 Company’s solution leverages hybrid electric propulsion and aerodynamic design features to achieve longer flight times and greater productivity 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.  CIT GAP Funds Managing Director Tom Weithman to Participate in Valleys Innovation Council Founders and Funders Webinar Series
Richmond, Va. – April 19, 2021 – The Center for Innovative Technology (CIT) today announced CIT GAP Funds Managing Director, Tom Weithman, will serve as a panelist for an upcoming webinar focused on venture capital as part of the Founders and Funders Webinar Series presented by Valleys Innovation Council (VIC). The webinar, taking place Thursday, April 22 at 3:30pm ET, will feature a panel of experts from across the region discussing various types of capital and challenges that entrepreneurs and startups may encounter when seeking capital. Tom will join speakers James Ramey, Managing Director and Fund Manager at Middleland Capital; Jason Caplain, General Partner and Co-Founder of Bull City Venture Partners; and Moderator, Fourd Kemper, M&A Attorney from Woods Rodgers Law Firm. For more information about the webinar, please click here. Registration is free and open to the public. When: Thursday, April 22, 2021 from 3:30 PM – 4:30 PM ET Where: Zoom – Click here to register  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. 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 use of unmanned aerial systems (UAS) to make contact with live power lines improves safety and reduces costs of grid maintenance and monitoring Richmond, VA, March 24, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Richmond, Va.-based Linebird, developer of an unmanned aerial systems (UAS) solution that makes contact with live power lines, addressing the safety concerns of grid maintenance and monitoring. Linebird is transforming the way power transmission infrastructure is inspected and maintained in a safer way with the use of drone technology. The company will use this investment to prepare its technology for product launch by the end of the year.  With recent investment from CIT GAP Funds, the Northern Virginia software company plans to embrace the virtual office trend and boost small businesses.  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.  Richmond, VA, March 11, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Richmond, Va.-based RoundlyX, a digital asset wealth management platform. Since its initial GAP Funds investment in May 2020, RoundlyX has expanded its service beyond the United States, with users now able to connect to any European or UK bank and round up their spare change into digital assets. The fintech startup plans to use this latest investment to support its continued user growth, which is now accelerating in response to the increased popularity in Bitcoin and other digital assets.  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.  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.  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. “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.  Named Virginia’s most active investor by CB Insights for the past six years, CIT GAP Funds’ investments have helped create more than 6,500 new jobs in the Commonwealth in the last 15 years, it reported this month... By Michelai Graham / STAFF  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.
Investments have supported the creation of nearly 6,500 jobs throughout the Commonwealth 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. CIT GAP Funds is a participating VC in this study  In 2020, NASA’s Office of the Chief Technologist conducted a trade study about venture capital firms and their relationships with technology startups. The study used independent research and qualitative data from interviews with firms to develop recommendations for how NASA could increase the impact of its investments. |
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Updated 5/7/2021