Contact: Sunny Mindel/Curt Ritter (212) 788-2958
Bernadette O'Leary (212) 312-3523 (EDC)
The Discovery Fund has invested in 11 companies to date, for a total of $48.3 million. Created by the Giuliani Administration in May 1995 and capitalized at $76 million, the Fund invests in companies in New York City's advanced technology industry, including interactive media, telecommunications, computer-related products and biotechnology companies.
"Silicon Alley has fast become a leader in the global Internet industry," said Mayor Giuliani. "And City initiatives such as the Discovery Fund have played an integral role in making New York City the place to do technology business. Over the past four years, the Fund has invested in a variety of companies, including Multex, 24/7 Media and MiningCo.com, each of whom recently went public. I applaud the City's entrepreneurs and investors for creating a strong technology industry for the future."
The Discovery Fund is a public-private equity investment managed by Prospect Street Investment Management Co., Inc. Its investors include New York City Economic Development Corporation (EDC), Brooklyn Union Gas, Con Edison and the New York Power Authority (NYPA). "New York City's technology community is paving a path for the new economy of the 21st Century," said EDC President Charles Millard. "The City is committed to helping our talented entrepreneurs bring innovative business plans to fruition. The Discovery Fund not only assists these emerging companies, but it also ensures the future growth of our high-tech industry."
Companies in which the Discovery Fund invest include: Internet advertiser 24/7 Media; web site community MiningCo.com; online investment research provider Multex; short-term computer rental provider All Service Computer Rental; proprietary software designer AirMedia, Inc.; animated cursor software developer Comet Systems; proprietary electronic bond trading system BondNet Trading Systems; virtual reality entertainment center creator Skyline Multimedia Entertainment, Inc.; network solutions provider Systron, Inc.; and Internet online services provider Juno Online Services. Juno has filed to go public later this year.
New York City's Silicon Alley has fast become a leader in the global high-tech marketplace. In fact, New York City has been cited as the country's top location for Internet-related IPOs, leading Silicon Valley veterans such as San Jose by more than 20 IPOs since 1990, according to a Securities Data Company study.