Center for Innovative Technology (CIT)

​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. 

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.”

​"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.

​These VC firms span the D.C., Northern Virginia and Baltimore areas. Whether you're seeking seed funding or raising a Series B, there's probably something here to propel your business. (CIT GAP Funds listed)

​Richmond, VA, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Arlington, Va.-based NOVI, developer of the next generation of hardware and data analytics platforms for the new space, infrastructure and manufacturing verticals. Since CIT’s initial investment in early 2019, the company has accelerated strategic outreach and development on its first commercial technology. The additional capital from GAP Funds will be used to accelerate their commercial go‐to‐market strategy and support key hires.

Richmond, Va. – Sept. 21, 2020 – The Center for Innovative Technology (CIT) today announced the participation of Investment Directors, Jennifer O’Daniel and Marco Rubin, as selection committee members for Forefront 2020’s Startup Showcase. Forefront, scheduled to take place virtually from Sept. 22-23, will bring together leading capital sources and industry changemakers who are committed to advancing efforts that build inclusive and diverse entrepreneurial ecosystems.
 
Forefront's review and selection process is an independent process led by MAVA Investor Members. O’Daniel and Rubin took part in selecting the 35 competitive startups to participate in this year’s Startup Showcase on the first day of the event.
 
When: Tuesday, September 22, 2020 from 2:00 PM – 4:00 PM ET
Where: For more information about the virtual event, please click here.

What: Forefront 2020 Startup Showcase
Ultimately, 35 competitively selected startups will take the virtual stage to present in front of professional investors and corporate partners. Showcase Companies represent the strength of commercial enterprises being built across D.C. and the greater National Capital Region and beyond. These startups stood out for the following characteristics:
 

• Company – ability to describe what makes them different as well as what problem they are solving
• Customer Validation – ability to accurately say where they are in their lifecycle
• Customer Traction – ability to describe who is paying them for their product or service
• Competition / Market – ability to share with the committee what they know about the market and why they believe their company can scale
• Team – ability to describe why their team is most equipped to tackle this problem and drive this solution

Who: CIT Investment Directors

• Jennifer ODaniel | Investment Director
• Marco Rubin, Senior Investment Director, CIT GAP Funds

​http://www.globenewswire.com/news-release/2020/06/04/2043887/0/en/CIT-Investment-Director-Marco-Rubin-Co-Hosts-New-Podcast-Series-for-Entrepreneurs.html

​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.

​http://www.globenewswire.com/news-release/2020/06/02/2042377/0/en/CIT-GAP-Funds-Invests-in-Scout-Inc-to-Fundamentally-Change-the-Spaceflight-Risk-Environment.html