Virginia Innovation Partnership Authority (VIPA) Annual Report 2025
Summary
Annual Report 2025 of the Virginia Innovation Partnership Authority, submitted in accordance with the 2025 Appropriation Act and Code of Virginia § 2.2-2355 (17) and (20), describing key programs and economic performance for the Commonwealth of Virginia. The report describes the Virginia Innovation Partnership Authority (VIPA) as the Commonwealth of Virginia’s non-partisan strategic innovation-led economic development authority, established through state legislation in 2020. It describes the Virginia Innovation Partnership Corporation (VIPC) as a Virginia nonprofit operating corporation that drives innovation-led economic growth in alignment with VIPA’s mission. The FY2026 Look Forward section lists public-private partnerships and access to capital among its areas of focus.
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“Virginia Innovation Partnership Authority (VIPA) Annual Report 2025.”
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Annual Report 2025
In accordance with 2025 Appropriation Act Item 115.D and Code of Virginia § 2.2-2355 (17) and (20), we are pleased to
submit the following report describing key programs and economic performance for the Commonwealth of Virginia.
1
The Virginia Innovation Partnership Authority (VIPA) is the Commonwealth of Virginia’s
non-partisan strategic innovation-led economic development authority. Established
through state legislation in 2020 to diversify and grow Virginia’s economy, VIPA was
created to lead and coordinate a collaborative, consistent, and consolidated approach to
statewide activities and regional efforts aimed at growing Virginia’s innovation ecosystems
across key strategic industries. It also provides governance oversight, policy alignment,
and long-term vision to position Virginia as a national leader in innovation.
The Virginia Innovation Partnership Corporation (VIPC) serves as a Virginia nonprofit
operating corporation to drive innovation-led economic growth across the Commonwealth
in alignment with VIPA’s mission. VIPC achieves this by supporting translational research,
scientific and technological commercialization, entrepreneurship resources, startup growth,
capital investment, tech talent, place-making infrastructure, and public-private industry
partnerships at local, state, federal levels.
2
Growing Virginia Innovation
VIPA: § 2.2-2351. Short title; declaration of public purpose
B. It is found and determined by the General Assembly that there exists in the Commonwealth a need to support the life
cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed stage funding; and to
acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. A
collaborative, consistent, and consolidated approach will assist the Commonwealth in identifying its entrepreneurial
strengths, including the identification of talent and resources that make the Commonwealth a unique place to grow and
attract technology-based businesses. It is also found and determined by the General Assembly that there exists in the
Commonwealth of Virginia a need to:
(i) promote the technology-based economic development of the Commonwealth by building, attracting, and
retaining innovation and high-technology jobs and businesses in Virginia;
(ii) increase industry competitiveness by supporting the application of innovative technologies that improve
productivity and efficiency;
(iii) attract and provide additional private and public funding in the Commonwealth to enhance and expand the
scientific and technological research and commercialization at state and federal research institutions and facilities,
including by supporting and working with technology transfer offices to advance research from proof-of-concept to
commercialization resulting in new business and job creation;
(iv) attract and provide additional private and public funding to support and enhance innovation-led entrepreneurship
ecosystems and coordination of existing activities and programs throughout the Commonwealth to create new job
opportunities and diversify the economy;
(v) ensure promotion and marketing of Virginia's statewide innovation economy and support and coordinate regional
marketing efforts to align local and statewide objectives; and
(vi) close the Commonwealth's support gap through pre-seed and seed stage investments, coordination of private
investor networks, and shared due diligence research.
3
Accelerating Virginia Innovation
Since Creation of VIPA in 2020…
Virginia ranked Top 10 in country for
“Technology & Innovation”
*1st time in history of CNBC rankings
20,000+ new high-growth/high-wage
startups launched in Virginia
*Record startup growth in Virginia
Virginia ranked Top 10 in nation for
tech startup investment funding
*Highest Virginia ranking in 15 years
4
FY2025 Spotlight
Startup Growth
• Headquarters: Manassas, Virginia
• Industry: Advanced Air Mobility (AAM)
• Description: Tech startup building next-gen
hybrid-electric ultra short takeoff and landing
(eSTOL) aircraft
• FY2025 Highlight: Announced 2nd largest
AAM startup fundraise in the U.S. ($115M)
• Growth: HQ & operations expansion;
doubling of workforce to 50+ jobs;
$13B customer order backlog
• VIPC Support (2023-2025):
• Commercialization Grant Funding
• Startup Investor Funding
• Proof-of-Concept and Prototype Support
• Test Site Infrastructure / Flight Demonstration
• University and Federal Research Center Collaboration
“ Electra is on a mission to decarbonize aviation and make regional
air travel cleaner and more accessible to everyone. We are proud
to be founded in Virginia and we are thankful for VIPC’s support
to help us continue our growth here!”
- John Langford, Electra.aero Founder and Chairman
Public/Private Partners
5
FY2025 Spotlight
Life Sciences
Life Sciences Innovation Ecosystem
VIPC helps lead funding and support for regional ecosystem
partnerships that are cultivating a growing life sciences innovation
ecosystem across the Commonwealth driven by collaboration with
industry, higher-ed, and startup accelerator networks.
Advanced Pharmaceutical Manufacturing Tech Hub
in Richmond-Petersburg-Central Virginia
VIPC serves as a “Lead
Partner” along with the
Alliance for Building
Better Medicine and
CCAM through a
collaborative MOU
and continues to
provide direct funding
support for Virginia’s
U.S. EDA designated
APM Tech Hub. 6
FY2025 Spotlight
National Security & Defense Tech
VIPC helped facilitate a new public-
private partnership pilot between
Arlington County Economic
Development, the National Landing
Business Improvement District (BID),
JBG Smith and Starburst to launch
Starburst’s National Landing
Launchpad. Starburst is a global
leader in aerospace and defense
startup acceleration, and brings a
network of investors, industry leaders
and entrepreneurs to Arlington. The
new startup accelerator provides
emerging aerospace & defense
companies with industry resources,
expert networks, funding opportunities.
