CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, is proud to announce that four CIT GAP Funds portfolio companies were included on the 2021 Inc. 5000 List: HUNGRY, Urgently, Ostendio, and ID.me. The annual guide highlights the 5,000 fastest-growing privately held companies in the United States, which are ranked according to percentage revenue growth from 2017 to 2020. To qualify for the 2021 list, companies must have generated revenue by March 31, 2017 and achieved $2 million in revenue in 2020.
“We are extremely proud to have four portfolio companies listed on this year’s Inc. 5000.,” said Tom Weithman, Managing Director of CIT GAP Funds. “There is an incredible amount of new technology coming out of Virginia every year, impacting a variety of industries. The innovative spirit and deep experience of these entrepreneurs are just two of the many factors we look for in an early stage company. These qualities have undoubtedly played a role in the rapid growth of HUNGRY, Urgently, Ostendio, and ID.me.”
Raymond Magee created BloomCatch to help plant parents find and identify the greenery around them. The startup looks to add a personal touch.
"BloomCatch, which is available for iOS and Android users, just received $50,000 in funding from the Center for Innovative Technology’s (CIT) GAP Fund, which makes seed-stage investments in local startups. "
Startup connects plant parents with plant experts and local retailers to keep their plants alive and happy
Richmond, VA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in Centreville, Va.-based BloomCatch. BloomCatch is a versatile mobile plant identification app that combines cutting edge machine learning with live human experiences to connect plant parents to plant experts and local retailers. BloomCatch will use this funding to expand marketing efforts to increase awareness and gain traction, with initial efforts focused in Virginia.
GovExec Acquires Cutting-Edge Market Intelligence Company, GovTribe, to Expand Services to Government Contractors | GovTribe is a CIT GAP Funds Portfolio Company
Rapidly growing customer-centric data tool helps contractors find, track and compete for the right business opportunities
Startup uses distributed ledger technology to reduce delays in credentialing and save hospitals millions of dollars
Richmond, VA, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in Roanoke, Va.-based ArchiveCore. ArchiveCore’s cloud-based distributed ledger technology reduces administrative delays and costs in the process of credentialing healthcare professionals. The startup will use this GAP Funds investment to continue enhancing its technology and support its growing customer base.
CIT would like to acknowledge and congratulate the Commonwealth Commercialization Fund (CCF) awardees & the CIT GAP Funds portfolio companies who made the DCINNO 50 on Fire List 2021
"It’s time, once again, to single out the Greater Washington companies, investors and players who are setting its startup ecosystem ablaze.
That’s right. We’re unveiling the 50 winners of the Washington Business Journal and DC Inno Fire Awards of 2021. The honorees range from nascent to mature, across industry and geography within the DMV..."
CIT GAP Funds Makes Follow-On Investment in SCOUT to Continue Performing In-Space Inspections on Satellites
SCOUT is building the first in-space observation systems to safeguard orbital infrastructure
Richmond, VA, July 15, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has made a follow-on investment in Alexandria, Va.-based SCOUT. SCOUT is the developer of systems to give spacecraft vision, and de-risk the space ecosystem. Since its initial CIT GAP Funds investment in June 2020, SCOUT has continued to grow, meeting their fundraising and technical milestones while engaging in strategic partnerships with satellite industry players. The startup will use this latest investment to support initial pilots as well as research and development into systems to enable better in-space situational awareness.
Funding will be used to expand services offerings to financial institutions wanting to deliver a superior customer experience and further invest in their communities
Givio Inc, creators of a mobile giving and fundraising platform designed to meet the needs of givers, today opened their first round of seed funding with the closing of an initial investment from the Center for Innovative Technology’s CIT GAP Funds. This funding follows the advancement of Givio’s Minimal Viable Product (MVP) to a feature-rich, charitable giving and fundraising solution, already integrated with multiple service providers in the charitable giving technology and financial services space. Givio plans to use this funding to expand services offerings from nonprofits, schools and companies for workplace giving, to financial institutions wanting to deliver a superior customer experience and further invest in their communities.
June 17, 2021 - By John Furner, CEO and President, Walmart U.S.
