Welcome to the media room of the Center for Innovative Technology.  Read the latest news about CIT and how the organization seeks to close innovations gaps in the Commonwealth of Virginia and the nation.

The media room contains our latest press releases, media coverage of CIT, a bio of our president, our annual report and appropriate contact details if you are a member of the media and have an inquiry.

CIT GAP Funds Company Awarded SBIR Grant
The Center for Innovative Technology (CIT) announced today that Innovative Biologics, Inc. (IBI), a CIT GAP BioLife Fund portfolio company, received a $750,000 Small Business Innovation Research (SBIR) Phase II award from the National Institutes of Health (NIH).  
Press Release

CIT Helps Dept. of Education Speed College Transcripts
June 23, 2008 (Herndon, Va.) – This time of year, after months of preparing transcripts and filling out applications, many high school seniors are graduating and looking forward to beginning college in the fall. The Virginia Department of Education—with assistance of technical experts at the Center for Innovative Technology—is piloting a new program that may give next year’s graduating seniors a faster and more secure way to get academic transcripts to colleges and universities.
Press Release

CIT GAP Funds Invests in OTraces, Inc.
The Center for Innovative Technology (CIT), a state-chartered non-profit, announced today that its GAP BioLife Fund, part of the successful GAP Family of Funds, made a $100,000 early-stage investment in OTraces, Inc., a Herndon, Va.-based company that offers more highly accurate and sensitive blood screening tests for breast, prostate, lung and ovarian cancers.
Press Release

CIT GAP Fund Invests in GCPay
The Center for Innovative Technology (CIT) announced today that CIT GAP Funds is investing in GCPay, a South Hill, Va.– based company whose online application service helps construction project owners, lenders, auditors, general contractors, and subcontractors by simplifying and automating the collection, reporting and processing of construction project progress payments. CIT will invest $100,000.
Press Release

CIT GAP Funds Invests in WorkProducts, Inc
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing in WorkProducts, Inc., a Reston, Va. – based company with a market-leading evidence lifecycle management (ELM)/litigation compliance product, the MatterSpace® appliance. WorkProducts will use this capital to continue its customer and alliance partner execution, as well as to fortify its intellectual property protection.
Press Release

CIT GAP Funds Invests in WorkProducts, Inc.
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing in WorkProducts, Inc., a Reston, Va. – based company with a market-leading evidence lifecycle management (ELM)/litigation compliance product, the MatterSpace® appliance. WorkProducts will use this capital to continue its customer and alliance partner execution, as well as to fortify its intellectual property protection.
Press Release

CIT GAP Funds Invests in SwipePay Mobile, Inc
The Center for Innovative Technology (CIT) announced today that CIT GAP Funds is investing in SwipePay Mobile, Inc., creators of a prepaid mobile phone application based in Alexandria, Va. CIT will invest $100,000.
Press Release

CIT GAP Funds Invests in STR, LLC
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is leading an investment round in Soft Tissue Regeneration, LLC (STR), a medical device company based in Earlysville, VA, that develops synthetic scaffolds to encourage tissue regeneration.  CIT will invest $100,000. Press Release

CIT SERVICES NOW ON GSA SCHEDULES
The Center for Innovative Technology (CIT), a state-chartered non-profit, today announced that it is now on the GSA Mission Oriented Business Integrated Services (MOBIS) Schedule.Press Release

CIT GAP Funds Invest in NexGenVS, LLC
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing $100,000 in NexGenVS, LLC, a peer-to-peer (P2P) data sharing company with a patented architecture. NexGenVS, headquartered in Blacksburg, Va., will use the investment to complete and launch its software and service, build its team, implement partner channels and market its product. Press Release

CIT GAP Funds Invests in nexVortex, Inc.
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is leading an investment round in nexVortex, Inc., an Internet Telephony Service Provider headquartered in Herndon, VA, that specializes in “business grade” SIP trunking and other IP-based integrated applications and services. CIT will invest $100,000, which nexVortex will use to complete its business planning and to start implementation of a suite of collaborative Web 2.0 based services. Press Release

CIT GAP Funds Invests in Innovative Biologics, Inc.
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing $100,000 in Innovative Biologics, Inc. (IBI), an anti-infective drug discovery and development company searching for new anti-microbial drugs targeting bacterial toxins.  IBI, based in Sterling, Virginia, will use the investment to advance its Methicillin-resistant Staphylococcus aureus (MRSA) and Hepatitis C (HCV) preclinical candidates. Press Release