Arlington’s National Landing is rapidly
emerging as a leading ecosystem hub
for national security technology and
innovation. This momentum will
accelerate with the launch of Virtus
Innovation Center to help connect
public and private companies,
organizations and groups.
Together, we are strengthening the
entire Virginia statewide ecosystem that
drives defense tech innovation and
positions Virginia as a leader in national
security innovation. 7
FY2025 Spotlight
Ecosystem Attraction
• VIPC helped attract new out-of-state, industry-led
showcase conferences into Virginia for the first time
• Position Virginia as a destination hub and creates
opportunity for Virginia startups and entrepreneurs to
access connections, expertise, and capital
• Draw out-of-state visitors to support local economies
Maryland >>> Fairfax Atlanta >>> Richmond
8
San Francisco >>> Virginia Beach
FY2025 Spotlight
University Research
$90M State Investment to Launch Virginia’s
Life Sciences Research Diamond
VIPC facilitated cross-collaboration among four research university
partners to launch a landmark biotechnology, life sciences, and
pharmaceutical manufacturing network. VIPC executed four
Memorandums of Understanding and deployed $21 million of
funding for research development and talent recruitment in
partnership with UVA, VT, VCU, ODU.
Virginia’s landmark initiative is poised to grow research
commercialization, talent recruitment, company attraction, and
funding opportunities that inter-connect Charlottesville, Roanoke-
Blacksburg, Greater Richmond Area, Hampton Roads. Through
state commitment and private/philanthropy funding match, we are
building Virginia’s research engine for the future, supporting our
world-class higher education institutions’ research endeavors,
expanding Virginia’s university research capabilities, and attracting
outside investment that will enhance economic opportunities as well
as life-saving research development for future generations.
9
FY2025 Spotlight
New Launch Grant
• Re-tooled commercialization grant program offering
through our “Continuous Innovation Playbook”
• New “Launch” grant enhances funding access,
measurable outcomes, and streamlined efficiencies
“VIPC’s new Launch Grant program stands out for its speed, simplicity, and
flexibility…streamlined applications, fast turnarounds, and minimal burden
let entrepreneurs stay focused. It also sends a strong signal to investors that
VIPC is a committed early backer!”
- Virginia Startup Founder
10
FY2025 Spotlight
Virginia Invest
• Activated new community events with Virginia Invest industry
partners that touched 1,000+ entrepreneurs across Virginia.
• New public-private industry partnership program catalyzing access
to capital for Virginia tech startups from both in-state and out-of-state
fund managers and private investor networks.
• Increased investor presence including HQ re-location to Virginia.
• Expanded opportunity for under-served regions and entrepreneurs.
11
Centers of Excellence (COEs)
Independent Centers of Excellence (COEs) operate as stand-alone entities
with separate independent Board of Directors, governance, management,
staffs, budgets, and operations with state appropriation and reporting
conduit through VIPA.
Commonwealth Virginia Catalyst Commonwealth Commonwealth Virginia Academy
Center for 501(c)(3) Center for Cyber Initiative of Science,
Advanced Advanced Multi-University Engineering and
Logistics Systems Manufacturing Program Medicine
501(c)(3) 501(c)(3) 501(c)(3)
Commonwealth Non-stock Commonwealth Commonwealth VASEM is a Virginia
Center for corporation Center for Cyber Initiative nonprofit
Advanced Logistics research consortium Advanced funds Hub and corporation focuses
Systems administers that contracts to Manufacturing Node sites the nation’s
and deploys seed perform research in administers private to provide foremost scientists,
money for biosciences. sector and university resources for the engineers, and
collaborative public research grants. establishment of healthcare
sector projects with research faculty/ professionals on the
Commonwealth recruiting, challenges facing
partners. entrepreneurship the Commonwealth.
programs, student Established to:
internships and Inform, Advocate,
educational and Serve.
programming, and
operations.
12
FY2025 DIVISION OVERVIEW
Investment Commercialization
Entrepreneurial Strategic Initiatives
Ecosystems
13
Investment
Investing in Virginia Companies
The Division of Investment was established to support VIPC's Virginia
Venture Partners (VVP) and any new approved investment vehicles. Its
mission is to provide Virginia a competitive advantage by deploying a
diverse set of funding mechanisms authorized under § 2.2-2355,
including both direct and indirect investments.
Historically, VVP has focused on direct equity investments in early-stage
science- and technology-based companies through a family of funds
spanning multiple generations of tech, life science, aerospace, and
energy theses. Beginning in 2024, VVP expanded its mission to include
investments in third-party fund managers through the Virginia Invest
program.
VIPC management oversees VVP and is advised in investment decisions
by the VVP Investment Advisory Board (IAB).
The Division of Investment is also advised by the Advisory Committee
on Investment, which offers guidance on new investment programs
and policies.
14
The Division of Investment includes two core programs:
1. Direct Investment*: Provides capital to high-potential Virginia startups
through:
• Seed-Stage I Funding: VVP Pre-Seed Funds supporting company
formation, technology validation, and early market traction to catalyze
private capital.
• Seed-Stage II Funding: VVP Seed Funds accelerating growth and scale-
up private capital.
2. Indirect Fund Manager Investment (“Virginia Invest”)*: Commits capital
to external venture capital funds and other seed-stage investment vehicles
through the Virginia Invest program, expanding statewide investment
capacity and increasing the pool of professional investors deploying capital
into Virginia companies.
* VIPC implements the U.S. Department of Treasury State Small Business Credit Initiative (SSBCI) Venture Capital
Program to enhance investment capacity through Stage I and II direct investment channels and external fund
managers through the Virginia Invest program.
Since inception
330 2,000
Virginia Startups Co-Investors in
Directly Funded Virginia Startups
$2.6B 37x
Capital Attracted into Capital Attraction
Virginia Leverage Factor
* Includes predecessor programs.
15
Commercialization
Critical Early-Stage Funding for Entrepreneurs &
University-based Researchers
The Division of Commercialization accelerates the journey from idea to
market by supporting early-stage technology development across Virginia’s
innovation ecosystem. Working closely with both university researchers and
startup entrepreneurs, the Division accelerates research commercialization,
technology transfer/translation, and high-potential innovation to strengthen
Virginia’s long-term competitiveness.
