Governor Northam Announces $2.48 Million to Support New Research Commercialization in Emerging Techn
Updated: Mar 1
June 17, 2020 13:52 ET | Source: Center for Innovative Technology
Richmond, VA, June 17, 2020 (GLOBE NEWSWIRE) -- Governor Ralph Northam today announced $2.48 million in funding to support 26 small technology-based businesses and four universities in commercializing their research, leveraging more than $13 million in matching investments. Thirty Commonwealth Research Commercialization Fund (CRCF) grants will help drive progress in five emerging technology sectors, including clean energy, cybersecurity, data analytics, life sciences, and unmanned systems.
Governor Ralph Northam today announced 26 small technology-based businesses and four universities will receive incentive grants to commercialize their research in clean energy, cybersecurity, data analytics, life sciences, and unmanned systems. The new Commonwealth Research Commercialization Fund (CRCF) grants award $2.48 million in funding and leverage more than $13 million in matching investments to drive progress in emerging technologies.
“These entrepreneurs and innovators are on the front lines of bringing new products and technologies to market, while driving job creation and supporting Virginia’s economic recovery efforts,” said Governor Northam. “I am pleased that the Commonwealth is able to support these growing companies as they develop high-potential solutions in emerging industries and build businesses from research started right here in Virginia.”
Administered by Virginia’s Center for Innovative Technology (CIT), CRCF invests in priority research and commercialization activities through the private sector, academia, and nonprofit research institutes. The fund accelerates innovation and economic growth in Virginia by advancing solutions to important state, national, and international challenges through technology research, development, and commercialization. Since it began in 2011, CRCF has awarded more than $30 million to help launch nearly 380 early-stage technology projects in strategically important industries.
“Virginia’s public and private institutions of higher education, tech companies, federal labs, and nonprofit research organizations must have early-stage funding and support to launch and grow their ideas,” said Secretary of Commerce and Trade Brian Ball. “We congratulate the recipients, and I look forward to watching them thrive in the Commonwealth.”
“Investing in research today is important for the future of Virginia’s technology economy, and these awards pave the way for continued innovation leadership,” said Ed Albrigo, President and CEO of CIT. “These award recipients are advancing a number of new technologies, such as therapeutics, including those for infectious disease; unmanned systems for agriculture, utilities, and smart buildings; and increased cybersecurity for the healthcare industry. We are very proud of our role in helping to bring these innovative solutions to market.”
The CRCF programs help Virginia companies, higher education institutions, and nonprofit research institutes commercialize early-stage technologies that offer significant potential for economic benefit to Virginia. Awards are in technology sectors strategically important to Virginia. For more information about the CRCF program, visit cit.org/crcf.
The following CRCF projects will be awarded, contingent upon acceptance of award terms and conditions:
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