The Center for Innovative Technology announced today that it has received $4 million for its GAP Funds as part of Gov. McDonnell’s and the General Assembly’s budget package, and $2 million from the Virginia Department of Mines, Minerals and Energy through the U.S. Department of Energy American Recovery and Reinvestment Act to identify and fund commercially ready, innovative green technology companies located in the Commonwealth of Virginia.
Pete Jobse, CIT president and CEO, said, “With these increased investments, leaders in the Commonwealth are demonstrating their appreciation for the contributions of emerging technology companies in their efforts to create new economic development and job creation opportunities.”
CIT also announced its plan to co-host with Virginia’s ten regional technology councils information sessions to discuss these new funding opportunities for seed- and early-stage companies in the technology, energy, and life sciences sectors. These venues will serve as free opportunities to meet firsthand with the investment team and to hear more details about CIT’s three funds: GAP Tech, GAP BioLife, and the newly formed Commonwealth Energy Fund.
“We will use this campaign to aggressively reach out to the innovative entrepreneurs across Virginia to discuss how these new funds may help them launch their ideas and new companies,” said Jobse.
The CIT GAP Funds make seed-stage equity investments in Virginia-based technology and life sciences companies with high potential for achieving rapid growth and generating significant economic return. The sessions will provide entrepreneurs a unique opportunity to network with fellow entrepreneurs and the CIT GAP Funds investment team, who head up the most active early-stage venture fund in Virginia.
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said of the GAP Funds, “We offer entrepreneurs access to hard-to-find capital, all the while leveraging public and private investments with the potential to generate extraordinary economic returns for the Commonwealth of Virginia.” Since its 2005 launch, CIT GAP Funds has placed 42 investments across the Commonwealth, deploying $4.3M of public funds to attract $61M of private investment.
For additional information on any of the sessions, visit www.cit.org/events. To register, visit http://web.memberclicks.com/mc/quickForm/viewForm.do?orgId=cit2&formId=98304. To be considered for GAP funding prior to the information session, please email [email protected].
Information Sessions Calendar
April 25, 2011: Northern Virginia
Location: CIT (2214 Rock Hill Road, Herndon)
Time: 1– 4 p.m.
April 26, 2011: Williamsburg
Location: Pending finalization
Time: 1– 4 p.m.
April 27, 2011: Virginia Beach
Location: ECPI Virginia Beach Campus
Time: 2–5 p.m.
April 29, 2011: Harrisonburg
Location: 1401 Technology Drive, Harrisonburg
Time: 1:30– 3:30 p.m.
May 2, 2011: Charlottesville
Location: Cityspace (100 5th Street, NE, Charlottesville)
Time: 2:30–7 p.m.
May 3, 2011: Blacksburg
Location: Holiday Inn Salem
Time: 10 a.m.–noon
May 4, 2011: Danville
Location: Dan River Business Development Center (300 Ringgold Industrial Parkway, Danville)
Time: 9 a.m.–noon
May 5, 2011: Abingdon
Location: Southwest Virginia Higher Education Center (1 Partnership Circle, Abingdon)
Time: 9 a.m.–noon
May 17, 2011: Richmond
Location: Pending finalization
Time: 9 a.m.-noon
June 1, 2011: Lynchburg
Location: Pending finalization
Time: 9 a.m.-noon
Fredericksburg: Date, time, and location pending finalization
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