Commonwealth Commercialization Fund (CCF) advances this mission by
supporting targeted funding programs that accelerate innovative research,
development, and commercialization efforts across the Commonwealth. CCF
supports both breakthrough technology development and university-based
entrepreneurship, helping innovators move promising concepts closer to
market.
Federal Funding Assistance Program (FFAP) further strengthens Virginia’s
innovation pipeline by offering targeted mentoring and training to startups
pursuing federal Small Business Innovation Research (SBIR) and Small Business
Technology Transfer (STTR) awards, enhancing their competitiveness for these
crucial R&D funding opportunities.
Together, these programs accelerate new company formation, bolster
Virginia’s position in high-growth industries, and guide strategic
16
investment that fuels the Commonwealth’s innovation-driven economy.
CCF funds six complementary grant programs:
1. Launch Grant: Competitive non-dilutive grants focused on pre-MVP startups that
demonstrate the potential to commercialize technologies that generate strong
economic impact in the Commonwealth.
2. Launch Note: Competitive convertible notes for high-potential, early-stage companies
demonstrating strong market opportunity and economic impact in the
Commonwealth.
3. Lab-to-Launch (Live November 2025): Competitive non-dilutive grants to accelerate
university tech transfer, intellectual property licensing, and university research
spinouts.
4. Higher Education (HE): Competitive non-dilutive grants for promising research
commercialization projects within Virginia’s public and private research universities, as
well as at Virginia-based nonprofit research institutes.
5. Entrepreneur-in-Residence (EIR): Competitive non-dilutive grants to Virginia’s public
research universities to hire entrepreneurial talent who work with faculty and
researchers to orchestrate commercial “spin-outs” that leverage university-owned IP.
6. Eminent Researcher Recruitment & Retention (ERR): Competitive non-dilutive
grants to Virginia’s public research universities to help recruit and retain top faculty
researchers identified as leaders in commercializing and productizing promising
research and development and generating research superiority for the institution.
Since inception
700+ >1K
Commercialization Products or
Projects in Virginia Services
Launched
$1.9B 32x
Capital Attracted Capital Attraction
into Virginia Leverage Factor
* Commonwealth Commercialization Fund includes predecessor programs, the Commonwealth
Research Commercialization Fund (CRCF) and the Virginia Research Investment Fund (VRIF)
17
Entrepreneurial Ecosystems
Strengthening Startup Communities
The Entrepreneurial Ecosystems Division (EED) was established in July 2020
to support and advance early-stage science and technology entrepreneurial
activities across Virginia. EED partners with statewide and regional
entrepreneur support organizations (ESOs), including accelerators, incubators,
small business development centers, technology industry associations,
chambers of commerce, economic development agencies.
EED also manages and promotes VIPC’s broader portfolio of entrepreneurship
support programs, including the Virginia Accelerator Network (VAN), a
consortium of nonprofit ESOs dedicated to strengthening Virginia’s innovation
economy by supporting the launch and growth of early-stage, innovation-
based startups. The network provides a platform for peer-to-peer
collaboration, technical assistance, best-practice sharing, policy development,
and identification of funding opportunities. Through VAN, founders gain
access to low-cost and free services such as company formation support,
expert business guidance, mentoring and coaching, investment facilitation,
and assistance accelerating technology commercialization.
In March 2021, VIPC launched the Regional Innovation Fund (RIF) to
provide competitive grants to ESOs serving science- and technology-
based startups. RIF supports regional ecosystem development,
organizational capacity-building initiatives, infrastructure for innovation
programming, and technical assistance for startups throughout Virginia.
18
EED’s complementary ecosystem responsibilities:
1. Fund: EED deploys competitive ecosystem-building grants—primarily through the
Regional Innovation Fund (RIF)—to strengthen regional entrepreneurship
programs. In addition, EED provides sponsorships and support for statewide
events, ICAP commercialization assistance, and other founder-focused programs
that advance Virginia’s innovation economy.
2. Convene: EED brings together key participants in Virginia’s entrepreneurial
landscape by convening the Virginia Accelerator Network (VAN), 12+ startup-
support organizations, and a wide range of regional and technology industry
partners. These convenings promote coordinated programming, shared learning,
and professional networking, including an annual statewide summit.
3. Connect: EED connects regions and stakeholder groups—linking EDAs, minority
business organizations, universities, accelerators, and other ecosystem partners to
ensure alignment around high-impact innovation verticals, to strengthen cross-
regional collaboration, and to aid organizations access the right resources and
opportunities throughout the Commonwealth.
Since inception
150+ >2,000 950 ~10K
Regional Entrepreneurs Startup Mentoring
Ecosystem Project Engaged Companies Hours
Collaborations Assisted
19
Strategic Initiatives
Growing Emerging Technology Verticals
The Strategic Initiatives Division (SI) leads efforts to identify and
advance emerging technologies that strengthen Virginia’s innovation
ecosystem and drive economic growth. SI links potential dual-use
technology developers with state, local, and federal programs to
address critical challenges and expand market opportunities for
Virginia entrepreneurs. The division also identifies promising
technologies and supports small-scale efforts to demonstrate technical
and economic feasibility, positioning these innovations to drive long-
term economic development across the Commonwealth.
In FY2025, the Division focused on five priority areas:
• National Security Innovation & Defense Tech
• Artificial Intelligence & Quantum computing
• Unmanned Systems & Advanced Air Mobility
• Public Safety Innovation
• Rural Innovation
20
FY2025 Strategic Initiatives highlights include
• Launch of the Commonwealth of Virginia’s Advanced Air Mobility (AAM) Test Site
initiative in partnership with the Department of Aviation (DOAV) evaluates and integrates
next-generation aviation technologies across Virginia’s transportation and innovation
ecosystem. This initiative represents another step in enabling the integration of
unmanned aircraft systems (UAS) and urban air mobility solutions. It also represents an
enhanced leadership role of DOAV as the program moves into an operational
infrastructure. The new test site pilot directly supports Virginia’s strategy to ensure it leads
the nation in AAM by aligning infrastructure, investment, and policy with emerging
industry and federal priorities. Data collected from the test site will inform future safety
frameworks, business models, and sustainment strategies for Virginia’s broader AAM
ecosystem.
