In 1990, a young Virginia Tech graduate student named Kent Murphy had an idea to take innovative technologies from the applied research stage to product development. CIT helped him with technology transfer assistance and investments, which led to the creation of Luna Innovations, Inc. Luna then created independent businesses, which developed more than a dozen products serving various industries including energy, telecommunications, life sciences and defense.

Luna created five companies with diverse area of focus, sold two of them to industry leaders, raised private capital for two additional companies, formed two joint ventures and entered into three licensing agreements. This year, CEO Kent Murphy took Luna Innovations public with a $50 million initial public offering.

“From Luna’s beginning in 1990, the support we received from CIT was critical. CIT-funded research internship programs at Virginia universities helped us with technology transfer. CIT also introduced investors to Luna at venture capital symposiums and SBIR conferences. CIT was not only instrumental in our early years, but is an asset to Virginia entrepreneurs, the Virginia economy and the Commonwealth as a whole.”
– Chairman and CEO Kent Murphy, Ph.D

Website Link: http://www.lunainnovations.com/

Luna Innovation, Inc. CEO Kent Murphy ringing NASDAQ Stock Market Opening Bell June 9, 2006.