Herndon, VA (PRWEB) February 19, 2014
The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds invested in Encore, a Rosslyn-based company that provides proactive social alerts to marketers.
CIT President and CEO Pete Jobse said, “Encore provides a valuable service to medium-sized businesses. Innovative solutions like their social data analysis algorithms are what we look for in making CIT GAP Funds investments.”
According to the International Data Corporation, the data analytics market is projected to grow to $16 billion in 2014 and is growing six times faster than the overall information technology market. Additionally, Gartner predicts that the social analytics market will grow 144% in the next three years, to $4.4 billion.
Encore uses algorithms to discover valuable social data opportunities, and then provides alerts to marketers. Using these alerts, marketers can capitalize on important trends, topics and mentions in real time. Each alert provides marketers with three clear action recommendations, such as replying to or retweeting a conversation. Encore breaks down social data from Twitter into manageable insights, saving marketers time and allowing smaller businesses to use social data analysis.
Encore CEO James Li said, “The investment from CIT GAP Funds will help us expand our team and accelerate development to add Facebook data and integration with HootSuite.”
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, “CIT GAP Funds provides the early-stage funding companies like Encore need to continue developing and providing important, innovative services.”
Since its 2005 launch, CIT GAP Funds has invested in over 90 companies across the Commonwealth of Virginia, deploying more than $10 million of public funds and attracting over $135 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. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
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.