Charlottesville-based maker of indoor farming systems moving headquarters to Richmond, adding 24 jobs
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 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"
*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
By Kaitlynn R. Copinger | January 19, 2021, 09:56am EST
A Virginia nonprofit organization wants to help young companies in strategically important industries commercialize their technology and create jobs in the commonwealth.
The Center for Innovative Technology believes a new fund will help them do just that.
The Commonwealth Commercialization Fund recently kicked off its first funding round with a plan to disperse $7 million in grants of up to $100,000 in 2021.
The Herndon-based Center for Innovative Technology (CIT) on Thursday opened the application process for $7 million in grant funds from its new Commonwealth Commercialization Fund, focused on promoting innovation and technology commercialization initiatives.
Up to $7 million in non-dilutive funding available for Virginia companies
"Richmond is home to a host of business incubators, nonprofits and educational initiatives that foster innovation and creativity; we look at what they do, the projects they support and what’s on the horizon..."
“CIT is focused on the growth of innovation and entrepreneurship in all sectors of Virginia, or all regions,” says Bob Stolle, president and CEO of CIT. “We have a variety of programs that provide direct investment into early-stage companies and seed-stage investment for equity positions in early-stage startups.”
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