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.
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.
National Science Foundation’s 2019 SBIR award winner uses machine learning to convert key data into guidance for farmers that helps boost crop yields
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Alexandria, Va.-based Agrology, developer of prediction agriculture technology that helps farmers boost crop yields. Agrology’s solution uses machine learning to convert high-quality data into predictive guidance for crop growers that directs them to the right amounts, location and timeframe to apply inputs to their farm for maximized results.
“Over 90% of farmers do not have any sensors or software to guide their irrigation and inputs, a process that is overwhelmingly manual across a majority of farms. As a result, many farmers do not get the coverage they need to monitor the individual micro-climates on their farms,” said Tom Weithman, Managing Director of CIT GAP Funds. “Agrology is meeting a critical market need for the agriculture industry, allowing farmers to achieve maximum profitability across their entire farm while using optimal levels of inputs. CIT looks forward to following Agrology this year as they continue to grow.”
“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.
Vienna, Va.-based startup launches new solution to accelerate analysis of patient and population data for COVID-19 using NLP and AI
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Vienna, Va.-based MetiStream, developer of a platform that uses big data, Natural Language Processing (NLP) and machine learning to reveal hidden insights in unstructured clinical data. MetiStream’s Ember Platform delivers better analytics to decrease health risks, and improve quality and outcomes for healthcare organizations. MetiStream will leverage the GAP Funds investment to help expand and accelerate sales, marketing and product development efforts.
Additional funding supports the fintech startup’s approach to improving the insurance quote process for both applicants and insurers
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has made a follow-on investment in Richmond, Va.-based Fenris. Over the last 12 months, Fenris has expanded their sales operations and enhanced their data delivery and analytics platform. The company plans to use this additional funding to further build out their product suite to meet demand from current and prospective clients.
“Fenris clients are seeing real results, including an increase in conversions accompanied by a 25% decrease in cost of acquisition due to smarter ordering of downstream reports, and up to 80% reduction in manual effort,” said Jennifer O’Daniel, Investment Director, CIT GAP Funds. “CIT is pleased to expand our relationship with Fenris through this follow-on investment, and we look forward to the company’s continued growth in 2020.”
Virginia Growth Alliance: Supporting Unmanned System Innovation and COIVD-19 Research and Response in Rural Virginia
Herndon, VA, May 06, 2020 (GLOBE NEWSWIRE) -- The skies in Brunswick County were buzzing with activity last week. Leading unmanned aerial vehicle companies were demonstrating the viability of using drones for medical emergency package delivery. This operation took place in response to the White House task force on Coronavirus (COVID-19). The former Saint Paul’s College campus located in the Town of Lawrenceville, Virginia provided the perfect test location.
Virginia’s Center for Innovative Technology (CIT) coordinated the multiday testing effort that was led by DroneUP of Virginia Beach and included UPS and its subsidiary UPS Flight Forward, Workhorse Group and AirBox Group based in Richmond. The group was researching how unmanned aircraft systems (UAS), or drones, might assist medical professionals in their fight to stop the spread of the Coronavirus.
The experiment evaluated the commercial drone industry’s ability to scale up small UAS deliveries in order to assist the U.S. healthcare system during the pandemic.
CIT Selects Partners to Build a First-of-Its-Kind Smart Community | Contract agreements signal the official start of building a technology testbed in Stafford County
Herndon, VA, May 05, 2020 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that four contracts have been issued to build Stafford’s technology testbed, a key milestone for the public-private partnership developing Virginia’s first ground-up “smart community.” Expected to be up and running in six weeks, the smart city technology testbed will focus on Internet of Things (IoT) device security to help prevent community ransomware attacks, and protect the privacy of citizens, while providing critical data to help the county improve operations and services.
The Stafford testbed will act as a living laboratory - testing emerging technologies in real-world situations and providing a long-term capability that can be used to validate innovation before bringing it into the operational “Smart Stafford” infrastructure.
ReAlta Life Sciences Closes $14 Million Series A2 Financing to Support Transition into a Clinical Organization
Proceeds to Fund Advancement of Programs Addressing Acute Lung Injury Due to COVID-19 and Severe Birth Asphyxia (HIE)
April 21, 2020 08:30 AM Eastern Daylight Time
NORFOLK, Va.--(BUSINESS WIRE)--ReAlta Life Sciences, Inc., today announced that it has successfully closed an oversubscribed Series A2 financing of $14 million, bringing the total Series A financing to $26 million. The financings were led by Children’s Research Holdings and Marathon Pharma, as well as additional undisclosed investors. ReAlta Life Sciences is a biotech company dedicated to harnessing the power of the immune system through its PIC1 technology platform to address life-threatening medical needs.