IDHS Awards Phase II Contract to AMERICAN SYSTEMS for Early Warning System Concept Demonstration
The Institute of Defense and Homeland Security (IDHS), an organization of the non-profit Center for Innovative Technology, announced today that AMERICAN SYSTEMS Corporation was awarded a contract to continue work on IDHS’ Red Cell program as part of its Crisis Alert initiative.
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CIT GAP Funds Invests in Eye Q Development
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing $100,000 in Eye Q Development, Inc., which produces advanced technology identification, security and safety items for business.  Eye Q of Reston will use the investment for research and product development using magnetic media and RFID technologies.
Press Release

CIT GAP Funds Invests in LT Technologies
The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing $100,000 in LT Technologies, LLC (LTT) to advance next generation semiconductor technologies. LT Technologies of Chantilly will use the investment to finance further research and development, commercialization and marketing of its break-through microwave technology and products in the semiconductor rapid thermal processing and bonding markets.
Press Release

CIT to Host Funding Road Show
The Center for Innovative Technology (CIT) today announced that it will host three educational seminars introducing small businesses in Southern Virginia to federal and private funding sources for technology research and development.  The half-day events will take place in Danville, Galax and Abingdon, Va. on July 24, 25 and 26 respectively.
Press Release

Center for Innovative Technology Invests $100,000 in Piedmont Bioproducts
The Center for Innovative Technology (CIT) today announced that the CIT GAP Fund invested $100,000 in Piedmont Bioproducts, LLC in order to support the expansion of technology-based industries in Southern Virginia.
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Center for Innovative Technology Invests $100,000 in Engineered Products of Virginia
The Center for Innovative Technology (CIT) today announced that the CIT GAP Fund invested $100,000 in Engineered Products of Virginia, LLC. Press Release

CIT GAP Fund Invests in NBE Technologies
The Center for Innovative Technology (CIT) today announced that its GAP Fund made an investment of $50,000 in NBE Technologies, LLC.  NBE Technologies will use the investment to expand its workforce and manufacturing capabilities.
Press Release

CIT Launches New Emerging Life Sciences GAP Fund
The Commonwealth’s Secretary of Technology and the Center for Innovative Technology (CIT) today announced that the CIT Growth Acceleration Program (GAP) has launched a new fund, the GAP BioLife Fund, a seed stage venture fund to support emerging life science companies in Virginia.  The fund launch coincides with CIT’s receipt of a grant from Johnson & Johnson, through the Corporate Office of Science and Technology, aimed at jump-starting fund formation and launch. Press Release

Symantec Makes Strategic Acquisition of CIT GAP Fund Portfolio Company
Center for Innovative Technology (CIT) today announced the acquisition of 4FrontSecurity, Inc., a GAP Fund portfolio company, by Symantec Corp., the world’s largest software security firm. Press Release

CIT GAP Fund Invests $70,000 in South49 Solutions
The Center for Innovative Technology (CIT) today announced that its GAP Fund invested $70,000 in South49 Solutions, LLC, a leading-edge provider of business technology services based in Sterling, Va. The investment will facilitate expansion of the company’s product offerings and web based software platform. Press Release

CIT to Host Innovative Transitions 2006
The Center for Innovative Technology (CIT) today announced that it will host Innovative Transitions 2006: Virginia’s 12th Annual SBIR Conference.  The conference will be held at CIT’s headquarters December 4-5, 2006. Press Release

CIT GAP Fund Invests $100,000 in iNEOMARKETING
The Center for Innovative Technology (CIT) today announced that its Growth Acceleration Program (GAP) fund invested $100,000 in iNeoMarketing™, a hosted eMarketing software company based in Herndon, Va.  The investment will facilitate building a sales infrastructure, marketing and software development.  Press Release

Center for Innovative Technology Announces Pilot Program for Seed Capital Generation
The Center for Innovative Technology (CIT) today announced the launch of a pilot program that will provide seed capital of up to $100,000 to promising early and growth stage technology businesses located in Southside and Southwest Virginia. Press Release

