FY2021 Expenditure Report — Virginia Innovation Partnership Authority and CIT (September 30, 2021)
Summary
A September 30, 2021 letter from Susan Aitcheson, CFO of the Center for Innovative Technology, to Mr. Daniel Timberlake, Director of the Department of Planning and Budget, enclosing the FY2021 Expenditure Report for the Virginia Innovation Partnership Authority and Center for Innovative Technology under Appropriations Act Item 135 D.1 (Special Session I, 2021). Its sections include revenue and expenditures with funding sources (Item 135.D.1.a), cash balances by funding source (Item 135.D.1.d) and private investment activity related to the fund of funds (Item 135.D.1.e). The budget analysis shows Virginia Innovation Partnership Authority total revenue of 99,270 against a budget of 45,700 (in thousands). Under Item 135.D.1.e it states "No activity for FY2021".
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“FY2021 Expenditure Report — Virginia Innovation Partnership Authority and CIT (September 30, 2021).”
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September 30, 2021
Mr. Daniel Timberlake
Director
Department of Planning and Budget
1111 East Broad Street, Room 5040
Richmond, Virginia 23219
Dear Mr. Timberlake:
Enclosed please find the FY2021 Expenditure Report for the Virginia Innovation Partnership Authority
and Center for Innovative Technology. The attached report fulfills the requirements of the
Appropriations Act Item 135 D.1 (Special Session I, 2021).
If you have any questions, please call me at 703-689-3021.
Sincerely,
Susan Aitcheson
CFO
Center for Innovative Technology
cc: The Honorable Brian Ball, Secretary of Commerce and Trade
Ms. Cassidy Rasnick, Deputy Secretary of Commerce and Trade
The Honorable Janet D Howell, Chairman, Senate Finance & Appropriations Committee
The Honorable Luke E. Torian, Chairman, House Appropriations Committee
Ms. Anne E Oman, Staff Director, House Appropriations Committee
Ms. April Kees, Staff Director, Senate Finance & Appropriations Committee
Ms. Toni Walker, Associate Director, Department of Planning and Budget
Ms. Samantha Martin, Budget and Policy Analyst, Department of Planning and Budget
Dr. Barbara Boyan, CIT Board of Directors Chairman
Mr. Rob Quartel, CIT Board of Directors Finance Committee Chairman
Center for Innovative Technology
2214 Rock Hill Road
Suite 600
Herndon, VA 20170-4228
Tel.703.689.3000
www.cit.org
Item 135.D.1.a
All planned and actual
revenue and
expenditures along with
funding sources
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2021
(In Thousands)
Fiscal Year 2021
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 26,027 $ 25,700 $ 327
Commonwealth Appropriation - Non-General Fund and VRIF and CRCF balances 73,090 20,000 53,090
Interest & Misc. Income 153 - 153
Total Revenue 99,270 45,700 53,570
Expenses and Transfers
VIPA Administrative Expense 3 20 (17)
Transfer to CIT - FY2021 Appropriation 68,367 20,350 48,017
Transfer to CIT - FY2021 Rent from IEIA Building Reserve 80 731 (651)
Transfer to COEs - FY2021 Appropriation 30,681 25,350 5,331
Total Expenses & Transfers 99,131 46,451 52,680
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 99,270 45,700 53,570
Expenses and Transfers 99,131 46,451 52,680
Change in Net Position 139 (751) 890
Beginning Net Position 2,455 2,000 455
Ending Net Position $ 2,594 $ 1,249 $ 1,345
Center for Innovative Technology
BUDGET ANALYSIS
For the Fiscal Year Ended June 30, 2021
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands)
Fiscal Year 2021
