Thursday, March 22, 2007

CIT Venture Fund

Virginia's Center for Innovative Technology (CIT) announced a new startup venture fund.
A new Virginia venture capital fund could help spark startup companies in Hampton Roads that specialize in health care products, officials said Thursday. The initial $500,000 fund, launched by the Center for Innovative Technology in Herndon, will focus on jump-starting "life- science" companies that collaborate on technology transfer with universities and federal labs in Virginia.

The investment fund was made possible by a $250,000 grant from Johnson & Johnson. The Center for Innovative Technology, a nonprofit that receives much of its financing from the state, matched that amount. Snippet from the Richmond TimesDispatch.

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