Press release

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

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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 4th
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.