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.”
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.
Smart City Works and Fairfax County Announce Pitch and Pilot: Pedestrian/Bike Safety Innovation Challenge
Registration now open for Innovation competition focused on engaging diverse teams to develop smart city solutions focused on pedestrian and bicycle safety.
Fairfax County, March 17, 2021 – Smart City Works and Fairfax County, with partner CIT, will host the Pitch and Pilot: Fairfax County Innovation Challenge, an innovation competition where teams create high-impact solutions to address bicycle and pedestrian safety. The goal of the Challenge is to find innovative solutions to improve pedestrian and bicycle safety in our increasingly multimodal transportation landscape. Registration is now open, and the competition will conclude on April 21.
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 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.
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.
CIT’s Virginia Founders Fund Invests in Industrial Intelligence to Advance the Hazardous Dust Monitoring Market
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.
Up to $7 million in non-dilutive funding available for Virginia companies
Governor Northam Announces Silent Falcon UAS Technologies to Locate East Coast Operations in Warren County, Creating 249 New Jobs
Company to invest $6 million in new Mid-Atlantic headquarters for research, development, manufacturing
“We are really excited that Silent Falcon has chosen to build its future in Virginia,” said Bob Stolle, CEO at the Center for Innovative Technology (CIT). “They are pioneers in this young industry that will soon impact every aspect of our lives, and the Unmanned Systems Center at CIT is anxious to support them in that pursuit.”
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.
(Fredericksburg, VA) November 20, 2020 – The City of Fredericksburg is proud to announce a partnership with the Center for Innovative Technology (CIT) for a “smart” Riverfront Park. This new park located along Sophia Street in Historic Downtown will be a significant new public space in the downtown area. It is currently under construction and, when complete, will feature Rappahannock River views with open space, event space, and a play area.
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.”
Virginia's Center for Innovative Technology (CIT) Announces Vice President for Entrepreneurial Ecosystems
Richmond, VA, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology announced the appointment of Sean Mallon as Vice President for its Entrepreneurial Ecosystems Division. The division is one of four recently created at CIT in its role as the operating arm for the Virginia Innovation Partnership Authority (VIPA). The other three divisions are Investment, Commercialization, and Strategic Initiatives.
CIT’s Virginia Founders Fund Invests in Mesh Intelligence to Manage the Global Food Supply Chain Risk
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.
VIRGINIA CENTER FOR INNOVATIVE TECHNOLOGY (CIT) & ROANOKE CITY PARTNER ON FLOOD SENSORS TO IMPROVE PUBLIC SAFETY
Roanoke, VA, Nov. 03, 2020 (GLOBE NEWSWIRE) -- As the 35th anniversary of The Flood of 1985 approaches, a unique partnership has emerged to seek flood safety improvements. The Commonwealth of Virginia, through the Center for Innovative Technology (CIT), with support from the Department of Homeland Security (DHS) Science & Technology Directorate, has collaborated with the City of Roanoke in a flood sensor project. CIT has identified Roanoke as an ideal location for flood sensors in Virginia, based on the history of flooding throughout the valley and the City’s existing flood resiliency efforts. These flood sensors would provide real-time, web-based information on flooding conditions that City staff can use in a variety of ways, such as evacuating flood-prone homes, proactively closing roadways, and floodplain management.
Southwest Virginia-based and woman-led, early stage clean technology company delivers a patented water purification solution that cleans water from virtually any source
The Center for Innovative Technology (CIT) and The Pearl Fund today announced that CIT GAP Funds and The Pearl Fund L.P. led a $3 million seed round investment in Micronic Technologies, Inc, with participation from CAV Angels. Located in a Southwest Virginia Opportunity Zone, Micronic Technologies is a developer of a breakthrough Zero Liquid Discharge (ZLD) water purification technology that reduces wastewater volume by 95% and removes over 99% of contaminants in a sustainable and cost-effective way that hasn’t been achievable until now.
“We are pleased to join The Pearl Fund in this investment for Micronic Technologies. This round builds on our initial Virginia Founders Fund seed financing for the company in 2019, and proves out the application of an Opportunity Zone investment framework for funding tech startups and founders in traditionally underserved geographies,” said Tom Weithman, Managing Director, CIT GAP Funds. “Opportunity Virginia has also played a role in Micronic’s success and execution, and we look forward to replicating the Micronic investment model in other Opportunity Zone investments.”
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.
Photo - Richmond Times-Dispatch Weekend: Jan 26, 2020
Richmond, Va. – September 11, 2020 – The Center for Innovative Technology (CIT) Board of Directors today announced Bob Stolle as the organization’s Chief Executive Officer and President of CIT. Stolle previously served as CIT’s Senior Vice President of Policy and Regional Initiatives as well as the head of CIT’s Entrepreneurial Ecosystems Division.
Startup is developing targeted solutions for targeted diseases to address antibiotic resistance, one of today’s biggest threats to global health
“Techulon is advancing a new generation of therapeutics with broad application based on technology that is highly selective of disease targets. This results in more effective drugs that exhibit fewer side effects to patients,” said Tom Weithman, Managing Director of CIT GAP Funds and Virginia Founders Fund. “The startup has already demonstrated the benefits of this targeted approach and is working towards human proof-of-concept studies and translating these findings into clinical applications. We look forward to being part of Techulon’s success.”
- Multi-agency collaboration to create pilot program that will help ensure Virginia has the safest and most open UAS airspace in the U.S.
Weithman will join other panel members to discuss innovative approaches to gain access to capital
Richmond, Va. – June 16, 2020 – The Center for Innovative Technology (CIT) today announced that CIT GAP Funds Managing Director, Tom Weithman, will participate as a speaker during InBIA’s 2020 International Conference on Business Incubation (ICBI34). For more than three decades, ICBI has brought together champions for entrepreneurship around the globe to form connections, share ideas and resources, and reinvigorate professional perspectives. The panel discussion, which will be hosted virtually as part of the full online event, will focus on innovative approaches to gain access to capital.
Weithman will join fellow speakers Judy Mahan, Director of Economic Development at Cal Poly Center for Innovation and Entrepreneurship; Anne Lufkin-Riaño, U.S. Regional Manager at Kiva; and Mysty Rusk, Director at The Brink SBDC. For more information on this year’s conference, visit inbia.org/icbi34.
When: Tuesday, June 23, 2020 from 4:15 PM to 5:00 PM ET
Where: To register for the virtual event, please click here.
What: Innovative Approaches to Access Capital
With the right approaches, startups and other early-stage companies can access a much deeper pool of capital that was previously unavailable to them. During this panel discussion, experienced investors and experts in entrepreneurship will share insights on the many different, innovative approaches to accessing capital, as well as best practices for pursuing funding. Weithman brings his perspective on CIT GAP Funds’ investment strategy and outcomes, as well as the applicability and portability of CIT’s model for other state and regional ecosystems.
Who: Tom Weithman, Managing Director, CIT GAP Funds
As architect and leader of CIT GAP Funds, Tom has established himself as one of the nation's foremost experts on quasi-public fund formation, early stage investment, accelerator development and the contribution of "catalytic capital" to innovation, commercialization and economic development. Under his leadership, CIT GAP Funds has placed more than 200 equity investments in emerging tech, life science and clean tech companies, leveraging more a billion of private capital onto CIT GAP Funds portfolio company balance sheets. CIT GAP Funds has been acknowledged by Entrepreneur Magazine, CB Insights and the Association for Corporate Growth as one of the nation's leading early stage venture funds.
CIT Press 2020-2021