 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.  Investment Associates, Dustin Dunbar and Anthony Obi Jr. will contribute to CIT GAP Funds' continued growth by supporting deal sourcing, due diligence processes, and fund management Richmond, Va. – May 24, 2021 – The Center for Innovative Technology (CIT), the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), today announced that CIT GAP Funds has added two new Investment Associates to its team: Dustin Dunbar and Anthony Obi Jr. As Investment Associates, Dunbar, and Obi will support CIT GAP Funds activity including deal sourcing and due diligence activities for candidate CIT investments in high-growth technology, life science, and clean energy tech companies.
 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.  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...  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.  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.  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
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.  Investment program spanning the Commonwealth continues to drive critical technology sectors during unprecedented times 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) NOVI’s reconfigurable satellites enable significant reductions in capital cost for constellation deployment  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. Note: Novi is a 2019 CIT Commonwealth Research Commercialization Fund (CRCF) award recipient.
 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:
Who: CIT Investment Directors  “Gritty Frontlines: Authentic Stories on Starting a Company” goes behind the scenes to showcase what it’s really like to build a startup The Center for Innovative Technology (CIT) is proud to share that CIT GAP Funds Senior Investment Director, Marco Rubin, has launched a new podcast series, “Gritty Frontlines: Authentic Stories on Starting a Company”. Along with co-host Erin Pearson, Client Partner at 3Pillar Global, the independent podcast will feature interviews with a wide range of entrepreneurs and founders to showcase the often untold journey of building and growing a company...  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.  Ranked by Deals closed in 2019 Locally Researched by: Carolyn M. Proctor, Washington Business Journal Apr 24, 2020, 6:00am EDT |
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Updated 7/28/2021