In our ongoing effort to get customers the items they want, and fast, we know it will take a well-coordinated network of delivery solutions that span the streets, sidewalks and skies. Some of these solutions are still emerging, but they’re already showing encouraging results.
Last year, we partnered with DroneUp, a nationwide drone services provider, to launch trial deliveries of at-home COVID-19 self-collection kits. The trial demonstrated we could offer customers delivery in minutes versus hours. Now, after safely completing hundreds of drone deliveries from Walmart stores, we’re making an investment in DroneUp to continue our work toward developing a scalable last-mile delivery solution.
February 07, 2019 | CIT GAP Funds Invests in DroneUp to Revolutionize Commercial Drone Pilot Services | ‘Mission Match’ platform tracks pilot certification, experience and guarantees qualified pilots are alerted for matching missions
CIT GAP Funds Invests in OxiWear to Support Innovations and Emergency Alerting for Pulmonary Hypertension
Richmond, VA, June 16, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in Arlington, Va.-based OxiWear. Provider of a wearable earpiece that monitors blood oxygen levels, OxiWear’s device alerts users when it falls below safe thresholds, allowing help to be called in time for treatment. OxiWear will use this investment to support growth, conduct further research, and expand relationships with more hospitals and pharmacies.
Ear-wearable device continuously monitors blood oxygen levels and alerts users if it falls below safe thresholds, preventing delays in assistance
“Currently, there is no other device available to continuously monitor oxygen levels. OxiWear is a game changer for those affected by the complications of pulmonary hypertension, and could be the difference between safety and danger,” said Tom Weithman, Managing Director of CIT GAP Funds. “Shavini and her team are in a great position to expand and reach more medical departments, nursing homes and more locations serving patients with PH. We are excited to support OxiWear in their endeavors and lifesaving mission.”
Startup app re-imagines job platforms, instantly connecting qualified talent with employers in retail and restaurant industries
Richmond, VA, June 10, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in Ashburn, Va.-based Capango, developer of a mobile first platform that connects qualified job seekers to work opportunities in the retail and restaurant industries, simplifying the hiring experience for employers with an easy-to-use mobile app - no resume required. The startup will use this investment to support growth plans as they continue to expand and help more employers save time and money by finding the perfect hire for each job.
An $800,000 investment led by the Center for Innovative Technology is giving Richmond startup RoundlyX the runway it needs to expand operations internationally.
Richmond-based RoundlyX, co-founded in 2017 by Andrew Elliott and Will Trible, closed the round in late April. In addition to CIT's investment, Elliott said the round had significant participation from Allied Venture Partners and other fintech CEOs from across the country."
“Andrew, Will, and the entire RoundlyX team have done an outstanding job over the last year preparing for widespread adoption of digital assets. The simplicity of their app allows anyone to invest in Bitcoin, and given widespread interest in cryptocurrencies as an asset class, more users will be flocking towards this service,” said Alex Euler, Investment Director, CIT GAP Funds. “With their recent expansion into global markets, RoundlyX is set up for a very successful 2021. We look forward to following their continued success." - Quote from original press release March, 2021
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.
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.”
Reston’s ThreatQuotient raised $22.5M amid increased enterprise attention to cybersecurity | CIT GAP Funds Portfolio Company - In the News
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.
CIT GAP Funds Invests in Linebird to Bring the Unmanned Systems Revolution to High Voltage Power Lines
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.
CIT GAP Funds Invests in AtWork Systems to Support SMBs with Solutions for Streamlined Business Operations
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.
CIT GAP Funds Makes Follow-On Investment in RoundlyX to Help Users Better Manage Digital Asset Portfolios
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.
CIT GAP Funds Makes Follow-On Investment in Babylon Micro-Farms to Advance Sustainable Urban Agriculture
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.
CIT GAP Funds Portfolio Company recognized by Fast Company - The 10 most innovative dining companies of 2021
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.
Richmond-based startup AnswersNow has raised $1.8 million to help expand its online counseling service
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.
CIT GAP Funds Invests in Sweetie Boy Delivers to Simplify Transportation Needs for Automotive Dealers
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.
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