Female veteran and spouse-owned businesses and entrepreneurs will compete for a cash prize and the designation of most likely to succeed
“Women and veteran entrepreneurs are bringing key products and services to market in the Commonwealth, all while paving the way for a new generation of female leadership in a variety of industries,” said Jennifer O’Daniel, Investment Director at CIT GAP Funds. “I am grateful for the opportunity to judge the Virginia Women Veterans Summit pitch competition and look forward to exploring new ways CIT can continue to support women veterans through our Virginia Founders Fund.”
This is now a virtual event | Press Release Here
Virginia Center For Innovative Technology (CIT), UPS, DroneUp, And Workhorse Group Test Unmanned Systems For Coronavirus Response
UPS Press Room
VIRGINIA CENTER FOR INNOVATIVE TECHNOLOGY (CIT), UPS, DRONEUP, AND WORKHORSE GROUP TEST UNMANNED SYSTEMS FOR CORONAVIRUS RESPONSE
Herndon, VA, April 21, 2020 (GLOBE NEWSWIRE) -- Virginia’s Center for Innovative Technology (CIT) recently partnered with UPS’s (NYSE:UPS) drone delivery subsidiary UPS Flight Forward (UPSFF) and drone technology companies DroneUp and Workhorse Group (NASDAQ: WKHS) in tests designed to determine how unmanned aerial systems can assist medical professionals in their fight to stop the spread of the Coronavirus.
“I am encouraged to see so many private sector partners stepping up and thinking innovatively as we work together to combat COVID-19,” said Virginia Governor Ralph Northam. “Drones can be an important way to deliver medical supplies while people stay home to adhere to our social distancing guidelines. Virginia is well-positioned to be a leader in the unmanned system industry, and we are pleased to be part of this initiative.”
Press release here: http://www.globenewswire.com/news-release/2020/04/21/2019373/0/en/VIRGINIA-CENTER-FOR-INNOVATIVE-TECHNOLOGY-CIT-UPS-DRONEUP-AND-WORKHORSE-GROUP-TEST-UNMANNED-SYSTEMS-FOR-CORONAVIRUS-RESPONSE.html
Hamburg-based environmental analytics company Breeze Technologies has been selected as an industry partner for a new wildfire sensor workstream by the Department of Homeland Security (DHS) Science and Technology Directorate (S&T).
The CIT Smart Communities Team continues to keep the innovation machine running in Virginia. CIT leads the SCITI Labs program for DHS, driving ongoing innovation in areas of public safety, critical infrastructure and other areas of national concern. Early wildfire detection is one of those issues. While not the focus of today's most pressing issues - continuity of all Virginia based innovation efforts happening now will be critical to weathering this storm and will speed eventual long-term recovery in the Commonwealth.
CIT GAP Funds Invests in Curbside Kitchen to Continue Connecting Building Owners and Multi-Family Properties with Food Trucks
In response to coronavirus, Curbside Kitchen works to assist with food insecurity, serve hospital workers, and support small business food truck owners
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Tysons, Va.-based Curbside Kitchen, developer of a platform that manages and connects owners of commercial office and multi-family residential buildings with food truck vendors as way to expand amenity options. In August 2019, CIT’s Virginia Founders Fund (VFF) made an initial investment in the company to complete a full build-out of their technology and hire additional team members. This investment from CIT GAP Funds will be used to continue expanding business operations.
Press Release: http://www.globenewswire.com/news-release/2020/04/07/2013068/0/en/CIT-GAP-Funds-Invests-in-Curbside-Kitchen-to-Continue-Connecting-Building-Owners-and-Multi-Family-Properties-with-Food-Trucks.html
During Women’s History Month, celebrated each March, the Center for Innovative Technology (CIT) is proud to highlight Virginia’s community of female entrepreneurs. Nearly 60 of CIT GAP Funds’ 200+ investments were founded by or include female executives. Bolstered by the Virginia Founders Fund, which increases access to capital for startups founded by women and other traditionally underserved entrepreneurial communities in the Commonwealth, CIT maintains a strong commitment to continue investing in women-led startups.
Women entrepreneurs make up a significant portion of U.S. small business owners, with the U.S. Census Bureau estimating over 12.3 million companies owned by women. According to a recent report from SmartAsset that set out to identify the top cities for women in tech, examining U.S. cities with 200,000 residents or more, two Virginia cities – Chesapeake and Arlington – were both named among the top five best cities for women in tech. The findings were based on a number of factors, including the city’s tech employment growth over the last three years, number of women in the tech workforce, and its gender pay gap.
Press Release Here | http://www.globenewswire.com/news-release/2020/03/26/2007128/0/en/CIT-Recognizes-Women-Led-Virginia-Startups-During-Women-s-History-Month.html
The Best Cities for Women in Tech in 2019 | Full Article
CIT Press 2020