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 No one is happier than Ed Albrigo with the outcome of Virginia’s long effort to shop the iconic building on 26 acres across the Dulles Toll Road from the Innovation Station stop on the Metro Silver Line. “This is a great outcome for Virginia,” said Albrigo, president and CEO of the CIT, which will become the operating arm of the new Virginia Innovation Partnership Authority on July 1. “The research that can be done with that money is going to be phenomenal.”  Additional funding supports the fintech startup’s approach to improving the insurance quote process for both applicants and insurers The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Richmond, Va.-based Fenris. Over the last 12 months, Fenris has expanded their sales operations and enhanced their data delivery and analytics platform. The company plans to use this additional funding to further build out their product suite to meet demand from current and prospective clients. “Fenris clients are seeing real results, including an increase in conversions accompanied by a 25% decrease in cost of acquisition due to smarter ordering of downstream reports, and up to 80% reduction in manual effort,” said Jennifer O’Daniel, Investment Director, CIT GAP Funds. “CIT is pleased to expand our relationship with Fenris through this follow-on investment, and we look forward to the company’s continued growth in 2020.”  Seed funding sources for Embody included both CIT GAP Funds & Commonwealth Research Commercialization Fund (CRCF)  "Designed and manufactured on the Eastern Shore of Virginia, Mobile Sentinel is a commercialized version of an earlier technology, originally developed for NASA and still in use. With a grant from the Center for Innovative Technology (CIT), Commonwealth Research Commercialization Fund (CRCF) in 2019, SRS developed this new system. SRS looks to grow its market share in the autonomous security industry while creating valuable career opportunities required for rapid production/distribution."  Automated micro deposits round up purchases to the next dollar to buy, secure and store digital assets on a user’s chosen exchange | The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Richmond, Va.-based RoundlyX, a digital asset wealth management platform.  Herndon, VA, May 06, 2020 (GLOBE NEWSWIRE) -- The skies in Brunswick County were buzzing with activity last week. Leading unmanned aerial vehicle companies were demonstrating the viability of using drones for medical emergency package delivery. This operation took place in response to the White House task force on Coronavirus (COVID-19). The former Saint Paul’s College campus located in the Town of Lawrenceville, Virginia provided the perfect test location. Virginia’s Center for Innovative Technology (CIT) coordinated the multiday testing effort that was led by DroneUP of Virginia Beach and included UPS and its subsidiary UPS Flight Forward, Workhorse Group and AirBox Group based in Richmond. The group was researching how unmanned aircraft systems (UAS), or drones, might assist medical professionals in their fight to stop the spread of the Coronavirus. The experiment evaluated the commercial drone industry’s ability to scale up small UAS deliveries in order to assist the U.S. healthcare system during the pandemic.  Herndon, VA, May 05, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that four contracts have been issued to build Stafford’s technology testbed, a key milestone for the public-private partnership developing Virginia’s first ground-up “smart community.” Expected to be up and running in six weeks, the smart city technology testbed will focus on Internet of Things (IoT) device security to help prevent community ransomware attacks, and protect the privacy of citizens, while providing critical data to help the county improve operations and services. The Stafford testbed will act as a living laboratory - testing emerging technologies in real-world situations and providing a long-term capability that can be used to validate innovation before bringing it into the operational “Smart Stafford” infrastructure. It’s been a dream of county officials for more than a decade, but there’s new support from the state for Stafford as a Smart Community test site, and a private partner is ready to begin construction on the first phase of the project. The region’s next urban destination might be just right around the corner.  Partners at the state’s Center for Innovative Technology (CIT) spent $100,000 last summer to develop the specifications for this smart downtown.
