CIT GAP Funds Invests in CirrusWorks
Herndon, VA (PRWEB) July 10, 2013 -- The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has closed an investment in CirrusWorks, a Virginia-based technology company that builds network control platforms to help IT managers run their networks smarter, faster, and more reliably.
CIT President and CEO Pete Jobse said, “CirrusWorks has developed a truly innovative technology to meet emerging problems facing local area networks caused by mobile users, cloud systems and rich bandwidth consumption. Our investment will enable CirrusWorks to help organizations run their networks more efficiently, and it demonstrates our commitment to providing entrepreneurs with the necessary funding to develop solutions that solve the growing technology challenges facing enterprises today.”
CirrusWorks makes software devices that help IT managers control access, data consumption and resource allocation on their local network systems. Their patented technology gives operators control over who gets what bandwidth and when - all on a fully automated, intelligent platform. CirrusWorks devices are installed in small to medium enterprises as well as public, commercial and government facilities, including schools, hospitals, hotels and retail locations.
Co-Founders David Giannini and Michael Lovett said, “CirrusWorks addresses the most burning problems of IT managers today – how to deal with the explosion of data brought on by smart phones and cloud computing. The 'bring your own device' (BYOD) phenomenon, coupled with video streaming and the robust data requirements of cloud-systems have put a critical burden on IT managers. Our patented algorithms provide network operators with a more advanced and more affordable set of network management tools compared to competing products, automating a lot of the heavy configuration currently required to optimize a complex network environment. Our mission is to make life easier for owners, operators and users of local area networks, and we are just scratching the surface of a huge need in the marketplace. With support from CIT GAP Funds, we can expand our market presence, drive product development and help bring some sanity to an increasingly chaotic data management world.”
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.
Tom Weithman, VP, CIT Entrepreneur and Managing Director of the CIT GAP Funds, said, “We are proud to support entrepreneurs like David Giannini and the CirrusWorks team, because we believe in the importance of investing in revolutionary technologies that will lead to the enhancement of the innovation economy.”
Since its 2005 launch, CIT GAP Funds has invested in over 80 companies across the Commonwealth of Virginia, deploying more than $9 million of public funds and attracting over $125 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth’s primary driver in developing innovation-based economic development strategies and opportunities. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.
Hap Connors, Center for Innovative Technology, http://www.cit.org, (703) 689-3048, [email protected]
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