CIT GAP Fund Invests $50,000 in Global Cell Solutions
The Center for Innovative Technology (CIT) today announced that its Growth Acceleration Program (GAP) Fund invested $50,000 in Global Cell Solutions, LLC, a Charlottesville, Va.-based biotechnology company focused on the application of novel and dramatically improved cell culture technologies to human therapy.  The investment will facilitate intellectual property filings, product research and development and sales and marketing efforts. Press Release

CIT GAP Fund Invests $100,000 in Verical
The Center for Innovative Technology (CIT) today announced that its Growth Accelerated Program (GAP) fund invested $100,000 in Verical Incorporated, an Alexandria, Va.-based e-commerce assurance company that provides authentication tools and clearinghouse services to prevent fraud in secondary marketplaces.   The investment will facilitate middleware development, a commerce platform, sales expansion and research and development. Press Release

CIT to Host Free Information Security Workshops in Southern Virginia
The Center for Innovative Technology (CIT) will host free interactive workshops to educate business owners, individuals and IT managers about the jargon, acronyms, benefits and misconceptions about network and data security in Southern Virginia.  The workshops will take place October 3 and 19, 2006 in South Hill, Va. and Danville, Va. Press Release

CIT to Host Free Educational Wireless Broadband Workshops in Martinsville and Blackstone
The Center for Innovative Technology (CIT) will host free interactive workshops in Southern Virginia to educate business owners, individuals and IT managers on the jargon, acronyms, benefits and misconceptions about wireless telecommunication techniques and technologies.  The workshops will take place October 18 and 31, 2006 in Martinsville, Va. and Blackstone, Va. Press Release

Charles Curran Named to CIT’s GAP Fund Investment Advisory Board
The Center for Innovative Technology (CIT) today announced the appointment of Charles Curran, general partner at Valhalla Partners, to CIT’s GAP Fund Investment Advisory Board (IAB).  The GAP Fund IAB guides CIT in making all GAP Fund investment decisions. Press Release

Three New Members Named to CIT’s GAP Fund Investment Advisory Board
The Center for Innovative Technology (CIT) today announced the appointments of Daniel Barchi, Hiram Ewald and S. Tien Wong to the organization’s GAP Fund Investment Advisory Board (IAB).  The GAP Fund IAB guides CIT in making all GAP Fund investment decisions. Press Release

CIT GAP Fund Named to Entrepreneur Magazine’s Top 100 Venture Capital Firms
Entrepreneur Magazine named the Center for Innovative Technology’s GAP Fund one of the Top 100 Venture Capital Firms in 2006.  The listing, http://www.entrepreneur.com/listings/vc100, ranks venture capital firms by the number of early-stage deals made in 2005. Press Release

VIRGINIA GOVERNOR TIM KAINE APPOINTS NEW MEMBERS TO CIT BOARD OF DIRECTORS
The Center for Innovative Technology (CIT) today announced the appointment of a new chairman, vice chairman and two new members to the organization’s board of directors.  The CIT board of directors is appointed by the Honorable Tim Kaine, Governor of Virginia. Press Release

CIT GAP Fund Invests in Rollstream
The Center for Innovative Technology (CIT) today announced that its GAP Fund participated in a $200,000 investment round in Rollstream, Inc., a Fairfax, Va.-based enterprise software management company. Press Release

CIT GAP Fund Invests in Bent Systems
The Center for Innovative Technology (CIT) today announced a $70,000 convertible debt investment by its GAP Fund in Bent Systems, Inc., a Fairfax, Va.-based company. Press Release

CIT GAP Fund Invests in Tau Therapeutics
The Center for Innovative Technology (CIT) today announced that its GAP Fund would invest $100,000 in Tau Therapeutics, LLC, a University of Virginia spin-out focused on the chronic treatment of cancer. Press Release

CIT GAP Fund Invests in Airak
The Center for Innovative Technology (CIT) today announced that its GAP Fund invested $50,000 in Airak, Inc., a Virginia Tech spin-out developing optical sensing technology for medium voltage power distribution. Press Release

CIT Awarded $1.8 Million Grant for Coastal Observation
The Center for Innovative Technology (CIT) announced today that it has been awarded a $1.8 million National Oceanic and Atmospheric Administration (NOAA) grant to continue Coastal Observation, a program that uses sensor technologies to monitor in real-time the influence of the Chesapeake Bay on nearby coastal ocean margin ecosystems. Press Release

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