Herndon, VA (PRWEB) November 25, 2013
The Center for Innovative Technology announced today that its CIT GAP Funds has closed an investment in LiveSafe, an Arlington-based company that provides mobile phone based safety solutions to enable a crowdsourced approach against crime.
LiveSafe provides a mobile safety solution that establishes two-way communication between students/service members and school safety/military officials. The LiveSafe safety app is linked to an online dashboard for police to receive incoming tips and GPS-monitor users in distress. For users, the free LiveSafe app not only increases the perception of safety, but also empowers them to take responsibility over their own safety. LiveSafe is currently being used at colleges, universities, and high schools but has also recently gained traction within the military market. LiveSafe is targeted at the education and military markets.
CIT President and CEO Pete Jobse said, "Companies like LiveSafe are finding new ways to revolutionize the public safety and security industries, which is why we made the investment. CIT is proud to help fund important advances in technologies that will be able to provide safety and peace of mind to users."
Jenny Abramson, CEO and President of LiveSafe, said, "LiveSafe’s mobile safety solutions will deter, prevent and solve crime and other forms of misconduct by increasing communication with law enforcement. Over time, the LiveSafe solution can transform public safety throughout the country by empowering individuals to participate in crowdsourcing safety. We appreciate the CIT GAP Funds investment, which will help with development and expansion of our product in addition to funding additional market roll-outs."
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, "The LiveSafe team has a diverse set of expertise that puts them at the forefront of the industry, and CIT GAP Funds is proud to support them as they work to produce significant economic returns for the Commonwealth of Virginia."
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.
About LiveSafe, Inc.
LiveSafe provides a comprehensive user-centered safety solution that empowers students and service members to identify problems and potential threats quickly in order to help make all members of the community safer. Through a personal safety smartphone app and a cloud-based dispatch and command dashboard, LiveSafe increases safety by creating a new two-way channel of communication between the community and safety officials. LiveSafe also provides users a suite of emergency services for real time location tracking in distress situations. With LiveSafe, safety officials are able to better identify and assess threats, prevent crimes, and save lives, thus helping to enhance overall safety. For more information, learn more by visiting http://www.livesafemobile.com/.