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CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
CIT GAP Funds Overview
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CIT GAP Funds Overview

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  • 1. CIT GAP Funds Tom WeithmanVice President and Managing Director CIT GAP Funds Inn at Virginia Tech Blacksburg, VA August 18, 2011
  • 2. Center for Innovative Technology Conducts world-class research and development programs that create new industry clusters. Assists early-stage Virginia based technology companies to secure private and federal funding sources Accelerate the socio-economic growth of Virginia’s rural and underserved areas through the application and use of broadband telecommunications Dedicated to helping large-scale federal and corporate consumers of technology identify and assimilate innovation created in private sector start-up companies. GSA MOBIS Schedule
  • 3. CIT Entrepreneur • Federal Funding Assistance Program • CIT GAP Funds • Commonwealth Energy Fund
  • 4. GAP Funds MissionAddress the Commonwealth’s funding gap for very early stage technologycompanies by providing critical pre-seed and seed level capital necessary tomove Virginia’s most promising and high-potential technologies from theproof-of-concept stage to the marketplace.
  • 5. CIT GAP Funds Overview• Family of Seed-Stage Venture Funds• Virginia Investment Focus• Convertible Debt Fund• Spin-Outs from Virginia Research Institutions• “Double-Bottom Line” Fund• Deep Engagement with Portfolio Companies
  • 6. Convertible Debt Fund• “Near-Equity” Instrument• Initiates as Debt - Downstream Conversion to Equity at CIT Option• Streamlined Deal-Making• Balances Interests of Investor and Entrepreneur
  • 7. GAP Investment CriteriaManagement Team / Founder Proprietary Advantage Full-Time Commitment  Unique Technology Integrity, Passion, Creativity  Defensible IP Position Coach-ability  Difficult-to-Replicate Record of High Achievement ScalabilityInvestment Stage  Markets with Big Buying Power Seed-Stage Focus  Potential for Dominant Market Position Up to 36 Months Prior to Series-A Pre-prototype – Newly-Launched Returns Technologies  Angel -VC MultiplesInvestment Range Industries GAP Investment  Technology  < $200K; >$100K Tranched  < $1M Concurrent Syndication  BioLife  < $1M Previous Financing  Energy  Follow-On Investment up to $250K Innovation Investment Geographic Focus  < $75K per Company  > $50K Requires IAB Review  Virginia-Only
  • 8. Investment Team• Tom Weithman Vice President & Managing Director, CIT GAP Funds• Marco Rubin Venture Advisor - CIT GAP Funds, Manager - CEF Fund• Sean Mallon Senior Director of Investments - GAP Tech Fund• Dan Mindus Investment Director - GAP Tech Fund• Alex Euler Investment Director - GAP BioLife Fund• Jennifer O’Daniel Senior Investment Associate – CIT GAP Funds
  • 9. CIT GAP Funds Investment Advisory BoardVenture Funds Corporations• Credit Suisse • Alpha Natural Resources• Edison Ventures • GE Energy• Harbert Ventures • Johnson & Johnson• HIG Ventures • Carilion• In-Q-Tel• Intersouth Partners Research Institutions• New Enterprise Associates • IALR• SJF Ventures • NIH Office of Tech Transfer• Tall Oaks Capital• Valhalla Venture Partners Cashed-Out EntrepreneursAngel Groups• Active Angel Investors• Blu Venture Investors
  • 10. GAP Fund Investment Strategy, FY12GAP Fund Innovation Investment Fund• Historic GAP Investment Thesis • GAP “Feeder Fund”• GAP Tech /GAP BioLife • University-Centric Investments• Investment Ceiling: Traunched $200K • Tech, Life Science, Energy• Follow-On Investment Up to $250K • Investment Ceiling: $75K• IAB-Driven Decision-Making • IAB-Driven Decision-Making > $50K• Convertible Debt or Equity • Convertible Debt Commonwealth Energy Fund • Modeled after GAP Fund • “GAP Energy” • Investment Ceiling: $200K • IAB-Driven Decision-Making • Convertible Debt
  • 11. Track Record53 New Companies Seeded 7 Spin-Outs from Universities and Federal Labs16X Private : Public Funding Secured 7 Portfolio Companies Exited4X Named “Top 100 Venture Fund”Value Creation for …  Entrepreneurs  Co-Investors  Commonwealth of Virginia

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