Virginia Innovation Partnership Corporation (CIT)

Virginia venture partners (vvp) places equity investments in early stage science & tech based companies. Since its 2005 inception, the vvp program has invested 51.7m in 305 companies across the commonwealth. Vvp investments have attracted 1.94b in private capital. Program revenue consists of proceeds on liquidated investments. Additionally, funding from the state small business credit initiative (ssbci) program, under the u.s. department of treasury, was provided to accelerate the formation and growth of entrepreneurial businesses across the commonwealth. Approximately 173m of ssbci funding will be allocated to vipc over 10 years, vipc received 18.1m in funds in fy2023 (the first year of the program).

Under vipc's contract with the us department of homeland security science and technology directorate is the smart city iot Innovation (sciti labs) commercial first Innovation program. Key priorites include detection of environmental threats, smart buildings and communities and other public safety related technologies. Sciti labs has strategically positioned the commonwealth of Virginia to assume a national leadership role in the public safety domain as it evolves to face the new opportunities and challenges. Other strategic initiatives include: smart communities, partnerships with other commonwealth agencies, and the public safety Innovation center.

The commonwealth commercialization fund (ccf) drives economic growth by providing grant funding for innovative technology research, development, and commercialization in Virginia. In total, more than 53m has been awarded to 595 projects. Since the program's inception, awardees have reported more than 970m in follow-on funding and more than 1.13b in generated revenue.

Description: other program services 1. Entrepreneurial ecosystems 2. Unmanned systems 3. Federal funding assistance program