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Armory Square Ventures Sees Early Success Applying VC to Revive Upstate New York and Emerging Regions

April 17, 2019

SYRACUSE, N.Y.--(BUSINESS WIRE)--Apr 17, 2019--Armory Square Ventures (ASV), one of the only institutional VC firms headquartered in Upstate New York, announced it is renewing its focus on the region and similar geographies in the Northeast that have typically received lesser attention from established venture capital firms.

ASV has received strong support from existing and new investors, including some of the world’s most notable universities, foundations and institutions. Given its success attracting new commitments, ASV will soon deploy up to $2 million per investment to 15-20 early-stage companies with a focus on automotive tech, agriculture, manufacturing and health IT industries and other high-growth sectors. ASV will continue to build upon a unique investment strategy that focuses on allocating venture capital in industrial cities and regions that resemble Upstate New York, which have traditionally lagged behind in VC funding.

“We would like to thank our investors and the Upstate New York startup community for their support as we further our commitment to revitalize emerging regions through financial investments, partnerships and other active involvements with local startup communities,” said Somak Chattopadhyay, founder and managing partner of ASV. Armory Square Ventures attributes its early success to a deliberate, hands-on approach. “Regions like Upstate New York have long suffered from a dearth of venture capital. ASV has worked directly with founders to recruit talent and capital for its portfolio companies to create long-term sustainable value,” said Rob Simpson, President and CEO of Syracuse-based CenterState CEO, a chamber of commerce that has invested in ASV and actively recruited Chattopadhyay from New York City in 2014.

“Over the years, ASV has prioritized investments in geographies where a highly skilled labor pool, low cost of living and strong educational infrastructure provide competitive advantages for startups,” said Eric Allyn, a venture advisor and investor in ASV and formerly the 4 th generation owner of Welch Allyn, a medical device manufacturer based in the Syracuse area. “These efforts serve as a model for companies both in Upstate New York and across emerging cities in the Northeast.”

Since its inception in 2014, ASV has become one of the only firms with an on-the-ground presence in the Upstate New York region. The firm’s deep venture capital relationships and strong ties to community partners have allowed and fostered collaborations with regional incubators and universities. As a result, ASV has helped secure hundreds of millions of dollars in follow-on capital for its portfolio companies, creating over 350 jobs in the region over the past four years.

About Armory Square Ventures

Armory Square Ventures is a seed and early-stage venture capital firm based in Upstate New York and New York City. The firm seeks to invest in software and technology-enabled services companies in emerging entrepreneurial ecosystems often overlooked by other investors. Armory Square Ventures has offices in Syracuse and New York City, and has invested in eight portfolio companies across New York State: ACV Auctions, Agronomic Technology Corporation, Bentobox CMS, Clerio Vision, Good Uncle, Squarefoot, Vengo Labs and Vizbee. For more information, visit www.armorysv.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190417005214/en/

CONTACT: Caleb Barnhart

Weber Shandwick

Phone: 212-418-8977

E-mail:cbarnhart@webershandwick.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE OTHER TECHNOLOGY PROFESSIONAL SERVICES FINANCE

SOURCE: Armory Square Ventures

Copyright Business Wire 2019.

PUB: 04/17/2019 09:04 AM/DISC: 04/17/2019 09:03 AM

http://www.businesswire.com/news/home/20190417005214/en