CIT GAP Funds Invests in SpydrSafe Mobile Security, Inc.

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Security software protects corporate data and allows employees to bring their own mobile devices to work

CIT GAP Funds

Center for Innovative Technology GAP Funds

The Center for Innovative Technology (CIT) announced today a $50,000 investment in SpydrSafe Mobile Security, Inc., of McLean, Va., whose mobile security platform prevents corporate data breaches and enables the use of employee-owned devices in the workplace.

SpydrSafe’s solution allows information technology (IT) departments to secure all corporate applications and data on employee-owned mobile devices, while not interfering with personal applications or data. With SpydrSafe’s solution, enterprises can enjoy a higher level of data protection while dramatically lowering corporate telecommunications expenses. SpydrSafe uses a novel lightweight application virtualization approach that has a minimal adverse impact on battery life and preserves devices’ native user experience.

CIT President and CEO Pete Jobse said, “SpydrSafe’s innovative mobile security technology allows employees to access corporate information securely on their own personal mobile devices. CIT is proud to help fund important advances in technologies that provide necessary solutions for business communication.”

SpydrSafe CEO Michael Pratt said, “Many enterprises now support the use of employee-owned devices in the workplace, but few have solved the problem of securing mobile applications. By using our solution, IT managers can protect data assets and mitigate the real economic risks of corporate data breaches.”

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “SpydrSafe’s solution provides innovative application security management to security-conscious enterprises. The founders’ technical expertise puts them at the forefront of the mobile security 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 placed over 50 investments across the Commonwealth, deploying more than $5M of public funds and attracting $16 dollars of private funding for every $1 of public money invested. (For a list of portfolio companies, please visit the GAP Funds website.)

To learn more about SpydrSafe Mobile Security, Inc., visit their website.

About the Center for Innovative Technology, http://www.cit.org

CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through 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 Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources.

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