Actual Budget Variance
Revenue
Commonwealth Appropriation - General Fund $ 10,276 $ 10,350 $ (74)
Commonwealth Appropriation - Non-General Fund and VRIF and CRCF balances 58,091 10,000 48,091
Interest, Sponsorship, Return on Investments & Misc. Income 4,642 950 3,692
Total Revenue 73,009 21,300 51,709
Expenses
Commercialization Division 7,863 8,125 (262)
Investment Division 6,344 9,828 (3,484)
Entrepreneur Ecosystems Division 872 2,450 (1,578)
Strategic Initiatives 1,574 1,601 (27)
Unmanned Systems 1,081 2,258 (1,177)
Policy, Communications and Commonwealth Engagement 682 1,199 (517)
Unapplied (over-applied) indirects (644) (1,102) 458
Total Expenses 17,772 24,359 (6,587)
Net 55,237 (3,059) 58,296
Strategic Initiatives and Other Funding Provided by Contracts & Grants
Strategic Initiatives
Program Revenue - DHS Smart City ioT Innovation Program 15 - 15
Program Expense 14 - 14
Profit/(Loss) 1 - 1
Program Revenue - DHS Commercial First Innovation ™ 4,040 1,700 2,340
Program Expense 3,742 1,574 2,168
Profit/(Loss) 298 126 172
Other
Program Revenue - SBA FAST 2019 54 60 (6)
Program Expense 54 60 (6)
Profit/(Loss) - - -
Program Revenue - SBA FAST 2020 70 - 70
Program Expense 70 - 70
Profit/(Loss) - - -
Program Revenue 4,179 1,760 2,419
Program Expenses 3,880 1,634 2,246
Net 299 126 173
Consolidated Revenue, Expenses and Changes in Net Position
Revenue 77,188 23,060 54,128
Expenses 21,652 25,993 (4,341)
Transfers 80 - -
Change in Net Position 55,616 (2,933) 58,549
Beginning Net Position 21,834 15,535 6,299
Ending Net Position $ 77,450 $ 12,602 $ 64,848
Center for Innovative Technology
Fiscal Year 2021 Results by Fund
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems 135.P.4
Fund Contracts Division Division Division Fund Fund Fund Total
(In Thousands)
Net Position, Beginning Balance at 7/1/2020 $ 988 $ 366 $ 1,435 $ 17,102 $ ‐ $ 757 $ 1,186 $ ‐ $ 21,834
Transfer $ (2,000) $ 2,000 $ ‐
REVENUE AND TRANSFERS
General Fund Appropriation $ 3,176 $ 3,100 $ 2,000 $ 1,000 $ 1,000 $ 10,276
Non‐General Fund Appropriation ‐ Property Sale Proceeds $ 10,000 $ 20,678 $ 30,678
CRCF FYE20 Balance $ 1,825 $ 1,825
VRIF FYE20 Balance $ 25,588 $ 25,588
Interest, Sponsorship, Return on Investment $ 36 $ 20 $ 4,440 $ 1 $ 77 $ 68 $ 4,642
Transfer from Building Reserve for Rent $ 80 $ 80
Grants & Contracts $ 4,179 $ 4,179
Total Revenue and Transfers $ 3,292 $ 4,179 $ 37,433 $ 7,540 $ 2,001 $ 1,077 $ 1,068 $ 20,678 $ 77,268
EXPENSES AND TRANSFERS
Operating Programs Net of Unapplied Indirects $ 31 $ 31
Designated Programs $ 3,258 $ 6,484 $ 5,132 $ 705 $ 1,291 $ 871 $ 17,741
Grants & Contracts $ 3,880 $ 3,880
Total Expenses and Transfers $ 3,289 $ 3,880 $ 6,484 $ 5,132 $ 705 $ 1,291 $ 871 $ ‐ $ 21,652
Net Change $ 3 $ 299 $ 30,949 $ 408 $ 3,296 $ (214) $ 197 $ 20,678 $ 55,616
Net Position, Ending Balance at 6/30/2021 $ 991 $ 665 $ 32,384 $ 17,510 $ 3,296 $ 543 $ 1,383 $ 20,678 $ 77,450
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
Item 135.D.1.b
Total grants made and
investments awarded
Center for Innovative Technology
Grants and Investments Made
For the twelve months ended June 30, 2021
Investments made Growth Acceleration Program (GAP):
Actual Budget Variance
Acomhal Research, Inc. $ 100,000.00
Advanced Aircraft Company, LLC 100,000.00
AnswersNow, Inc 199,967.04
ArchiveCore, Inc. 50,000.00
ARtGlass USA, LLC 50,000.00
AtWork Systems Inc 100,000.00
Babylon Micro‐Farms, Inc 200,000.00
Beirobotics LLC (dba Linebird) 50,000.00
Bloomcatch Inc. 50,000.00
Buddy Technology, Inc. 50,000.00
Capango, Inc. 100,000.00
