Center for Innovative Technology (CIT)

On Wednesday, the company, based in Southwest Virginia, will announce a $3 million seed round, led by Virginia’s Center for Innovative Technology and The Pearl Fund Limited Partnership with participation from CAV Angels.

Micronic is the kind of rare company that is seen as critically important and a possible model for future development. It’s a DeepTech company, led by a woman, emerging from a tiny university on the front lines of one of the biggest economic transformations in the United States, as Appalachia and the country’s energy infrastructure move away from coal.

​The Center for Innovative Technology (CIT) and The Pearl Fund today announced that CIT GAP Funds and The Pearl Fund L.P. led a $3 million seed round investment in Micronic Technologies, Inc, with participation from CAV Angels. Located in a Southwest Virginia Opportunity Zone, Micronic Technologies is a developer of a breakthrough Zero Liquid Discharge (ZLD) water purification technology that reduces wastewater volume by 95% and removes over 99% of contaminants in a sustainable and cost-effective way that hasn’t been achievable until now.

​“We are pleased to join The Pearl Fund in this investment for Micronic Technologies. This round builds on our initial Virginia Founders Fund seed financing for the company in 2019, and proves out the application of an Opportunity Zone investment framework for funding tech startups and founders in traditionally underserved geographies,” said Tom Weithman, Managing Director, CIT GAP Funds. “Opportunity Virginia has also played a role in Micronic’s success and execution, and we look forward to replicating the Micronic investment model in other Opportunity Zone investments.”

"Over the coming years, the Commonwealth of Virginia will enable and grow a leadership role in quantum information sciences. Already a thriving hub for information technology, cybersecurity, national security, and much more, Virginia is well placed to help prepare our state, region, and country for the quantum era. We look forward to working collaboratively with Connected DMV, partners, and institutions across the region to help develop our national capital region’s quantum innovation ecosystem." – David Ihrie, Chief Technology Officer, Center for Innovative Technology, Commonwealth of Virginia 

​These VC firms span the D.C., Northern Virginia and Baltimore areas. Whether you're seeking seed funding or raising a Series B, there's probably something here to propel your business. (CIT GAP Funds listed)

CIT GAP Funds Investment Director Alex Euler participated as a panelist in UpRiver 2020 | "UpRiver is an annual fall event hosted by Activation Capital that brings together founders and entrepreneurs throughout the Richmond region. Sara Maddox, Activation Capital's outreach and community affairs manager, said the pandemic was front and center as they decided on programming for this year's event..."

"Everyone is going through tough times, and founders are going through tough times, as well," she said. "A lot of them are having to reimagine or pivot what their company needs to do to stay viable through the pandemic. We tried to have our panels focused on that."

​The Center for Innovative Technology (CIT) today announced that the Virginia Founders Fund (VFF) has invested in Card Isle, a Blacksburg, Va.-based technology company that is rethinking how greeting cards can be distributed in a changing retail landscape. Card Isle offers turnkey solutions to design, order, and print personalized greeting cards, and will use this capital from VFF to continue their rapid growth in the eCommerce gifting sector and develop new markets.