Thursday a deal with , a software development firm. Southern Capitol is the lone investor but declined to disclose the amount of the investment.
AVIcode focuses on application monitoring solutions geared to Microsoft .NET.
“We were able to get to know the CEO Mike Curreri and the team at AVIcode over a two-year period before we invested and continued to watch their incredible growth,” David Jones of Southern Capitol told Local Tech Wire.
“We are super excited to be part of AVIcode,” he added. “AVIcode is in great financial shape.”
Although Southern Capitol is the only investor in this round, Jones noted that the Baltimore-based startup does have another strategic investor. Southern Capito, which launched in 2000, typically invests $500,000 initially but will place as much as $1 million.
Southern Capitol last invested in a Maryland firm in 2007, choosing to back DoublePositive Marketing Group.
AVIcode plans to use the new funding for growth efforts. The company currently has more than 250 customers around the world. Users of its Intercept Studio product include ESPN, Burger King, Citigroup, Microsoft, Vodaphone and Verizon Wireless.
Its products, which also include Intercept uX, Advisor and .NET Management Pack, are designed to detect crashes and other performance problems. Intercept Studio recently received a second straight “Best of techEd” award from Windows IT Pro and SQL Server magazines.
“Because of market adoption of our core products, AVIcode has experienced tremendous growth over the last two years,” Curreri said in a statement. “We are excited to have Southern Capitol Ventures as a partner and the new round of funding will help us further grow our sales and marketing team while continuing to expand our product scope and depth.”
Southern Capitol closed its second fund totaling $15 million in December 2006. Its portfolio includes ChannelAdvisor, Art.com and more than 10 other firms. In March, the firm invested in Raleigh-based Global Value Commerce, an e-retailer.