Cervais, Inc. 25,000.00
Collagen Bioscience, LLC 1,519.00
Embody 125,000.00
Fenris, Inc 75,000.25
Floorwire, Inc 50,000.00
FRNGE, Inc. 99,999.97
Givio Inc 100,000.00
HyperQube Technologies, Inc. 162,533.55
Industrial Intelligence, LLC 50,000.00
LevelFields, Inc. 50,000.00
Micronic Technologies Inc. 100,000.00
NOVI LLC 50,000.00
Ostendio, Inc. 53,236.39
OxiWear, Inc. 100,000.00
Panaceutics Nutrition Inc. 100,000.00
Resale Global Inc 100,000.00
RoundlyX, Inc. 200,000.00
Scout Inc 50,000.00
Slate Bio Inc. 249,992.88
Sunny Day Solutions, Inc. 50,000.00
Sweetie Boy Home Delivery, LLC 50,000.00
Value Unlimited Inc (dba ChowCall) 399,974.40
$ 3,292,223.48 $ 5,400,000.00 $ (2,107,776.52)
Grants Awarded:
Commonwealth Commercialization Fund (CCF) See Attached
Regional Innovation Fund (RIF) See Attached
Center for Innovative Technology
Grants made by the Commonwealth Commercialization Fund (CCF)
For the twelve months ended June 30, 2021
Award Recipient Project Title Project Start ‐ Project End CCF Award
3 Ridge Technologies Inc. Agria™ ‐ Truly Organic Scalable Organic Farm Factories 06/15/2021 ‐ 12/12/2021 $100,000
AgroSpheres, Inc. Commercialization of Reliable, Sustainable Crop Protection Products 06/15/2021 ‐ 02/15/2022 $100,000
AtWork Systems, Inc. Cybersecurity Assessment Tools for SaaS Platform 06/15/2021 ‐ 12/15/2021 $100,000
Babylon Micro‐Farms Inc. Advancing Micro‐Farm Technology ‐ Developing Automated Quality Control to Improve 06/15/2021 ‐ 11/30/2021 $98,250
the Producibility and Reliability of Babylon Micro‐Farms’ IoT Platform
BEAM Diagnostics, Inc Commercialization of Beacon: A Digital Platform for Innovative Prediction Tools in 07/01/2021 ‐ 12/31/2021 $100,000
Healthcare
BlackBoiler, Inc. User Control of AI‐Powered Contract Markup 07/01/2021 ‐ 04/30/2022 $100,000
Bonumose, Inc. Making Healthy Sugar Affordable for the Mass Market 06/15/2021 ‐ 12/15/2021 $100,000
BrachyFoam Inc DBA Progress Toward Commercialization of a Novel Hydrogen‐based Product for Pelvic 08/01/2021 ‐ 03/31/2022 $100,000
Advaray Brachytherapy
Caza Health LLC Improving Women's Health Outcomes ‐ A New Diagnostic Research Tool 06/15/2021 ‐ 02/15/2022 $99,898
Cerillo, LLC Development of a Low‐cost, Miniaturized, Field‐deployable ELISA Reader 06/15/2021 ‐ 12/15/2021 $100,000
Contraline, Inc Development of Market Access Strategy for a Novel Male Contraceptive 06/15/2021 ‐ 06/15/2022 $99,998
Federal Foundry LLC Government Contracting Capture Application 06/15/2021 ‐ 06/15/2022 $100,000
Fend Incorporated Sales Acceleration: Fend Cellular Data Diode and Data Extraction Subscriptions 06/15/2021 ‐ 06/14/2022 $100,000
GPX LLC Reinvigorating Participatory Democracy with GPX 06/15/2021 ‐ 03/31/2022 $100,000
Humanitru Machine Learning and Marketing Automation to Improve Donor Retention and 06/15/2021 ‐ 06/15/2022 $100,000
Acquisition
Icarus Medical LLC Determination of Clinical Outcomes for a Novel Multi‐Compartment Unloader Brace 06/15/2021 ‐ 04/15/2022 $99,989
Itus Digital Itus Go‐To‐Market 07/01/2021 ‐ 01/01/2022 $100,000
Jeeva Informatics Solutions Remote Touchless Patient Recruitment and Retention Platform for Clinical Research 06/15/2021 ‐ 06/14/2022 $100,000
Inc
Keshif, LLC Keshif/Exploratory Interactive Visual Data Analytics 06/15/2021 ‐ 06/15/2022 $95,700
Laser Thermal Analysis, LLC Steady State Thermoreflectance in Fiber Optics: SSTR‐F 06/15/2021 ‐ 12/15/2021 $50,000
Leading Edge Advanced Development of Ultra‐Lightweight Materials for Use in Satellites 06/15/2021 ‐ 02/15/2022 $100,000
Fibers, Inc.
