Center for Innovative Technology

The Center for Innovative Technology (CIT) has evolved into the Virginia Innovation Partnership Corporation (VIPC), serving as a crucial non-profit entity dedicated to accelerating the growth of technology companies within the Commonwealth of Virginia. VIPC's mission extends beyond mere funding, encompassing a comprehensive approach to fostering innovation, commercialization, and economic development across the state. They aim to bridge the gap between research and market-ready solutions, supporting entrepreneurs from concept to scale.

VIPC's primary investment vehicle for early-stage companies is the Virginia Founders Fund (VFF). This fund specifically targets Virginia-based seed and early-stage technology companies that have developed a minimum viable product (MVP) and are beginning to demonstrate initial customer traction. The VFF typically seeks to participate in a company's first institutional round of funding, focusing on sectors such as software, cybersecurity, life sciences, and advanced manufacturing, among others.

Through the Virginia Founders Fund, VIPC typically provides initial investments ranging from $100,000 to $300,000. These investments are designed to provide critical early capital, enabling startups to achieve key milestones and attract further private investment. The fund also retains the potential for follow-on investments, indicating a commitment to supporting portfolio companies through subsequent growth stages.

Historically, VIPC, including its operations as CIT, has made a significant impact on Virginia's innovation ecosystem. Since its inception, the organization has deployed over $100 million in capital to more than 300 Virginia-based startups. This foundational support has been instrumental in helping these companies collectively raise over $3 billion in private capital, demonstrating VIPC's catalytic role in attracting substantial follow-on funding from other investors. Their strategic investments and programs are vital for nurturing the next generation of technology leaders in Virginia.