 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.  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.”  VIRGINIA BEACH, Va., June 2, 2020 /PRNewswire/ -- DroneUp recently partnered with Virginia's Center for Innovative Technology (CIT) in tests designed to determine how unmanned aerial systems can assist with critical delivery during times of crisis under the Federal Aviation Administration's (FAA) Part 107 regulations.  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.  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.”  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.  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. 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
Apr. 23, 2020 - 2:26 - Tom Walker, DroneUp CEO, discusses how his company is teaming up with UPS to deliver medical supplies to frontline COVID-19 workers
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.   The Tysons-based tech company is connecting food trucks to multi-family properties to offer more dining options to residents practicing social distancing. 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.
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 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/  “MetiStream’s mission to accelerate and simplify how clinical insights are delivered is solving a large market need for improved patient care and outcomes,” said Tom Weithman, Managing Director of CIT GAP Funds. “CIT is confident that the company’s established customer success team, combined with Ember’s strong data integration capabilities to onboard a variety of healthcare datasets from clinical to genomics with limited coding required, will be a recipe for success.”
Link to press release here: https://www.globenewswire.com/news-release/2020/03/24/2005678/0/en/CIT-GAP-Funds-Invests-in-MetiStream-to-Improve-Patient-Outcomes-by-Addressing-Healthcare-Industry-s-Unstructured-Data-Problems.html |
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Updated 7/1/20