Li Industries, Inc. Automatic Direct Recycling of End‐of‐Life Electric Vehicle Lithium‐Ion Batteries 08/01/2021 ‐ 07/31/2022 $100,000
Meru Biotechnologies Development and Commercialization of TruBind Technology for Drug Discovery 08/15/2021 ‐ 08/15/2022 $95,850
Metaform System for Effectively Integrating Disparate Information Sources 06/15/2021 ‐ 06/15/2022 $97,547
MOVA Technologies, Inc. Panel Bed Carbon Capture: Component Design, Integration, and IP Protection 06/15/2021 ‐ 06/14/2022 $100,000
Award Recipient Project Title Project Start ‐ Project End CCF Award
NOVI LLC Remote Imaging and AI‐based Flaw Detection for Pavement and Infrastructure 07/01/2021 ‐ 04/30/2022 $99,250
Maintenance
Onclave Networks, Inc Zero Trust Remote Access for Smart Communities 06/15/2021 ‐ 01/31/2022 $100,000
Psionic LLC Psionic Navigation Doppler Lidar 08/15/2021 ‐ 04/30/2022 $100,000
Rimstorm Inc. CMMC GovCon Enclave 07/01/2021 ‐ 03/31/2022 $100,000
Service Robotics & Optimizing Energy and HVAC Usage through Integrated, Automated Scheduling for 06/15/2021 ‐ 06/23/2022 $99,999
Technologies Facilities in Higher Education
SVT Robotics Natural Language Processing and Interface for Robotic Integration Systems 06/15/2021 ‐ 06/14/2022 $100,000
GreenTech Ventures, Inc. Revolutionizing Algae for Multi‐Purpose Agribusiness in VA 06/15/2021 ‐ 06/15/2022 $100,000
dba TrueAlgae
Visual Workforce, Inc. Visual Workforce Skills Management and Workforce Visualizations Software 06/15/2021 ‐ 09/15/2021 $100,000
ZeoVation Additive Manufacturing of Antimicrobial/Antiviral Polymeric Devices 08/15/2021 ‐ 08/14/2022 $100,000
Center for Innovative Technology
Grants made by the Regional Innovation Fund (RIF)
For the twelve months ended June 30, 2021
Award Recipient Project Start ‐ Project End RIF Award
Valleys Innovation Council 07/01/2021 ‐ 06/30/2022 $200,000
Activation Capital 07/01/2021 ‐ 06/30/2022 $200,000
Item 135.D.1.c
Recoveries of previous
investments and sales of
equity positions
Center for Innovative Technology
Return on Prior Investments
For the twelve months ended June 30, 2021
Return on Prior GAP Investments, including gains and losses:
Cavion $ 22,650.42
ChurnZero 248,097.14
DataRPM 73,164.17
Distil Networks 37,414.29
DivvyCloud 5,054.79
Hosted Harbor/nexVortex 27,200.22
Kamana 78,863.01
LiveSafe 220,499.05
Pype 649,647.55
Ringobon (Ringio LLC) 10,000.00
ThreatLocker 169,560.00
Two Six Labs (Invincea) 1,344,318.57
TypeZero Technologies 313,478.00
VividCortex 8,614.61
Confidential ‐ Name withheld due to confidentiality agreement 1,083,823.88
Zoobean 54,602.74
$ 4,346,988.44
Item 135.D.1.d
Cash balances
by funding source
Virginia Innovation Partnership Authority
FY2021 Cash Balance
Total
Cash Balance at 6/30/2020 $ 2,584
Cash receipts ‐ FY2021 99,116
Cash disbursements ‐ FY2021 (99,173)
Cash Balances at 6/30/2021 $ 2,527
Center for Innovative Technology
FY2021 Cash Balances by Fund
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems 135.P.4
Fund Contracts Division Division Division Fund Fund Fund Total
(In Thousands)
Cash Balances at 6/30/2020 $ 886 $ 358 $ 1,373 $ 17,376 $ ‐ $ 910 $ 1,238 $ ‐ $ 22,141
Transfer $ (2,000) $ 2,000 $ ‐ $ ‐
Cash receipts ‐ FY2021 $ 3,244 $ 3,552 $ 37,495 $ 7,589 $ 2,001 $ 1,037 $ 1,068 $ 20,678 $ 76,664
Cash disbursements ‐ FY2021 $ (2,764) $ (3,272) $ (6,631) $ (5,229) $ (759) $ (1,025) $ (895) $ ‐ $ (20,575)
Cash Balances at 6/30/2021 $ 1,366 $ 638 $ 32,237 $ 17,736 $ 3,242 $ 922 $ 1,411 $ 20,678 $ 78,230
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act
Item 135.D.1.e
Private investment
activity related to the
fund of funds
No activity for FY2021
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