In announcing the deal last spring, David Ihrie, chief technology officer at CIT, said other communities around the state are excited to learn from Downtown Stafford. “Stafford County is moving ahead at an exciting time in the development of these ideas, and our collaboration will provide one model for how a community can establish a vision for their future and then take the steps towards making that future a reality,” Ihrie said. The state has gone beyond that initial investment to help make Downtown Stafford a test lab for new efforts in public safety technology — work has already started at the county government center to test these new technologies. https://www.insidenova.com/news/business/stafford/downtown-ready-a-distant-vision-for-an-urban-district-is-on-the-fast-track/article_2f3821d8-8bea-11ea-ae1a-af967ee960b7.html  Proceeds to Fund Advancement of Programs Addressing Acute Lung Injury Due to COVID-19 and Severe Birth Asphyxia (HIE)
April 21, 2020 08:30 AM Eastern Daylight Time NORFOLK, Va.--(BUSINESS WIRE)--ReAlta Life Sciences, Inc., today announced that it has successfully closed an oversubscribed Series A2 financing of $14 million, bringing the total Series A financing to $26 million. The financings were led by Children’s Research Holdings and Marathon Pharma, as well as additional undisclosed investors. ReAlta Life Sciences is a biotech company dedicated to harnessing the power of the immune system through its PIC1 technology platform to address life-threatening medical needs. https://www.businesswire.com/news/home/20200421005101/en/ReAlta-Life-Sciences-Closes-14-Million-Series Tom Walker joined Neil Cavuto today on Fox Business Network to discuss DroneUp's recent drone delivery testing with UPS, Center for Innovative Technology Virginia (CIT), and Workhorse Group Inc. Click through to watch now: https://video.foxbusiness.com/v/6151637756001/#sp=show-clips Neil Cavuto @TeamCavuto | Senior Vice President, Managing Editor and Anchor for both FOX News Channel and FOX Business Network. Anchor of FNC's Your World, Cavuto LIVE and FBN's Cavuto: Coast to Coast.  Interview Tom Walker, DroneUp CEO, discusses how his company is teaming up with UPS to deliver medical supplies to frontline COVID-19 workers | Tom Walker | CEO of DroneUp | CIT GAP Funds Portfolio Company | Virginia Center for Unmanned Systems at CIT Advisory Board Member
Apr. 23, 2020 - 2:26 - Tom Walker, DroneUp CEO, discusses how his company is teaming up with UPS to deliver medical supplies to frontline COVID-19 workers
Interview Tom Walker, DroneUp CEO, discusses how his company is teaming up with UPS to deliver medical supplies to frontline COVID-19 workers | Tom Walker | CEO of DroneUp | CIT GAP Funds Portfolio Company | Virginia Center for Unmanned Systems at CIT Advisory Board Member
​Video link:https://video.foxnews.com/v/6151617096001
To determine how UAS could help medical professionals in their fight to stop the spread of the Coronavirus, DroneUp, UPS and its subsidiary UPS Flight Forward (UPSFF), Virginia’s Center for Innovative Technology (CIT), and Workhorse Group recently came together to test the technology in Lawrenceville, Virginia.  Female veteran and spouse-owned businesses and entrepreneurs will compete for a cash prize and the designation of most likely to succeed  “Women and veteran entrepreneurs are bringing key products and services to market in the Commonwealth, all while paving the way for a new generation of female leadership in a variety of industries,” said Jennifer O’Daniel, Investment Director at CIT GAP Funds. “I am grateful for the opportunity to judge the Virginia Women Veterans Summit pitch competition and look forward to exploring new ways CIT can continue to support women veterans through our Virginia Founders Fund.”
This is now a virtual event | Press Release Here Drone-assisted deliveries have often been thought of as the future, but a recent partnership between United Parcel Service (UPS), Workhorse Group, DroneUp and the Virginia Center for Innovative Technology has proven that future is now.  *DroneUp is a CIT GAP Funds Portfolio Company, and DroneUp CEO Tom Walker serves as a CIT Unmanned Systems Advisory Board Member.
Herndon, VA, April 21, 2020 (GLOBE NEWSWIRE) -- Virginia’s Center for Innovative Technology (CIT) recently partnered with UPS’s (NYSE:UPS) drone delivery subsidiary UPS Flight Forward (UPSFF) and drone technology companies DroneUp and Workhorse Group (NASDAQ: WKHS) in tests designed to determine how unmanned aerial systems can assist medical professionals in their fight to stop the spread of the Coronavirus.
“I am encouraged to see so many private sector partners stepping up and thinking innovatively as we work together to combat COVID-19,” said Virginia Governor Ralph Northam. “Drones can be an important way to deliver medical supplies while people stay home to adhere to our social distancing guidelines. Virginia is well-positioned to be a leader in the unmanned system industry, and we are pleased to be part of this initiative.” Press release here: http://www.globenewswire.com/news-release/2020/04/21/2019373/0/en/VIRGINIA-CENTER-FOR-INNOVATIVE-TECHNOLOGY-CIT-UPS-DRONEUP-AND-WORKHORSE-GROUP-TEST-UNMANNED-SYSTEMS-FOR-CORONAVIRUS-RESPONSE.html  "The Stafford County Economic Development Authority has received a $75,000 grant from GO Virginia to assess the market demand for a cyber and smart tech entrepreneurship program. This investment leverages Stafford’s existing cyber and information technology business community to develop smart technologies based around the Internet of Things.
Downtown Stafford has been identified as a model Testbed for “smart city” technologies by the Virginia Center for Innovative Technologies." The CIT team recognizes the importance of startups and local ecosystems as a critical engine to grow innovation and job creation. Keeping entrepreneurship, innovation, and commercialization efforts alive in Virginia will be crucial for our eventual economic and job recovery. Continuity of all Virginia based innovation efforts happening now will be critical to help speed eventual long-term recovery in the Commonwealth | #VABiz #GoVirginia #SmartCommunities #SmartCities Article Here: https://www.insidenova.com/news/business/stafford-partners-receive-grant-for-regional-entrepreneurial-study/article_3ca9644a-7e6a-11ea-a940-8f088fe9646c.html  The Tysons-based tech company is connecting food trucks to multi-family properties to offer more dining options to residents practicing social distancing. Center for Innovative Technology (CIT) announced that its early-stage fund, CIT GAP Funds, has invested in Tysons, Virginia-based Curbside Kitchen, developer of a platform to connect food trucks with owners of commercial offices and multi-family residential buildings.
