Center for Innovative Technology (CIT)

Richmond, VA, April 29, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Hampton, Va.-based Advanced Aircraft Company (AAC), an aeronautical engineering and aircraft manufacturing company that produces vertical takeoff and landing (VTOL) unmanned aerial systems (UAS) for military and commercial markets. AAC’s long endurance drones can double revenue generated per pilot for commercial UAS operators. The company will use this investment to action on its go-to-market plan and increase aircraft production rate.

Green Dollars  
By 2025, TemperPack wants to be the world’s largest sustainable packaging company. Four years ago, a $12 million investment from SJF Venture marked a turning point to helping the company reach that goal, Powers said.  

More early stage funding can help the next clean tech startups take off, he said.  
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That’s where organizations like the Center for Innovative Technology are playing a role. CIT GAP Funds has made equity investments in 16 early-stage clean tech companies since 2007, investing $50,000 to $500,000 in each company over time, said Marco Rubin, Senior Investment Director...

​Startup empowers commercial real estate stakeholders to organize, secure, analyze, and share commercial floor plans all in one place

​Richmond, VA, April 07, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Virginia-based Floorwire, developer of a platform that provides commercial owners with control of their architectural data. By transforming inefficient and time-consuming workflows around storing and organizing data, Floorwire’s cloud-based solution addresses the needs of commercial landlords, architects and brokers. The startup will use this investment to enhance its technology and support its continued growth.

“Not everyone has the right tools to view CAD files or interact with architectural plans and data. With an ability to connect across a diverse set of asset management platforms and enable automation that’s not currently available on the market, Floorwire provides tools anywhere, anytime,” said Jen O’Daniel, Investment Director, CIT GAP Funds. “Floorwire is quickly growing and ready to make a splash in the commercial real estate industry. We look forward to following their journey as they continue to grow.”

​The cybersecurity firm took note of national VC trends as it sought funding to quicken product development and grow its engineering team. It plans to grow by 25 to 30% in the next year.

​Company’s OneLynk platform provides end-to-end business processes and real-time analytics for government contractors

​Richmond, VA, March 16, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Herndon, Va.-based AtWork Systems, developer of a fully integrated, complete back office business solution for SMB government contractors. AtWork's OneLynk platform provides end-to-end business processes and real-time analytics, allowing business owners to focus on growing their organizations. The company will use this investment to support growth and continued technology enhancements.

Additional funding supports company’s continued expansion into senior living and healthcare facilities

​Richmond, Va. – March 11, 2021 – The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Charlottesville, Va.-based Babylon Micro-Farms, provider of a software enabled indoor farming service. Since GAP Funds’ initial investment in 2019, Babylon Micro-Farms has pivoted to focus on indoor growing systems for hospitals, senior living communities, and schools as a result of the coronavirus pandemic. The company will use this additional funding to continue its expansion into more locations in Virginia and across the East Coast.     

​From restaurant ordering platforms Tock and Slice to dining innovators like Panera, Chipotle, and White Castle, these companies are feeding the industry with innovation.

We are so excited to share with you that Kamana has officially joined forces with one of the nation’s leading healthcare staffing agencies, Triage Staffing.

​A Richmond-based startup company that operates an online platform to help counsel parents of children with autism has raised $1.8 million to expand its services.

AnswersNow, which was founded in 2017, announced Tuesday that it had completed the seed funding round led by the American Family Insurance Institute for Corporate and Social Impact and Virginia’s Center for Innovative Technology.

​As a result of the recent growth, Fringe has raised $2.2 million in new funding, in a round led by Sovereign’s Capital, with participation from Felton Group, Manchester Story, the Center for Innovative Technology, and angel investors, including Jaffray Woodriff. As part of this investment, the company also added longtime advisor William Boland, Senior Director of Corporate Development and Strategy at Mission Lane, to its Board of Directors.

​AnswersNow recently closed a Seed Round of $1.8M lead by American Family Insurance Institute for Corporate and Social Impact and CIT with participation from Kapor Capital, Trolley Ventures, and K-Street Capital. Funds from the round are being used to fuel expansion plans, hire world class clinical talent to guide the efficacy of the services being delivered and guide marketing strategy to raise awareness of AnswersNow virtual ABA services.

​Services for both dealerships and consumers improve the car buying process, making it more cost effective and convenient

Richmond, VA, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Richmond, Va.-based Sweetie Boy Delivers, provider of services that help easily transport vehicles from one location to the next for dealerships and consumers. Sweetie Boy Delivers will use this investment to expand its sales and development teams to meet the needs of the ever-changing transportation industry, which has many pain points.​

​A family of funds managed by the Center for Innovative Technology has invested about $1.8 million into Richmond-area startups in recent years.

