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CRCF $3.4 Million Investment Targets Research and Commercialization

Friday, June 10, 2016  
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The Commonwealth Research Commercialization Fund (CRCF) awards totaling $3.4 million will fund targeted areas of promising research commercialization, including cybersecurity, energy, data analytics, unmanned systems and life sciences.

“This latest round of awards continues the Center for Innovative Technology’s mission of commercializing lucrative research opportunities by leveraging public and private resources from across Virginia,” Governor McAuliffe said. “Cybersecurity, data analytics, unmanned systems technology, and scientific research and development are on the cutting edge of American ingenuity, and our businesses and institutions in Virginia are leaders in these industries. We will continue to support emerging sectors that are pushing the boundaries of exciting research and development to help build the new Virginia economy.”

Secretary of Technology Karen Jackson added, “The Virginia technology community submitted nearly 150 proposals during this solicitation, an increase of more than 66 percent over the previous round in 2015. The awards made in this round will continue to produce the exciting outcomes already demonstrated by the portfolio, including intellectual property created and licensed, job and company creation, and follow-on investment.”

Managed by the Center for Innovative Technology (CIT), the CRCF is aligned with and guided by the Commonwealth Research and Technology (R&T) Strategic Roadmap.During this round, applications were invited under five programs-- Commercialization, Eminent Researcher Recruitment, Matching Funds, Small Business Innovation Research Matching Funds, and Small Business Technology Transfer Matching Funds to support the private sector, academia, and nonprofit research institutes across the state.

Specifically, 15 life science companies received funds and another 13 universities were awarded.

Click here for the CIT website to view the complete list of awards and organizations.

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