 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.  A Charlottesville-based startup company that makes indoor, hydroponic farming systems is moving its headquarters to Richmond with plans to hire about 24 people over the next few years. Late in 2019, Babylon Micro-Farms raised $2.3 million in funding mostly from investors, but the capital raise also included a $250,000 grant from the National Science Foundation to conduct research on its systems, along with a $50,000 grant from Virginia’s Center for Innovative Technology. Northam’s office said Virginia competed with Arizona and California for the headquarters office relocation project. 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 is pleased to share this White Paper published by Organizing4Innovation - a Commonwealth Research Commercialization Fund Awardee (CRCF FY20)
"Law firm innovation management is becoming a must, giving the increased frequency and importance of innovation. Wondering how other law firms are managing their innovation efforts? Are you interested in reading about the best-practices law firms of all sizes use? Then download our white paper titled "Innovation Management in Law Firms" https://www.organizing4innovation.com/law-firm-innovation-management/ *Please Note: CRCF to CCF - The Commonwealth Commercialization Fund, or CCF, was launched on July 1, 2020, to foster innovative and collaborative efforts in Virginia. Combining two legacy state programs, the Commonwealth Research Commercialization Fund (CRCF) and the Virginia Research Innovation Fund (VRIF), CCF seeks technologies with a high potential for economic development and job creation and that position the Commonwealth as a national leader in science- and technology-based research, development, and commercialization. As the administrator of the CCF, CIT supports CRCF and VRIF award recipients. #CITCRCF #CITCCF #Innovation #Commercialization #Research #Virginia  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.
As an offshoot of the SCITI Labs program, CIT SMART is now deploying 66 of the flood sensors featured in this video below throughout Virginia. We are working with state agencies, including the Department of Natural Resources and the Virginia Department of Emergency Management, to make this a sustainable statewide flood sensor network.
The sensor network and the data it produces will help better characterize coastal inundation due to climate change, better predict the exact timing and location of flood events on rivers throughout the Commonwealth. It will also help better understand homeowners' risk in flood plains with more accurate updated models than those currently available.  (Updated at 11:55 p.m.) More than 100 people have signed up to compete in Virginia’s inaugural Smart City Challenge, and organizers expect more to join in the coming weeks. The proceedings kicked off on Saturday (Jan. 23) with remarks from Virginia Gov. Ralph Northam and panel discussions on how technology could be used to address societal challenges, from COVID-19 and natural disasters to the availability of healthy food and efficiency of traffic lights. The month-long competition will conclude on Feb. 18 when participants pitch projects designed to improve modern communities by tackling issues in housing, transportation, health, education, and other sectors.  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  The Virginia Unmanned Systems Center at CIT would like to thank The Virginia legislature and many others for support in establishing the Commonwealth as a national leader in the Unmanned Systems Industry – land, sea, air, and space (UxS). Evidence of that leadership is provided by Business Facilities Magazine, which ranked Virginia as the top state in the nation for unmanned aerial systems two years in a row for "unmanned systems leadership, facilities, and industry connections, both military and civilian." The following short video provides insights on UxS from government and business leaders in Virginia.  Financing will support development of novel IL-2 treatments for various diseases CHARLOTTESVILLE, Va., Jan. 19, 2021 /PRNewswire/ -- Slate Bio, Inc., announced today the closing of a $1.75 million venture financing. Epidarex Capital led the investment round with participation from the UVA Licensing & Ventures Group Seed Fund, Center for Innovative Technology's GAP BioLife Fund, VTC Seed Fund, PharmaDirections, Inc., management and others.  By Kaitlynn R. Copinger | January 19, 2021, 09:56am EST A Virginia nonprofit organization wants to help young companies in strategically important industries commercialize their technology and create jobs in the commonwealth. The Center for Innovative Technology believes a new fund will help them do just that. The Commonwealth Commercialization Fund recently kicked off its first funding round with a plan to disperse $7 million in grants of up to $100,000 in 2021.  