Near Infinity raises $17 million in growth capital from leading investment firms; names Dr. Ric Upton as President

Posted on: 20 June 2012

Near Infinity is pleased to announce that it has raised $17 million in equity capital from Columbia Capital and Razor’s Edge Ventures. The funds will be used to accelerate organic growth and pursue acquisition opportunities. In conjunction with the financing, Near Infinity welcomes Dr. Richard A. Upton as President. Dr. Upton has extensive experience driving growth of high technology firms having held executive leadership positions at BBN Technologies, ALPHATECH Inc., and TASC.

 

Near Infinity is a leader in software development for the federal market specifically in the fields of cloud and big data analytics, mobile security and trusted applications. Founded in 2002 by Reston-native Chris D’Agostino, the company focuses on solving key Intelligence Community mission challenges.

 

“Near Infinity has a lot of momentum right now, ” said founder and CTO Chris D’Agostino. “We’ve been profitable with strong growth for years, but with the financial backing and industry relationships now available to us through Columbia Capital and Razor’s Edge and the addition of Ric Upton, we can scale more aggressively, especially around mobile and big data products and services.”

 

In his new role at Near Infinity, Dr. Upton will be focused on growing the business and expanding into new customer spaces within the U.S. Intelligence and Defense communities. “With Columbia’s mobile expertise, Razor’s extensive knowledge of the national security market, and our deep pool of talented engineers and differentiated products/services, Near Infinity is a force to be reckoned with,” said Upton. “This is an exciting time to be joining the team. “

 

Arun Gupta, Partner at Columbia Capital, emphasized the partnership aspect of the investment moving forward. “We believe that Near Infinity is well-positioned in what we believe will be an explosive market for products and services at the intersection of mobile, big data, and cyber. It is very impressive what the company has accomplished to date and we are excited to work with them to accelerate scaling the business.”

 

Mark Spoto, Managing Director of Razor’s Edge Ventures, agrees. “We are confident that Near Infinity’s unique expertise will be needed by an expanding set of customers, and we look forward to helping them accelerate their diversification into new markets and customers.”

 

As the company grows, the management team will focus on maintaining aspects of the company that have made it unique. “One of the best aspects about this investment is that NIC has an opportunity to grow without disrupting our culture,” said D’Agostino. “The things that NIC employees love – our benefits, our passion for technology, our focus on people – these are the things that have allowed us to attract and keep the area’s best developers. We are making sure they stay intact moving forward.”

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