Startup Spotlight: RoundlyX, which enables investments in digital assets, plans growth with CIT investment
Startup Spotlight: RoundlyX, which enables investments in digital assets, plans growth with CIT investment | “You don’t need to be a cryptocurrency expert to invest responsibly, and dollar cost averaging is a proven, responsible strategy to build a digital asset portfolio,” said Alex Euler, investment director at CIT GAP Funds. “RoundlyX has an experienced, innovative leadership team with a strong vision to build a global, full spectrum digital asset financial services platform.”
Elliott said the investment by CIT, which supports early stage companies in Virginia, shows there is a future in digital assets.
“These award recipients are advancing a number of new technologies, such as therapeutics, including those for infectious disease; unmanned systems for agriculture, utilities and smart buildings; and increased cybersecurity for the healthcare industry,” Albrigo said.
Governor Northam Announces $2.48 Million to Support New Research Commercialization in Emerging Technology Sectors
Small technology-based businesses to receive funds for projects in clean energy, cybersecurity, data analytics, life sciences, and unmanned systems
Press release & list of award recipients here | https://www.governor.virginia.gov/newsroom/all-releases/2020/june/headline-858245-en.html
RICHMOND—Governor Ralph Northam today announced 26 small technology-based businesses and four universities will receive incentive grants to commercialize their research in clean energy, cybersecurity, data analytics, life sciences, and unmanned systems. The new Commonwealth Research Commercialization Fund (CRCF) grants award $2.48 million in funding and leverage more than $13 million in matching investments to drive progress in emerging technologies.
“These entrepreneurs and innovators are on the front lines of bringing new products and technologies to market, while driving job creation and supporting Virginia’s economic recovery efforts,” said Governor Northam. “I am pleased that the Commonwealth is able to support these growing companies as they develop high-potential solutions in emerging industries and build businesses from research started right here in Virginia.”
Administered by Virginia’s Center for Innovative Technology (CIT), CRCF invests in priority research and commercialization activities through the private sector, academia, and nonprofit research institutes. The fund accelerates innovation and economic growth in Virginia by advancing solutions to important state, national, and international challenges through technology research, development, and commercialization. Since it began in 2011, CRCF has awarded more than $30 million to help launch nearly 380 early-stage technology projects in strategically important industries.
Weithman will join other panel members to discuss innovative approaches to gain access to capital
Richmond, Va. – June 16, 2020 – The Center for Innovative Technology (CIT) today announced that CIT GAP Funds Managing Director, Tom Weithman, will participate as a speaker during InBIA’s 2020 International Conference on Business Incubation (ICBI34). For more than three decades, ICBI has brought together champions for entrepreneurship around the globe to form connections, share ideas and resources, and reinvigorate professional perspectives. The panel discussion, which will be hosted virtually as part of the full online event, will focus on innovative approaches to gain access to capital.
Weithman will join fellow speakers Judy Mahan, Director of Economic Development at Cal Poly Center for Innovation and Entrepreneurship; Anne Lufkin-Riaño, U.S. Regional Manager at Kiva; and Mysty Rusk, Director at The Brink SBDC. For more information on this year’s conference, visit inbia.org/icbi34.
When: Tuesday, June 23, 2020 from 4:15 PM to 5:00 PM ET
Where: To register for the virtual event, please click here.
What: Innovative Approaches to Access Capital
With the right approaches, startups and other early-stage companies can access a much deeper pool of capital that was previously unavailable to them. During this panel discussion, experienced investors and experts in entrepreneurship will share insights on the many different, innovative approaches to accessing capital, as well as best practices for pursuing funding. Weithman brings his perspective on CIT GAP Funds’ investment strategy and outcomes, as well as the applicability and portability of CIT’s model for other state and regional ecosystems.