Through partnerships with Richmond-area groups like Lighthouse Labs, Trolley Ventures, 1717 Innovation Center, Virginia Commonwealth University and Startup Virginia, CIT GAP Funds is “actively cultivating a growing pipeline,” said Managing Director Tom Weithman. 

RICHMOND--Governor Ralph Northam today announced that Babylon Micro-Farms, a Virginia-based company that develops and produces remotely controlled, indoor hydroponic systems for growing fresh herbs, vegetables, and salad greens, will invest $140,000 to expand operations and relocate to the City of Richmond. Babylon’s new location in Scott’s Addition will enable the company to expand its capabilities in manufacturing, software development, and research and development so it can begin distributing nationally and internationally. Virginia successfully competed with Arizona and California for the project, which will create 24 new jobs.
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“We are thrilled to celebrate the growth of innovative Virginia businesses like Babylon Micro-Farms,” said Governor Northam. “The company’s dynamic, high-tech systems are helping to address food insecurity during the pandemic and getting fresh, local produce into the hands of more people. This expansion demonstrates the success that entrepreneurs can find in our Commonwealth, while also maintaining a strong commitment to environmental sustainability.”

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.

​Cloud-based dust accumulation monitoring system will help prevent fires and explosions in manufacturing, industrial and agricultural processing facilities

​Richmond, VA, Jan. 14, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that Virginia Founders Fund (VFF) has invested in Williamsburg, Va.-based Industrial Intelligence, developer of a continuous dust accumulation monitoring system. Industrial Intelligence’s solution alerts organization operations when dust accumulation levels become unacceptable. The startup plans to use this VFF capital for engineering and development of their prototype, patent expenses and further certification testing.

​Richmond, Va. – Jan. 13, 2021 – The Center for Innovative Technology (CIT) today released the 2020 CIT GAP Funds Impact Report, detailing both return on investment and socio-economic impact achieved since the fund’s inception in 2005. A family of funds placing equity investments in Virginia’s high-growth based technology, life science, and cleantech companies at the earliest developmental stages, CIT GAP Funds has deployed $32.4 million in capital across 240 portfolio companies. 

​PKI based verification and Self-Sovereign Identity solutions eliminate data breach liability for businesses and allow end users to maintain possession and control of their identity

​Richmond, VA, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Marshall, Va.-based CySecure Inc., developer of next generation identity and authentication solutions. CySecure is developing solutions to eliminate passwords entirely – for users and at company servers – making it impossible for hackers to steal users’ personal data. CySecure successfully completed MACH37’s 90-day program, designed to accelerate a startup’s path to a sustainable business model. CySecure has made significant progress towards launching the general availability of their product and will use this investment for product development.

Richmond, VA, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) announced today that CIT GAP Funds has again been named Virginia’s most active investor by CB Insights, a developer of a tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships, and news mentions to predict future technology trends. For the sixth year in a row, CIT GAP Funds joins an impressive list of VCs in the U.S.


“CIT’s sustained commitment to investing at the earliest stages of company development positions CIT GAP Funds as a fundamental building block of the Commonwealth’s startup ecosystem,” said Virginia Secretary of Commerce and Trade Brian Ball. “Even in these trying times, CIT’s investment outcomes are a fitting tribute to Virginia’s entrepreneurial vitality, community spirit, and economic and social diversity.”

​Food safety and supply chain solution keeps global food chain safe, predictable and flowing despite market uncertainty

​Richmond, VA, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that Virginia Founders Fund (VFF) has invested in Rosslyn, Va.-based Mesh Intelligence, developer of a proactive food safety and supply chain solution to predict upcoming and evolving risks and disruptions globally to help organizations plan and act faster. Mesh Intelligence helps food organizations identify, predict, and mitigate critical food safety risks in their global food supply chain before they happen. The company plans to use this VFF capital to invest in hiring key talent, enhancing the company’s technology, building the company’s presence in Virginia.

​"Investments in an operating business like Micronic are countering early signals that opportunity funds are focused only on real estate deals." | ImpactAlpha, Nov. 4 – Virginia-based Micronic Technologies raised $3 million for its water purification technology. The Center for Innovative Technology’s CIT GAP Funds and The Pearl Fund led the investment, with participation from CAV Angels.

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.