• Expand strong momentum in public safety innovation, with VIPC serving a leading role
in the DRONERESPONDERS National Public Safety UAS Conference in Williamsburg
(largest public safety drone conference in the world) and piloting various dual use case
solutions, like the Smart Community Testbed School Security Pilot, an integrated violent
incident alert platform that integrates acoustic gunshot detection sensors to better
safeguard county public high schools against rising threat of school violence.
• Initiated emerging AI, quantum, and data opportunities and partnerships.
• Support next generation tech talent and community partnerships, for example
AirQuest summer immersive camp in Portsmouth.
Since inception
495 200 10.6k
Entrepreneurs Pilot Projects Stakeholders
Engaged Convened
21
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Appendices
Investment
Virginia Venture Partners (VVP)
Entrepreneurial Ecosystems
Regional Innovation Fund (RIF)
Commercialization
Commonwealth Commercialization Fund (CCF)
22
Virginia Venture Partners (VVP)
Direct Investment
The FY2025 activity below is provided in response to Section 115.D.2.A of the Appropriations Act.
Since investments are, by design, pre-seed and seed stage and intended to leverage
private investment and stimulate the next generation of new technology companies, job creation,
and tax revenue impact are longer-term objectives.
I. The number of companies receiving investment from the fund:
a. FY2025: 23 companies
b. Inception-to-date: 330 companies1
II. The state investment and amount of privately leveraged investments per company:
a. FY2025: VVP invested $8.4M. During FY2025, VVP’s FY2025 investments leveraged
$147M (17.5x leverage factor) in angel and venture dollars.
b. Inception-to-date: VVP has invested $71M and has leveraged $2.6B (37x leverage
factor) in angel and venture dollars, $352M of which was leveraged during FY2025.
III. The estimated number of direct jobs created or retained during FY2025:
a. FY2025: 281 direct jobs in companies invested in by VVP in FY2025.
b. Inception-to-date for active portfolio companies: In FY2025, active portfolio
companies reported that 3,080 direct jobs were created or retained since inception.
IV. The estimated tax revenue generated during FY20252:
a. FY2025 investments: $1,726,729
b. Inception-to-date: $16,813,547
V. The number of companies that have received investments from VVP still operating in
Virginia*
a. FY2025 investments: 23 out of 23
b. Inception-to-date: 150 out of 3301
1 VVP has invested in 330 companies from inception through FY2025. This is a downward adjustment from 335 total companies in the
portfolio inception-to-date due to the following reasons (335 + 1 (item #1 below) – 6 (item #2 below) = 330:
1. Two of the invested companies merged into one company.
2. Six of the invested companies were acquired and, as part of the acquisition, VVP was granted ownership in the six
respective new entities without additional cash investment.
2 Corporate and personal income tax revenue estimated. Corporate tax revenue based on company’s actual revenue in CY2024 Q3 and Q4
(assumes 50% of total reported CY2024 revenues) and CY2025 Q1 and Q2. Personal tax revenue assumes an average salary of $125k per Virginia
employee.
3 Total of 92 does not include one company for which VVP received shares of an acquiring company in lieu of a cash payout. While this acquiring company
was itself acquired prior to the 6/30/2025 date of this report, VVP did not have the opportunity to redeem its shares prior to that date. For this reason, the
acquiring company in which VVP holds shares is not included in the total of 92, above, or elsewhere as an independent investment.
23
Virginia Venture Partners (VVP)
Direct Investment
Of the 180 companies no longer operating in Virginia
I. Ten (10) are active VVP Funds portfolio companies that have moved from the
Commonwealth:
1. Eight (8) moved from Virginia to other states after the
three-year requirement to be headquartered in Virginia
timed out.
2. One (1) moved from Virginia within the three-year requirement and
VIPC renegotiated favorable investment terms in lieu of a repayment
fee
3. One (1) was part of MACH37 and winding down operations. VIPC intends
to write-off and/or begin the collection process.
II. 170 inactive
• 92 have been acquired or paid back to VIPC3.
• 78 have failed
* Data only includes companies in which VVP has placed a direct investment. Therefore, it
excludes six (6) companies, for which VVP was granted ownership in a newly formed entity as a
result of a merger or acquisition without making any additional investments.
VI. Realized Return on Investment
a. FY2025 investments: $0
b. FY2025 realized return: $1.2 million
c. Inception-to-date (including FY25 realized return): $36.3 million
VII.The number of investments that failed:
a. FY2025 investments: 0
b. Inception-to-date: 78 investments with $10 million invested
VIII. Number of companies created or expanded, and the number of patents filed
during FY2025:
a. FY2025:
i. Companies created or expanded: 23 companies
ii. Number of Patents filed: 96
b. Inception-to-date:
i. Companies created or expanded: 3301
ii. Number of Patents active companies filed in FY2025: 268
1 VVP has invested in 330 companies from inception through FY2025. This is a downward adjustment from 335 total companies in the
portfolio inception-to-date due to the following reasons (335 + 1 (item #1 below) – 6 (item #2 below) = 330:
1. Two of the invested companies merged into one company.
2. Six of the invested companies were acquired and, as part of the acquisition, VVP was granted ownership in the six
respective new entities without additional cash investment.
2 Corporate and personal income tax revenue estimated. Corporate tax revenue based on company’s actual revenue in CY2024 Q3 and Q4
(assumes 50% of total reported CY2024 revenues) and CY2025 Q1 and Q2. Personal tax revenue assumes an average salary of $125k per Virginia
employee.
3 Total of 92 does not include one company for which VVP received shares of an acquiring company in lieu of a cash payout. While this acquiring company
was itself acquired prior to the 6/30/2025 date of this report, VVP did not have the opportunity to redeem its shares prior to that date. For this reason, the
acquiring company in which VVP holds shares is not included in the total of 92, above, or elsewhere as an independent investment.
