CIT releases progress report on Commonwealth Research Commercialization Fund

Organizations funded by The Commonwealth Research Commercialization Fund (CRCF) produced more than 12 patents and created at least four new life science/cyber security companies in Fiscal Year 2014, according to a new report by the Center for Innovative Technology (CIT).

Herndon-based CIT, which manages the fund, released the report detailing CRCF’s performance on Tuesday. The fund invests in projects that address challenges in the life sciences, cyber security, advanced manufacturing and energy sectors. The Virginia General Assembly appropriated $4.8 million to the fund for FY2014. CIT used $4.2 million of those funds that year to invest in 52 projects, which received $7.4 million in matching funds. The report also found the following about companies funded by CRCF:

• At least seven companies posted sales and/or revenue totaling more than $3 million.

• More than 50 patents have been filed by the grantees or are pending.

• At least one CRCF recipient expanded its operations across the state, and at least two non-Virginia companies located all or a portion of their operations to the commonwealth.

• CRCF award recipients reported nearly $30 million in additional investments made in research and technology work after CRCF projects ended.

The program was established in 2011 and since then, has received nearly 400 applications. To date, CRCF has announced 146 awards.