The company was founded in 2017 and last August also nabbed an investment from CIT’s Virginia Founders Fund, which supports companies with female, minority or veteran founders, or other entrepreneurs located in regions outside of Northern Virginia. Curbside Kitchen CEO Amy Katz said in a news release that the company has been able to quickly roll out mobile and text ordering in the last year with the financial support from CIT.  The CIT Smart Communities Team continues to keep the innovation machine running in Virginia. CIT leads the SCITI Labs program for DHS, driving ongoing innovation in areas of public safety, critical infrastructure and other areas of national concern. Early wildfire detection is one of those issues. While not the focus of today's most pressing issues - continuity of all Virginia based innovation efforts happening now will be critical to weathering this storm and will speed eventual long-term recovery in the Commonwealth.
https://www.breeze-technologies.de/blog/breeze-technologies-selected-by-us-department-of-homeland-security-for-wildfire-sensing-initiative/  The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Tysons, Va.-based Curbside Kitchen, developer of a platform that manages and connects owners of commercial office and multi-family residential buildings with food truck vendors as way to expand amenity options. In August 2019, CIT’s Virginia Founders Fund (VFF) made an initial investment in the company to complete a full build-out of their technology and hire additional team members. This investment from CIT GAP Funds will be used to continue expanding business operations.
Press Release: http://www.globenewswire.com/news-release/2020/04/07/2013068/0/en/CIT-GAP-Funds-Invests-in-Curbside-Kitchen-to-Continue-Connecting-Building-Owners-and-Multi-Family-Properties-with-Food-Trucks.html  The company plans use the fresh funding to expand its sales, marketing and product development efforts. CIT GAP Funds' Tom Weithman said that in spite of the COVID-19 pandemic, the org remains open for business.
Center for Innovative Technology (CIT) announced that its early-stage fund, CIT GAP Funds, has invested in Vienna, Virginia-based MetiStream, developer of a platform that uses big data and machine learning to find hidden information in unstructured clinical data. https://technical.ly/dc/2020/04/03/cit-gap-funds-invests-vienna-based-metistream/  DAILY PROGRESS PHOTO/ANDREW SHURTLEFF Dr. Casey Kerrigan, founder of Oesh shoes, has developed a flexible 3D printed respirator mask that can be re-used indefinitely with different filter material. Oesh is working with neighboring company Luna to begin production and start manufacturing face masks in multiple sizes first for area EMS first responders. Once that need is met, they will move on to meeting the needs of other health care workers in the Charlottesville/Albemarle region.
 A Charlottesville shoe-making company is switching its focus from feet to the face in the wake of the COVID-19 pandemic. Owners of OESH Shoes - (CIT CRCF Award Recipient) - are taking their expertise in 3-D printing & using them to print durable, reusable respirator face masks for emergency responders.
Story and video here: https://www.nbc29.com/2020/04/01/charlottesville-shoe-company-uses-d-printers-develop-respirator-masks-first-responders/  Summary | Virginia companies (including independent non-profits) have access to a number of emergency financial support programs.
Some are existing programs and some are new, set up specifically to address COVID-19-related economic disruption. Some are state programs, some are federal programs, and some are private programs. Eligibility for each program is different, and each program requires its own application. This brief resource guide is targeted primarily to the needs of Virginia’s high-growth startup community, but should be helpful to Virginia companies in general. It provides brief descriptions of each financial support program, and includes links to find out more. Please note that we are coordinating our efforts with Governor Northam’s office, and we encourage you to also monitor the governor’s COVID-19 resource page (https://www.virginia.gov/coronavirus-updates/).  CBInsights, a highly respected source of information on venture funding, released a report outlining possible effects the Coronavirus pandemic could have on seed-stage funding efforts. The report makes dire predictions on how the COVID-19 crisis could affect this vital source of early-stage capital.
A link to the report is here: How Covid-19 Could Impact Seed-Stage Startup Investing While projections for private capital availability show a sharp drop off, CIT has resources available, and we remain committed to maintaining an uninterrupted presence in the early stage venture market. We continue to provide critical funding to startups, entrepreneurs, and innovators. Since the beginning of Virginia’s pandemic response, we have closed five deals totaling $725K in new money to the local startup community. Additionally, the CIT GAP Funds team has a long pipeline of promising opportunities that have great potential to close in the near term. In addition to CIT GAP Fund activities, our work on strategic initiatives in areas such as smart communities and commercialization allowed us to provide $325K in funding to private companies and university innovators during this period. Finally, our Commonwealth Research and Commercialization Fund team remains on track for non-dilutive financial grant awards to the private sector and university innovators totaling over $2M in June of this year. Bottom line - CIT remains in the market. We maintain our ability to fund companies and innovators. We are here to engage with you. I am reaching out to encourage connecting on opportunities to work together during this time. Sincerely, Ed Albrigo, CEO & President Center for Innovative Technology |
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Updated 5/20/20