24
22
Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
IX. Geographic distribution of investments (based on GO Virginia regions)
a. FY2025 investments:
i. Region 1: 0
ii. Region 2: 1
iii. Region 3: 0
iv. Region 4: 4
v. Region 5: 1
vi. Region 6: 0
vii. Region 7: 11
viii.Region 8: 0
ix. Region 9: 6
b. Inception to Date of active investments:
i. Region 1: 2
ii. Region 2: 6
iii. Region 3: 0
iv. Region 4: 26
v. Region 5: 10
vi. Region 6: 0
vii. Region 7: 86
viii.Region 8: 0
ix. Region 9: 20
Virginia
22
Venture Partners (VVP)
Virginia Invest – Indirect Fund Manager Investment
Through FY2025, $33M in U.S. Treasury’s State Small Business Credit Initiative (SSBCI)
funding was committed across six Venture Capital Funds, which have collectively secured
$69M in matching capital, with a total aggregate investment pool of $169M. In FY2025, VVP
made $1.9M in capital calls from four venture capital funds.
25
22
Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
II. State investment per research project:
a. FY2025 investments: b. Since inception:
Invested Invested
FY2025 Investments Investments since inception
Amount Amount
26Labs $ -
Applied Impact Robotics, Inc $ 100,000
418 Intelligence $ 150,000
Babylon Micro-Farms Inc (Babylon Micro-Farms) $ 50,000
4FrontSecurity $ 50,000
Brainbox Solutions, Inc. $ 250,000 4Wave $ 100,000
Cerillo Inc $ 100,000 4Stay $ 400,000
Claros, Inc $ 1,500,000 8 Myles Inc $ 200,000
Columbia Power Technologies, Inc. (C-Power) $ 200,000 Acomhal Research, Inc. $ 100,000
Contraline, Inc. $ 500,000 ADI Engineering $ 200,000
Crunchy Hydration LLC $ 150,000 Adlumin $ 49,000
ADR Software $ 100,000
CytoRecovery, Inc. $ 40,000
Advanced Aircraft $ 250,000
Electra.aero, Inc. $ 1,000,000
Agrology PBC (formerly Aquasys, LLC) $ 50,000
Kinometrix, Inc $ 150,000 Aida Health $ 50,000
Liquet Medical Inc. $ 300,000 Airak $ 100,000
Navion Neurosciences Inc (GenEp) $ 499,999 Airside $ 100,000
NearStar Fusion Inc. $ 200,000 Altruista Health $ 100,000
NOVI Space Inc. (previously "NOVI LLC"; v2) $ 500,000 Anatrope $ 50,000
OpsCanvas, Inc. $ 200,000 Anova Intelligence (Societas) $ 50,000
AnswersNow, Inc. $ 249,967
Perfusion Medical Inc. $ 150,000
Applied Impact Robotics, Inc. $ 600,000
PS Fertility Inc $ 650,000
AppTap $ 100,000
Rising TIde Analytics, LLC $ 200,000 Aquanta (Sunnovations) $ 500,000
Scout Space Inc $ 550,000 ArcheMedX $ 350,000
Spectrohm, Inc. $ 200,000 ArchiveCore, Inc. $ 50,000
TearSolutions, Inc. $ 749,998 Ario $ 100,000
Tiga Labs Inc. $ 200,000 ARtGlass USA, LLC $ 100,000
Atomic Corp $ 254,850
Atriceps $ 50,000
AtWork Systems, Inc. $ 400,000
AutomatedDL $ 49,000
Axon Ghost $ 150,000
Babylon Micro-Farms Inc $ 549,990
Virginia
22
Venture Partners (VVP)
BCM Strategy Inc. $ 50,000
Bear Analytics Inc. $ 300,000
Virginia Invest – Indirect Fund Manager Investment BentSystems
BiJoTi
$ 100,000
$ 112,500
Biotherapeutis $ 125,000
BlackBoiler, Inc. $ 600,000
Blackhawk Network (acquired Rybbon) $ -
BloomCatch, Inc. $ 50,000
Bloompop $ 200,000
Blue Triangle $ 222,289
Blue Vigil LLC $ 200,000
BRAINBox Solutions Inc. $ 1,249,999
Brandefy, Inc. $ 650,000
Brazen Careerist $ 229,008
Bricklayer AI Inc $ 500,000
Broadbridge $ 49,000
bThere $ 50,000
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Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
II. State investment per research project:
b. Since inception:
Invested Invested
Investments since inception Investments since inception
Amount Amount
Buddy Technology $ 300,000 ElectroTempo, Inc. $ 400,000
C3RS $ 200,000 eLumin LLC $ 200,000
Canopie, Inc. $ 100,000 Embody $ 720,000
Canvas $ 200,000 Encore $ 100,000
Capango, Inc. $ 100,000 Engineered Products of VA $ 200,000
CareKeepers, Inc. (dba Senior Runs) $ 100,000 EVS $ 50,000
Card Isle Corporation $ 150,000 Extinction $ 15,000
CardKill $ 50,000 Evizia Inc $ 100,000
CargoSense $ 200,000 EyeQ $ 100,000
Carpe Diem Social LLC $ 200,000 Farmraiser $ 132,000
Caveonics/Eunomic $ 150,000 Fast Orientation $ 50,000
Cavion $ 550,000 Fend $ 173,375
Cavitronix $ 200,000 Fenris, Inc. $ 500,000
Cerillo, Inc. $ 749,986 FITNET $ 224,912
Cervais, Inc. $ 50,006 FloorWire, Inc. $ 50,000
Chippin, Inc. $ 200,000 FRNGE, Inc $ 250,000
ChurnZero $ 274,518 GCPay $ 100,000
Cirrus Works $ 200,000 GenEp, Inc. $ 849,999
Claros, Inc. $ 1,500,000 Givio, Inc. $ 200,000
ClearEdge 3D $ 127,500 Global Cell Solutions $ 50,000
Collagen Bioscience LLC $ 1,519 gNext Labs LLC $ 200,000
Columbia Power Technologies Inc $ 200,000 GovTribe $ 75,000
Conatix $ 25,000 GreenTech Ventures Inc dba TrueAlgae $ 500,000
Cont3nt $ 50,000 Gryphn/Uppidy (Armortext) $ 50,000
Contraline Inc. $ 849,998 Gyomo $ 50,000
CORIT Medical, LLC $ 200,000 Happied, Inc. $ 300,000
Corsha (Hashlit) $ 50,000 Happyly Inc (formerly Happy Active Family LLC)$ 399,995
Crunchy Hydration, LLC $ 200,000 Harbinger (Arcsys) $ 100,000
Curbside Kitchen $ 150,000 Heyo, Inc. (Lujure) $ 100,000
