CIT Gap Funds invests in NOVI - Technical.ly DC

Business

Feb. 22, 2019 10:49 am

CIT Gap Funds invests in NOVI

The Center for Innovative Technology's early-stage fund is investing in an Arlington, Va.–based company that develops hardware and data analytics platforms for the emerging new space industry.

A NASA/ESA Hubble Space Telescope image of a galaxy known as NGC 3081.

(Photo by Flikr user Nasa Goddard Space Flight Center, used under a Creative Commons license)

The Center for Innovative Technology (CIT) announced that CIT GAP Funds is investing in Arlington, Va.-based NOVI, a company that develops hardware and data analytics platforms for the emerging new space industry, a press release states.

“NOVI was founded by Caltech and MIT graduates with a proven track record of success and 35 years of aerospace experience, and they are already backed by government funding and strategic investments from a large defense contractor,” Marco Rubin, senior investment director and manager of the GAP Tech and Commonwealth Energy Funds, said in a statement. “This team is well positioned to disrupt the rapidly growing space industry, and CIT is proud to be part of innovations that will have a large impact on the future of space activity.”

The amount of funding was undisclosed but NOVI said it will use the investment to scale business and sales operations, and expand the development of data analytics capabilities with increased engineering power. The tech startup was founded in 2017, and the company said it focuses on creating a platform for the space industry working to launch low earth orbit (LEO) constellations for earth imaging and remote sensing, IoT, weather forecasting, high bandwidth connectivity and other cases. NOVI is working to offer integrated solutions to generate space data in a more quick and cost efficient way.

Advertisement

“We are entering a crowded space that has several existing manufacturers of small satellite components and providers of data analytics services, but with the support of CIT GAP Funds we will be able to illustrate the benefits of integrated architectures to the industry,” Dr. Amit Mehra, a partner at NOVI, said in the press release. “There is also a lot of great talent here that will allow us to bring the excitement and economic benefits of the new space industry to Virginia. We are grateful for CIT’s support and for access to their network of resources.”

Projects: CIT Gap Funds
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

DC’s Q2 venture capital dollars increased by 45% compared to last quarter

Pearl Certification completes $4M financing round

This Virginia-based satellite startup just secured $5.2M in seed funding

SPONSORED

DC

Building a data acquisition system? Don’t make this mistake

Washington, D.C.

The Washington Post

Site / Full Stack Engineer

Apply Now
Washington, DC

SmartLogic

Account Executive (DC)

Apply Now
Washington, D.C.

The Washington Post

Senior Full Stack Software Engineer

Apply Now

QxBranch has been acquired by California-based Rigetti Computing

Thinking about launching a business? Here’s a DC event to learn how

Byte Back nabs $100K from a tech grant competition

SPONSORED

DC

This fast-growing SaaS company aims to be a force for change in the energy industry

Washington, D.C.

The Washington Post

Full Stack Developer

Apply Now
DC

EngagedMD

Full Stack Software Developer

Apply Now
Alexandria, VA

The Motley Fool

Software Developer

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!