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.
"The VIPA was created to be a catalyst for expanding innovation and entrepreneurship in Virginia. As the direct investment program of VIPA's Investment Division, CIT GAP Funds is a key part of the Commonwealth's strategy to leverage venture capital for Virginia-based startups," said Robert Stolle, CEO and President, CIT. "The Commonwealth is a unique place to grow and attract technology-based businesses, and both Dustin and Anthony bring a wealth of experience relevant to CIT GAP Funds' seed and early stage investments."
"We are pleased to welcome Dustin and Anthony to the CIT GAP Funds team. I am confident that our new hires will play an integral role in helping the CIT GAP Funds team achieve our goals," added Tom Weithman, Chief Investment Officer, CIT, and Managing Director, CIT GAP Funds. "The growth of our team is a reflection of the growing startup ecosystem in the Commonwealth and our continued commitment to seeding great companies. We look forward to Dustin and Anthony's future success with CIT GAP Funds and their contributions to Virginia's startup community."
Dunbar brings to CIT GAP Funds a versatile background, including nine years of service as a U.S. Army Officer and experience in financial modeling, project management, funds management, business relations, and economic research. Most recently, Dunbar was Principal Associate of Operational Risk at Capital One, where he was responsible for the oversight of operational risk within the Capital Markets, Corporate Banking, and Commercial Real Estate divisions, as well as ensuring federal regulatory compliance and reporting. Previously, as Capability Development Officer for the Science and Technology Division of Combined Arms Support Command, he conducted research and valuation on emerging technologies by developing public-private relationships with both small and large businesses for contracts to develop solutions to Army problem sets. Dunbar earned his M.S. in finance from Georgetown University and his BBA in Marketing from The College of William and Mary. Dunbar will be based in CIT's Richmond headquarters office.
Obi brings over five years of clinical and life sciences entrepreneurship experience, as well as project management and client relations skills, to the CIT GAP Funds team. Most recently, he was a fellow at DigitalDx Ventures, a woman-owned healthcare impact fund, where he supported potential investments in digital health startups. Obi was also a Venture Capital Fellow at Vencapital, a venture accelerator for underrepresented managers seeking career opportunities in venture finance, and as an Entrepreneur in Residence at U.T. Southwestern Medical Center, where he worked closely with digital health companies helping them advance their ideas from inception to commercialization. Obi began his career as founder of PreopMD, a digital health startup solving complex operating room inefficiencies. Obi holds degrees in Biology and Chemistry from Texas Southern University and is also a mentor for the Venture Mentoring Service. Obi will be based in CIT's Northern Virginia office.
CIT GAP Funds has attracted national recognition for its contributions to the Commonwealth, enjoying recognition by C.B. Insights as Virginia's Most Active Investor for each of the past seven years. For more details about CIT GAP Funds' contributions to the Commonwealth of Virginia, please review the CIT GAP Funds 2020 Impact Report.
About CIT GAP Funds | Investment Division | Virginia Innovation Partnership Authority (VIPA)
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds' investment decisions are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit https://www.cit.org/gap-investment-funds.html.
About the Virginia Innovation Partnership Authority (VIPA)
The Virginia Innovation Partnership Authority (VIPA) was established in 2020 to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding, as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach that will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. The VIPA, with CIT as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA's design includes governance and management capabilities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.
About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT, the not-for-profit operations arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.
Sara (Pomakoy) Poole
Center for Innovative Technology (CIT)
CIT Press 2020-2021