Cyber 20/20 $ 50,000 Hideez $ 50,000
Cyber Algorithms $ 50,000 Hill Top Security $ 130,000
Virginia Venture Partners (VVP)
22
Cynja Tech $ 50,000 Hosted Harbor LLC (spin out of NexVortex) $ -
Cyph $ 150,000 Hungry Marketplace, Inc. $ 448,471
Virginia Invest – Indirect Fund Manager Investment
CySecure, Inc
CytoRecovery
$ 24,996
$ 640,000
Hunt Solutions (Villagize)
Huntress Labs
$ 150,000
$ 50,000
Dark3 $ 288,353 HyperQube Technologies, Inc. (Cyber Academy, $ Network
362,534security)
DataRPM $ 200,000 iAspire $ 50,000
DeepSig $ 499,999 ID.Me $ 419,026
DHK Storage $ 250,000 Identia $ 50,000
Disrupt6 $ 50,000 Impruvon, Inc. (dba Simpill) $ 50,000
Distil $ 200,000 Industrial Intelligence LLC (InDust) $ 50,000
DivvyCloud $ 450,000 INF Robotics $ 45,000
DroneUp (Dart) $ 1,000,000 Innovative Biologics $ 200,000
EdConnective $ 150,000 Intelligence Framework $ 49,000
Efficient Photon $ 75,000 IntroHive $ 50,000
eKare $ 50,000 Invincea $ 312,695
Ekran $ 49,000 iTi Health (ZielBio) $ 200,000
Electra.aero, Inc. $ 2,000,031 Jeeva Clinical Trials, Inc. (previously Jeeva Informatics
$ 150,000 27
Solutions, Inc)
22
Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
II. State investment per research project:
b. Since inception:
Invested Invested
Investments since inception Investments since inception
Amount Amount
JeKuDo $ 50,000 NeoEyed $ 49,000
Kamana $ 50,000 NexVortex $ 100,000
Kaprica $ 100,000 NormShield $ 50,000
Key Cybersecurity $ 150,000 Novela Company Inc. $ 200,000
Kinergycare $ 50,000 NOVI, LLC $ 100,000
Kinometrix Inc. $ 250,000 NOVI Space Inc. (previously "NOVI LLC"; v2) $ 500,000
KZO Innovations $ 50,000 NS8 $ 49,000
Latista $ 175,000 nVite/eventbrite $ 100,000
Lebev Corporation (dba Mocktail Club) $ 200,000 Oh My Gosh…Yum! Dba NoBull Burger $ 200,000
LendPro $ 100,000 OnDialog $ 200,000
LevelFields, Inc. $ 50,000 One Digital Trust, Inc. $ 300,000
Lewis & Clark $ 200,000 Oppleo Security $ 50,000
Linebird Inc (previously Bierobotics LLC dba $
Linebird)
500,000 OpsCanvas Inc. $ 400,000
Liquet Medical Inc. $ 500,000 Ostendio $ 702,973
LiteIdeas LLC/Litesheet $ 500,000 OTraces $ 100,000
LiveSafe $ 117,618 Ovastasis $ 25,000
Llamawood, Inc $ 140,000 Owl Peak Technologies, Inc. $ 200,000
Loci $ 15,000 OxiWear, Inc. $ 200,000
Panaceutics Nutrition, Inc. $ 350,000
Locurity $ 50,000
Parabon NanoLabs $ 80,000
Loop88 $ 125,000
Paxfire $ 100,000
Loric Games Inc $ 500,000
PCPursuit $ 50,000
LT Technologies $ 100,000
PerformYard $ 200,001
Lumin (Coulomb) $ 250,000
Perfusion Medical Inc $ 250,000
Luminoah Inc $ 500,000
PhosImmune $ 125,000
Lynk Global (Ubiquity Link) $ 1,250,000
Phtsisis $ 50,000
Magazine Jukebox, Inc. $ 200,000
Piedmont BioProducts $ 100,000
Manor Financial (UpSideDoor) $ 286,653
Pierce Global $ 150,000
MarginEdge $ 312,910
Please Assist Me, Inc. $ 200,000
Marz Industries $ 75,000
Plutus $ 50,000
Maternity Neighborhood (Private Practice) $ 200,000
PocketShip $ 100,000
Mayfair Group, LLC (dba ClaimEdge) $ 100,000
Virginia Venture Partners (VVP)
22 Power FingerPrinting $ 149,995
MD Ortho Systems, LLC $ 100,000
Predict Health, Inc. $ 200,000
MedPhlow LLC $ 500,000
Virginia Invest – Indirect Fund Manager Investment
Mesh Intelligence AI, LLC $ 50,000
ProvenCyber
PS Fertility
$ 50,000
$ 850,000
Metalllum3D $ 25,000 Public Relay $ 200,000
Metistream, Inc. $ 300,000 Public Relay Holdco, Inc. $ -
Micronic Technologies, Inc. $ 550,000 Pype $ 200,000
MINTangible Inc. $ 200,000 Qrvey $ 100,000
MiserWare $ 316,100 Quirk $ 50,000
Mobile System 7 $ 100,000 RealPage/Senior Living $ 100,000
MobilePhire (MobilSense) $ 100,000 RecargaX $ 100,000
Moment AI, Inc. $ 50,000 RegScale, Inc. $ 900,000
MSB Associates $ 50,000 Rendyr, Inc. $ 100,000
Naaya $ 100,000 Resale Global, Inc. (dba Aravenda Consignment
$ Software)
200,000
NBE $ 50,000 Rho Impact, Inc. $ 150,000
NearStar Fusion $ 200,000 Riff Digital $ 5,000
Neoantigentics $ 249,999 Ringio $ 200,000 28
22
Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
II. State investment per research project:
b. Since inception:
Invested Invested
Investments since inception Investments since inception
Amount Amount
Riogin $ 200,000 Synoptos (OhMyGov) $ 150,000
RiPSIM Technologies, Inc. $ 450,000 Syntrillo Inc $ 200,000
Rising Tide Analytics LLC $ 200,000 TearSoultions $ 1,223,954
Techulon, Inc $ 50,000
Rivanna $ 50,000
Tenant Turner $ 100,000
RIZE (Gathering) $ 100,000
Tensor Wrench $ 50,000
ROI2 $ 150,000
Territory Foods (now Mealogic, Inc.) $ 200,000
RollStream $ 200,000
The Endowment Project $ 200,000
RoundlyX, Inc. (formerly CoinSavage LLC) $ 350,000
The Tiny Cargo Company $ 200,000
Router Solutions $ 100,000 ThinkGenetic, Inc. $ 200,000
RunSafe Security Inc $ 413,388 ThreatLocker $ 50,000
Rybbon $ 100,000 ThreatQuotient $ 750,001
Saltenna LLC $ 150,000 ThreatSwitch $ 49,000
SceneThink $ 50,000 Thumbprint Furniture Co $ 200,000
Scout Space, Inc (Scout Inc, Eighth Continent $ 1,000,000
