A Richmond-based startup company that operates an online platform to help counsel parents of children with autism has raised $1.8 million to expand its services. AnswersNow, which was founded in 2017, announced Tuesday that it had completed the seed funding round led by the American Family Insurance Institute for Corporate and Social Impact and Virginia’s Center for Innovative Technology. As a result of the recent growth, Fringe has raised $2.2 million in new funding, in a round led by Sovereign’s Capital, with participation from Felton Group, Manchester Story, the Center for Innovative Technology, and angel investors, including Jaffray Woodriff. As part of this investment, the company also added longtime advisor William Boland, Senior Director of Corporate Development and Strategy at Mission Lane, to its Board of Directors. AnswersNow recently closed a Seed Round of $1.8M lead by American Family Insurance Institute for Corporate and Social Impact and CIT with participation from Kapor Capital, Trolley Ventures, and K-Street Capital. Funds from the round are being used to fuel expansion plans, hire world class clinical talent to guide the efficacy of the services being delivered and guide marketing strategy to raise awareness of AnswersNow virtual ABA services. David Ihrie talks about CIT Smart Communities, the Virginia Innovation Partnership Authority (VIPA), and what projects might lend themselves for development in the Shenandoah Valley. About the SVTC: The Shenandoah Valley Technology Council is a non-profit that serves technology users and creators in the Shenandoah Valley. Its members gather together for education, networking, and business development. By helping technology businesses in the area succeed and grow, the Shenandoah Valley Technology Council is an integral component of the region, helping bring high-paying technology jobs to the Valley. Website: https://svtc-va.org/ Charlottesville Business Innovation Council (CBIC) - interview with Sean Mallon, Vice President, Entrepreneurial Ecosystems at CIT
CIT's Entrepreneurial Ecosystems Division (EED) was established in July 2020 to support and promote technology-focused entrepreneurial ecosystems throughout the Commonwealth of Virginia. Starting with the understanding that entrepreneurs are important drivers of economic growth, EED supports Virginia-based partner organizations that support entrepreneurs through the early stages of business formation and growth. Services for both dealerships and consumers improve the car buying process, making it more cost effective and convenient Richmond, VA, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Richmond, Va.-based Sweetie Boy Delivers, provider of services that help easily transport vehicles from one location to the next for dealerships and consumers. Sweetie Boy Delivers will use this investment to expand its sales and development teams to meet the needs of the ever-changing transportation industry, which has many pain points. Virginia Venture Connect | Ep. 4: Center for Innovative Technology - A Tech Startup’s Best Friend2/16/2021
Charlottesville Business Innovation Council | Interview - Bob Stolle, President & CEO at CIT | Center for Innovative Technology | Virginia CIT GAP Funds delivers more than $32M in early-stage funding to Richmond companies since inception2/16/2021
A family of funds managed by the Center for Innovative Technology has invested about $1.8 million into Richmond-area startups in recent years. Through partnerships with Richmond-area groups like Lighthouse Labs, Trolley Ventures, 1717 Innovation Center, Virginia Commonwealth University and Startup Virginia, CIT GAP Funds is “actively cultivating a growing pipeline,” said Managing Director Tom Weithman. A Charlottesville-based startup company that makes indoor, hydroponic farming systems is moving its headquarters to Richmond with plans to hire about 24 people over the next few years. Late in 2019, Babylon Micro-Farms raised $2.3 million in funding mostly from investors, but the capital raise also included a $250,000 grant from the National Science Foundation to conduct research on its systems, along with a $50,000 grant from Virginia’s Center for Innovative Technology. Northam’s office said Virginia competed with Arizona and California for the headquarters office relocation project. Babylon Micro-Farms is a CIT GAP Funds Portfolio Company and a CIT Commonwealth Research Commercialization Fund (CRCF) Awardee FY20 | The Babylon CRCF award, along with CIT GAP funding, is a prime example of how our programs work together to help sustain companies through the difficult first stages of the commercialization process. Sustainable urban agriculture technologies are among the most critical emerging technologies in the nation today, and thanks to Babylon, Virginia will play an essential role in the future of farming. CIT CRCF Awardee Organizing4Innovation Publishes White Paper | 'Law firm innovation management'2/11/2021
CIT is pleased to share this White Paper published by Organizing4Innovation - a Commonwealth Research Commercialization Fund Awardee (CRCF FY20)
"Law firm innovation management is becoming a must, giving the increased frequency and importance of innovation. Wondering how other law firms are managing their innovation efforts? Are you interested in reading about the best-practices law firms of all sizes use? Then download our white paper titled "Innovation Management in Law Firms" https://www.organizing4innovation.com/law-firm-innovation-management/ *Please Note: CRCF to CCF - The Commonwealth Commercialization Fund, or CCF, was launched on July 1, 2020, to foster innovative and collaborative efforts in Virginia. Combining two legacy state programs, the Commonwealth Research Commercialization Fund (CRCF) and the Virginia Research Innovation Fund (VRIF), CCF seeks technologies with a high potential for economic development and job creation and that position the Commonwealth as a national leader in science- and technology-based research, development, and commercialization. As the administrator of the CCF, CIT supports CRCF and VRIF award recipients. #CITCRCF #CITCCF #Innovation #Commercialization #Research #Virginia RICHMOND--Governor Ralph Northam today announced that Babylon Micro-Farms, a Virginia-based company that develops and produces remotely controlled, indoor hydroponic systems for growing fresh herbs, vegetables, and salad greens, will invest $140,000 to expand operations and relocate to the City of Richmond. Babylon’s new location in Scott’s Addition will enable the company to expand its capabilities in manufacturing, software development, and research and development so it can begin distributing nationally and internationally. Virginia successfully competed with Arizona and California for the project, which will create 24 new jobs. “We are thrilled to celebrate the growth of innovative Virginia businesses like Babylon Micro-Farms,” said Governor Northam. “The company’s dynamic, high-tech systems are helping to address food insecurity during the pandemic and getting fresh, local produce into the hands of more people. This expansion demonstrates the success that entrepreneurs can find in our Commonwealth, while also maintaining a strong commitment to environmental sustainability.” Babylon Micro-Farms is a CIT GAP Funds Portfolio Company and a CIT Commonwealth Research Commercialization Fund (CRCF) Awardee FY20 | The Babylon CRCF award, along with CIT GAP funding, is a prime example of how our programs work together to help sustain companies through the difficult first stages of the commercialization process. Sustainable urban agriculture technologies are among the most critical emerging technologies in the nation today, and thanks to Babylon, Virginia will play an essential role in the future of farming.
As an offshoot of the SCITI Labs program, CIT SMART is now deploying 66 of the flood sensors featured in this video below throughout Virginia. We are working with state agencies, including the Department of Natural Resources and the Virginia Department of Emergency Management, to make this a sustainable statewide flood sensor network.
The sensor network and the data it produces will help better characterize coastal inundation due to climate change, better predict the exact timing and location of flood events on rivers throughout the Commonwealth. It will also help better understand homeowners' risk in flood plains with more accurate updated models than those currently available. |
CIT Press 2020-2021
February 2021
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