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CRCF $2.51 Million Investment Targets Research and Commercialization

Friday, June 7, 2019  
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The Commonwealth Research Commercialization Fund (CRCF) awards totaling $2.51 million will fund targeted areas of clean energy, cybersecurity, data analytics, life sciences, and unmanned systems.

CRCF drives technological and economic development in Virginia by investing in research, development, and commercialization of early-stage, high-potential technologies, when funding can be an essential catalyst to successful market entry.
“Virginia is recognized as one of the most innovative states in the nation, and we know that identifying and supporting Virginia innovators at critical early stages through state-funded programs like CRCF is key to maintaining and expanding our leadership role,” said Governor Northam. “The Commonwealth will continue to deliver programs that facilitate bringing pioneering technologies and ideas to market and create a culture where entrepreneurs will thrive. I congratulate this year’s award recipients and thank them for helping develop solutions to some of our most pressing challenges in Virginia, across the country, and around the world.”

“The Center for Innovative Technology presents a broad range of programs for entrepreneurs, researchers, inventors, and innovators throughout the Commonwealth,” said Secretary of Commerce and Trade Brian Ball. “CRCF funding is an important part of the research commercialization and development process. The people—individuals, teams, and organizations—who have received awards this year have the potential to contribute great things globally, and benefit the state of Virginia from an economic development perspective for years to come.”

“Every year our team gets the unique honor of introducing a broad array of exciting new technologies and ideas to the world that are being developed right here in Virginia,” said Ed Albrigo, President and Chief Executive Officer at the Center for Innovative Technology. “The CRCF program rewards innovation efforts in a tangible way, and recognizes the incredible promise of these transformative projects that have real potential to generate significant economic and social benefits for the Commonwealth.”

Specifically, 15 life science companies received funds and another 11 universities were awarded.

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

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