Technologies) Tidal Cyber, Inc. $ 300,000
Scriyb $ 100,000 Tiga Labs Inc (dba Tiga.ai) $ 200,000
Secure Home $ 49,000 Totem Systems Inc. (dba Humanitru) $ 400,000
SecureDB $ 150,000 Triblio $ 150,000
Securonix (acquired ThreatQuotient) $ - Trovolone $ 49,000
Sedaro Corporation $ 500,000 Trubit Inc. $ 175,000
Tympanogen $ 425,000
Senseware $ 300,000
Type Zero (TZ Holdings) $ 354,198
Servhawk $ 200,000
Uknow.com $ 175,000
Service Robotics & Technologies (SRT Labs) $ 200,000
Unblinkr $ 50,000
Shevirah $ 150,000
Urgently $ 100,001
Shiftone, Inc (Moment Snap) $ 100,000
Value Unlimited Inc. (dba ChowCall) $ 499,930
Sitscape $ 50,000 VanGogh Imaging $ 200,000
Skyphos $ 25,000 Veenome $ 200,000
SL8Z (Recruitmates) $ 150,000 Veracity Verification Solutions, LLC $ 200,000
Slate Bio, Inc. $ 799,981 Verical $ 239,633
Soft Tissue Regeneration (Biorez) $ 100,000 Verication $ 100,000
South49 Solutions, Inc. (Natural Insight) $ 150,000 VidRunner $ 100,000
Virginia Venture Partners (VVP)
22 Inc.
Spectrohm,
Speek
$ 200,000
$ 200,000
Virgil
Visure
$ 50,000
$ 100,000
Virginia Invest – Indirect Fund Manager Investment
Sphynx $ 150,000 VividCortex
VoicePass
$ 199,999
$ 10,000
Splyc LLC $ 100,000
SpydrSafe $ 150,000 vThreat $ 150,000
Warehowz Inc. $ 200,001
SquareLoop $ 150,000
Wealthengine (BrightContext) $ 133,758
Status Identity $ 100,000
WealthForge $ 50,000
Steel Mountain $ 49,000
Wellthi Technologies Inc $ 400,000
Stratus Digital $ 50,000
WireTough $ 300,000
Student Opportunity Center $ 200,000
WorkProducts $ 100,000
Sunny Day Fund Solutions Inc $ 450,000 Wrangld, Inc. $ 199,999
Suvola Corporation $ 50,000 YaSabe $ 200,000
Sweetie Boy Home Delivery LLC $ 50,000 Zimmer Biomet Holdings, Inc. (Embody) $ -
SwipePay $ 100,000 Zoobean $ 150,000
Syllab Systems Inc $ 50,000 ZoomData $ 200,000
Syncurity $ 50,000 Zoomph $ 519,999 29
20
Regional Innovation Fund (RIF)
The FY2025 activity below is provided in response to Section 115.D.2.B of the Appropriations Act.
B(i) and B(ii) Projects Supported to Date
The Regional Innovation Fund (RIF) provides competitive grants to Virginia-based entrepreneurial
support organizations (ESOs). In FY2025, the RIF grants were awarded to six (6) entities totaling
$1,200,000 to enable regional entrepreneurial support and ecosystem-building initiatives across
GO Virginia Regions 2 (Roanoke-Blacksburg-Lynchburg), 3 (Southside), 4 (Richmond-Petersburg),
6 (Fredericksburg-Northern Neck-Middle Peninsula), 7 (Northern Virginia), 8 (Shenandoah Valley),
and 9 (Charlottesville). This brings the total number of RIF awards since inception in FY21 to
twenty (20) with $3,798,000 in grant funding awarded to entrepreneur support and ecosystem
building services leveraging an additional $1,909,173 across all 9 GO Virginia regions.
B(iii) - (v) Anticipated and Realized Program Impacts
For the six (6) projects awarded in FY2025, anticipated results as projected by awardees
included the following information.
I. 743 entrepreneurs educated during the grant period
II. 210 companies to be assisted during the grant period
III. 4,690 mentor hours to be facilitated during the grant period
IV. 105 events held with 2,240 attendees during the grant period
V. 39 regional collaborations supported during the grant period
VI. 30 new companies to be formed during the grant period
VII. $175.3 million in capital to be raised over 5 years by supported companies
VIII. 758 jobs to be created over 5 years by supported companies
Realized program impact since inception from FY2021 to FY2025 for twenty (20) grants include:
I. 2,355 entrepreneurs educated
II. 953 companies assisted
III. 11,459 mentor hours facilitated
IV. 347 events held for 14,464 attendees
V. 151 regional collaborations supported
VI. 106 new companies formed
VII. $1,048,724,526 in reported capital raised by companies supported by RIF recipients
VIII. 3,306 reported jobs created by supported companies
30
20
Regional
Regional Innovation
Innovation Fund
Fund (RIF)
(RIF)
B(iv) Sources of Investment
Additional sources of investment for the twenty (20) projects funded under this program to date
include $1,909,173 in total funding from:
225 E Main LLC, Arlington County Economic Development, Activation Capital, Albemarle
County EDA, Altria, Capital One, Carilion Clinic, Charlottesville City EDA, City of Hampton,
Dominion Energy Innovation Center, Innovate Hampton Roads, Kaleo Legal, Keiter,
Lighthouse Network, Massey Family Foundation, Microsoft, National Landing Business
Improvement District, Quantitative Foundation, Radford University Foundation, Roanoke
Blacksburg Innovation Alliance, Roanoke-Blacksburg Technology Council, Roanoke City,
Shenandoah Community Capital Fund, Town of Ashland, Truist Foundation, The
Advancement Foundation, The Alleghany Foundation, US Navy Mid-Atlantic NavalX Tech
Bridge, Virginia Tech Foundation, and Wireless Research Center.
