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.
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
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.
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.”
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.
"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.
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.”
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)
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.”
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.”
Success story for the Commonwealth of Virginia, our Ecosystem Partner 757 Angels and the Center for Innovative Technology
Seed funding sources for Embody included both CIT GAP Funds & Commonwealth Research Commercialization Fund (CRCF)
Tom Walker joined Neil Cavuto today on Fox Business Network to discuss DroneUp's recent drone delivery testing with UPS, Center for Innovative Technology Virginia (CIT), and Workhorse Group Inc. Click through to watch now: https://video.foxbusiness.com/v/6151637756001/#sp=show-clips
Neil Cavuto @TeamCavuto | Senior Vice President, Managing Editor and Anchor for both FOX News Channel and FOX Business Network. Anchor of FNC's Your World, Cavuto LIVE and FBN's Cavuto: Coast to Coast.
Interview Tom Walker, DroneUp CEO, discusses how his company is teaming up with UPS to deliver medical supplies to frontline COVID-19 workers | Tom Walker | CEO of DroneUp | CIT GAP Funds Portfolio Company | Virginia Center for Unmanned Systems at CIT Advisory Board Member
To determine how UAS could help medical professionals in their fight to stop the spread of the Coronavirus, DroneUp, UPS and its subsidiary UPS Flight Forward (UPSFF), Virginia’s Center for Innovative Technology (CIT), and Workhorse Group recently came together to test the technology in Lawrenceville, Virginia.
Ranked by Deals closed in 2019
Locally Researched by: Carolyn M. Proctor, Washington Business Journal Apr 24, 2020, 6:00am EDT
The company plans use the fresh funding to expand its sales, marketing and product development efforts. CIT GAP Funds' Tom Weithman said that in spite of the COVID-19 pandemic, the org remains open for business.
Center for Innovative Technology (CIT) announced that its early-stage fund, CIT GAP Funds, has invested in Vienna, Virginia-based MetiStream, developer of a platform that uses big data and machine learning to find hidden information in unstructured clinical data.
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 GAP Funds Invests in MetiStream to Improve Patient Outcomes by Addressing Healthcare Industry’s Unstructured Data Problems
Company’s Ember Platform provides faster and deeper patient insights, leading to decreased health risks and lower costs
“MetiStream’s mission to accelerate and simplify how clinical insights are delivered is solving a large market need for improved patient care and outcomes,” said Tom Weithman, Managing Director of CIT GAP Funds. “CIT is confident that the company’s established customer success team, combined with Ember’s strong data integration capabilities to onboard a variety of healthcare datasets from clinical to genomics with limited coding required, will be a recipe for success.”
Link to press release here: https://www.globenewswire.com/news-release/2020/03/24/2005678/0/en/CIT-GAP-Funds-Invests-in-MetiStream-to-Improve-Patient-Outcomes-by-Addressing-Healthcare-Industry-s-Unstructured-Data-Problems.html
Building an entrepreneurial ecosystem is a long process involving a complex array of factors. In "Business Attraction and Start-Up Investment: Flip Sides of the Economic Development Coin," I argue for accelerating ecosystem maturation through a unified approach to conventional economic development and start-up company support.
I sometimes hear risk capital or tech transfer held out as the panacea for jump-starting tech-driven entrepreneurial activity. The commentary goes something like this: “If only we had more venture capital, we could become the next Silicon Valley” or “If only we could spin technology out of our universities we would jump start an entrepreneurial economy.
CIT Press 2020-2021