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In 1990, Kay Hammer and Robin Curle were shopping for venture capital to grow their software firm, Evolutionary Technologies Inc. One of their stops was a visit with Joe Aragona, a partner in Austin Ventures.
In those days, AV was putting its money into hot tub deals and jewelry stores. Curle says she saw interest in her firm during the AV discussions, but she felt AV didn't seem to "get" the technology.
Instead, ETI threw in with a California firm, Menlo Ventures, that had more experience in high tech investing.
But things changed quickly.
Twenty years ago, 10 companies in the Austin and San Marcos area drew a total of $15 million in venture capital, according to statistics from the National Venture Capital Association.
Last year, 180 firms raked in $1.2 billion. A good chunk of those firms were technology related.
And although its vision may have been clouded when it came to ETI in those early years, VC industry players say one reason so much money - and related support services - flowed here is the presence of Austin Ventures, now one of the nation's largest venture capital firms.
"Just because they have a lot of money they bring attention to this part of the country and that's a positive," says Laura Kilcrease, managing director of Triton Ventures.