Who: Tom Weithman, Managing Director, CIT GAP Funds
As architect and leader of CIT GAP Funds, Tom has established himself as one of the nation's foremost experts on quasi-public fund formation, early stage investment, accelerator development and the contribution of "catalytic capital" to innovation, commercialization and economic development. Under his leadership, CIT GAP Funds has placed more than 200 equity investments in emerging tech, life science and clean tech companies, leveraging more a billion of private capital onto CIT GAP Funds portfolio company balance sheets. CIT GAP Funds has been acknowledged by Entrepreneur Magazine, CB Insights and the Association for Corporate Growth as one of the nation's leading early stage venture funds.
RVA's best startups, innovators and stakeholders of 2020
While we’re only halfway through 2020, the tech and innovation ecosystem has provided no shortage of startups and entrepreneurs deserving of Richmond Inno’s highest accolade.
National Science Foundation’s 2019 SBIR award winner uses machine learning to convert key data into guidance for farmers that helps boost crop yields
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Alexandria, Va.-based Agrology, developer of prediction agriculture technology that helps farmers boost crop yields. Agrology’s solution uses machine learning to convert high-quality data into predictive guidance for crop growers that directs them to the right amounts, location and timeframe to apply inputs to their farm for maximized results.
“Over 90% of farmers do not have any sensors or software to guide their irrigation and inputs, a process that is overwhelmingly manual across a majority of farms. As a result, many farmers do not get the coverage they need to monitor the individual micro-climates on their farms,” said Tom Weithman, Managing Director of CIT GAP Funds. “Agrology is meeting a critical market need for the agriculture industry, allowing farmers to achieve maximum profitability across their entire farm while using optimal levels of inputs. CIT looks forward to following Agrology this year as they continue to grow.”
Scout, recently rebranded from Eighth Continent Technologies, conducts in-space inspections to extend satellite lifetimes and prevent space debris
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Alexandria, Va.-based Scout Inc., formerly Eighth Continent Technologies. Scout, provider of non-invasive risk assessments and mitigation services to reduce failures in spaceflight environments, conducts on-site inspections of space assets using small, inexpensive satellites, producing data that saves customers hundreds of millions of dollars. CIT GAP Funds’ investment will help Scout build prototypes, expand the team with critical expertise, and enable growth of industry and government customer acquisition.
Vienna, Va.-based startup launches new solution to accelerate analysis of patient and population data for COVID-19 using NLP and AI
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Vienna, Va.-based MetiStream, developer of a platform that uses big data, Natural Language Processing (NLP) and machine learning to reveal hidden insights in unstructured clinical data. MetiStream’s Ember Platform delivers better analytics to decrease health risks, and improve quality and outcomes for healthcare organizations. MetiStream will leverage the GAP Funds investment to help expand and accelerate sales, marketing and product development efforts.
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.”
Success story for the Commonwealth of Virginia, our Ecosystem Partner 757 Angels and the Center for Innovative Technology
Seed funding sources for Embody included both CIT GAP Funds & Commonwealth Research Commercialization Fund (CRCF)
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.
Virginia Growth Alliance: Supporting Unmanned System Innovation and COIVD-19 Research and Response in Rural Virginia
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.
CIT Selects Partners to Build a First-of-Its-Kind Smart Community | Contract agreements signal the official start of building a technology testbed in Stafford County
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.
ReAlta Life Sciences Closes $14 Million Series A2 Financing to Support Transition into a Clinical Organization
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.
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
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.
VIRGINIA CENTER FOR INNOVATIVE TECHNOLOGY (CIT), UPS, DRONEUP, AND WORKHORSE GROUP TEST UNMANNED SYSTEMS FOR CORONAVIRUS RESPONSE
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
Hamburg-based environmental analytics company Breeze Technologies has been selected as an industry partner for a new wildfire sensor workstream by the Department of Homeland Security (DHS) Science and Technology Directorate (S&T).
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.
CIT GAP Funds Invests in Curbside Kitchen to Continue Connecting Building Owners and Multi-Family Properties with Food Trucks
In response to coronavirus, Curbside Kitchen works to assist with food insecurity, serve hospital workers, and support small business food truck owners
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.
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.
CIT Press 2020