A Boston technology company with Central Intelligence Agency roots attracted a $12 million Series A round of financing last month from local investors, but company officials aren’t saying much about the deal.
Business Intelligence Advisors Inc. garnered the funding from four investors, including Boston-based venture capital firm .406 Ventures LLC. Boston’s Arcadia Partners LP and Charlotte, N.C.-based Frontier Capital are also listed as investors on a U.S. Securities and Exchange Commission filing.
BIA president Cheryl Cook said the company plans to issue a news release about the funding next week.
BIA, which was founded in 2001, “is a business services firm that adapts techniques developed in the context of national security for use in high-stakes commercial settings,” according to the .406 Ventures website. The company also pioneered the use of CIA-developed deception detection techniques for use in the financial services community, according to the website.
Customers include investment and financial firms, Fortune 100 companies and wealthy families.
Liam Donahue, who is BIA’s chairman and managing director of .406 Ventures, couldn’t be reached for comment. Donahue, who led BIA as acting CEO for a time, was a founding general partner of Arcadia Partners, a Boston-based VC firm he co-founded with Andrew Hallowell in 1998. Former Gov. Jane Swift joined Arcadia in 2003, but Arcadia has been inactive since 2005.
In March, .406 Ventures closed its first fund with $167 million in committed capital nearly a year after seeking to raise a fund. The firm was founded by Donahue, Maria Cirino, the former CEO of Guardant Inc., a Waltham managed security firm bought by VeriSign Inc. in 2003 for $140 million, and Larry Begley, who was previously CFO of Cambridge-based ThingMagic Inc. The trio started .406 Ventures in August 2005 by investing $3 million of their own money in seven tech companies.
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