Center for Innovative Technology (CIT)

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

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.

Sandra Smith @SandraSmith Fox Co-anchor of @AmericaNewsroom 9-12pm ET on #FoxNews

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.

​Article Here | https://www.auvsi.org/industry-news/droneup-partners-test-how-uas-could-help-medical-professionals-battling-covid-19

“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

​https://pressroom.ups.com/pressroom/ContentDetailsViewer.page?ConceptType=PressReleases&id=1587471397741-835

​https://www.foxnews.com/tech/ups-droneup-test-drone-delivery-of-medical-supplies

​*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

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.
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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

Ranked by Deals closed in 2019
Locally Researched by: Carolyn M. Proctor, Washington Business Journal Apr 24, 2020, 6:00am EDT

​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/

​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/).