The CCI Technology Advisory Board inaugural members are: (from top left) Elisa Bertino, Tracy Gregorio, David Ihrie, and Jim Mollenkopf; (from bottom left) Melur “Ram” Ramasubramanian, Zachary Tudor, Sennur Ulukus, and Dan Woolley. The Commonwealth Cyber Initiative (CCI) has tapped top cybersecurity leaders to provide strategic guidance as part of its inaugural Technical Advisory Board. “The inaugural members represent some of the highest levels of industry, academia, and government and bring a wide array of experience and expertise, including running large research groups and developing innovation programs, said Luiz DaSilva, CCI executive director. “They’re also strong advocates for the initiative and their expertise will help us develop programs to further enhance cybersecurity workforce development and innovation within the commonwealth.”  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.  The Herndon-based Center for Innovative Technology (CIT) on Thursday opened the application process for $7 million in grant funds from its new Commonwealth Commercialization Fund, focused on promoting innovation and technology commercialization initiatives.  Up to $7 million in non-dilutive funding available for Virginia 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.  True to The Monthly Blend’s mission of catalyzing regional collaboration, in this Episode, we bring together the brand new CEOs of both TEDCO and CIT, mirror organizations in their respective states of MD and VA. Troy Stovall and Bob Stolle meet for the first time and share their visions for their organizations. Topics include investment, stimulating economic development, areas of focus, and diversity & inclusion. You may be surprised to hear what these leaders have to say about what’s coming for MD and VA!  Stafford County is proud to announce that we are the home of the Commonwealth's Smart Community Testbed. The Virginia Smart Community Testbed (Testbed) is coming to Stafford, Virginia in Spring of 2021! Located next to the Stafford Government Center at 2143 Jefferson Davis Hwy, Stafford, VA, the Testbed will be the home to developing smart technology for the Commonwealth. Smart Technology developments include IoT platforms that will be fully integrated with 5G and other new and emerging technologies for Smart Cities around the country. Technologies developed in the Testbed will accelerate smart technology growth across the Commonwealth and Nation. The Testbed is a “shared knowledge platform” to develop practical and relevant smart technology solutions. The Virginia Smart Community Testbed is a public-private partnership involving multiple industry partners who will focus on relevant and practical use cases and produce innovative solutions using emerging and smart technologies.  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.  "Richmond is home to a host of business incubators, nonprofits and educational initiatives that foster innovation and creativity; we look at what they do, the projects they support and what’s on the horizon..." “CIT is focused on the growth of innovation and entrepreneurship in all sectors of Virginia, or all regions,” says Bob Stolle, president and CEO of CIT. “We have a variety of programs that provide direct investment into early-stage companies and seed-stage investment for equity positions in early-stage startups.”  Cville-based AgroSpheres, Inc. has been named a “top 20 innovative company to watch” for 2020 by Business Worldwide magazine & featured in their latest issue! Check out pp. 40-43 to learn more about what this 3x CRCF awardee is developing:  The city of Fredericksburg is partnering with the Center for Innovative Technology to make Riverfront Park a "smart" location.  Running Headfirst into the Regulations “At DroneUp, we run head first into the rules, not away from them” - Tom Walker, CEO Around the same time Wing was obtaining its Part 135 certification, DroneUp was testing the limits of Part 107 with funding and researchers from the Commonwealth of Virginia’s Center for Innovative Technology (CIT). At the former campus of Saint Paul’s College in Lawrenceville, Virginia, the team conducted 200 drone flights and successfully delivered 1.275-pound payload packages to 10-foot diameter targets on 1500-foot round trips using off-the-shelf commercial tech within FAA Part 107 flight rules. This Operation Last Mile exercise involved 10 pilots working through seven test scenarios, including one dubbed “E-VLOS to determine variables in performance between test operations within visual line of sight of the remote pilot in charge (RPIC), and operations where visual line of sight (VLOS) of the RPIC is occluded by terrestrial obstructions.” Fast forward in time. DroneUp is now routinely conducting short-range final mile deliveries of COVID-19 at-home self-collection kits under Part 107. At locations in Las Vegas, Nevada, Cheektowaga, New York near Buffalo and, more recently, El Paso, Texas, DroneUp is flying home self-collection and contactless at home COVID test kits with a forty-five minute turnaround time from order placement to doorstep. In a little more than seven weeks, the company has racked up 1,340 miles, 114 flight hours in local neighborhoods and hundreds of deliveries. |
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Updated 4/19/2021