B(vii) Geography Served
Through FY2025, the program has supported organizations serving founders and companies in all
nine (9) GO Virginia regions.
31
22
Commonwealth Commercialization Fund (CCF)
The FY2025 activity below is provided in response to Section 115.D.2.C of the Appropriations Act.
During FY2025, VIPC awarded 55 CCF grants across three (3) distinct CCF programs, with an
associated commitment of $4,371,096 of Commonwealth of Virginia funding:
• CCF Private Sector (PS): 39 grants totaling $1,580,000
• CCF Higher Education (HE): 15 grants totaling $1,541,096
• CCF Eminent Researcher Recruitment and Retention (ERR): 1 grant totaling $1,250,000
i. Number of research grants awarded by domain area:
a. FY25
Amount
Industry Sector Count
Funded
Advanced Manufacturing 4 $ 400,000
Aerospace 2 $ 196,330
Agriculture and Environment 3 $ 195,000
Autonomous and Unmanned Systems 3 $ 170,000
Cybersecurity and Cyber-Physical Systems 2 $ 150,000
Energy 1 $ 50,000
IT (incl data science and analytics) 24 $ 930,000
Life and Health Sciences 15 $ 1,029,766
Modeling and simulation 1 $ 1,250,000
Total 55 $4,371,096
b. Number of research grants awarded by domain area since inception
Amount
Industry Sector Count
Funded
Advanced Manufacturing 44 $ 3,823,315
Aerospace 14 $ 1,116,111
Agricultural and Environmental Technologies 34 $ 2,345,699
Autonomous and Unmanned Systems 36 $ 2,279,939
Communications 7 $ 646,617
Cybersecurity and Cyber-Physical Systems 53 $ 3,879,269
Energy (incl Clean and Nuclear) 62 $ 6,257,162
IT (incl data science and analytics) 134 $ 9,335,916
Life and Health Sciences 292 $ 24,514,761
Modeling and Simulation 18 $ 2,672,382
Multiple Industry Sectors 10 $ 6,780,508
Transportation 12 $ 717,690
Total 716 $64,369,369
32
Commonwealth
23
Commercialization Fund (CCF)
ii. State investment per research project:
Award
Legal Name Project Title
Amount
Aedify, Inc. Customer Discovery Support for Aedify, Inc. $ 20,000
ALN Technology ReplyAI Software Upgrade+ $ 75,000
Ara Platforms LLC Launch Grant Support for Ara Platforms LLC $ 50,000
Bloomtrak Customer Support for Bloomtrak $ 20,000
Buckstop Customer Support for Buckstop $ 20,000
CareerGateway Customer Discovery Support for CareerGateway $ 20,000
Cheista Inc dba Chista Launch Grant Support for Cheista Inc dba Chista $ 50,000
Chiefly Customer Discovery for Chiefly $ 20,000
Contest Inc. Customer Discovery Support for Contest Inc. $ 20,000
DATA COMPANY ONE IN GreenScanr Station Development $ 75,000
DentAi Customer Discovery Support for DentAI $ 20,000
Devyantram Inc. Launch Grant Support for Devyantram Inc. $ 50,000
Ellexco LLC Launch Grant Support for Ellexco LLC $ 50,000
EmpathixAI Customer Discovery Support for EmpathixAI $ 20,000
Forentify Customer Discovery Support for Forentify $ 20,000
FraudOptics Inc Launch Grant Support for FraudOptics Inc $ 50,000
Innovative Slip-Resistant Technology for shoe outsoles: Leveraging Bio-
George Mason University $ 100,000
Inspired Composite Materials for Enduring Performance in Icy Conditions
George Mason University Advanced Vascular Disease Panel $ 100,000
Huginn Sono Customer Discovery Support for Huginn Sono $ 20,000
Huginn Sonography LLC Launch Grant Support for Huginn Sonography LLC $ 50,000
James Madison University Chronic Cough Controller (CCC) Development and Commercialization $ 44,766
Kovr.ai ATO Compliance Copilot $ 75,000
LANBO LLC Customer Discovery Support for LANBO LLC $ 20,000
Light Switch Bio LLC Launch Grant Support for Light Switch Bio LLC $ 50,000
Manitou Research Inc. Customer Discovery Support for Manitou Research Inc. $ 20,000
Modern Reproduction Customer Discovery Support for Modern Reproduction $ 20,000
N-Factor Customer Discovery Support for ACCORDIUM.ai $ 20,000
True Beyond the Visual Line of Sight (BVLOS) Drone as First Responder
Old Dominion University $ 100,000
(DFR) through Mobile Intelligence
Phalanx Phalanx SendTurtle, Secure File Transfers for SMBs $ 75,000
Pod Farms, LLC Customer Discovery Support for Pod Farms, LLC $ 20,000
Portcullis Research Customer Discovery Support for Portcullis Research Inc. $ 20,000
Postbys LLC Launch Grant Support for Postbys LLC $ 50,000
PredictOS, LLC Launch Grant Support for PredictOS, LLC $ 50,000
Qlutch Customer Discovery Support for Qlutch $ 20,000
Quant, LLC dba Derive Launch Grant Support for Quant, LLC dba Derive $ 50,000
Raincyt LLC Launch Grant Support for Raincyt LLC $ 50,000
Sartography Customer Discovery Support for Sartography $ 20,000
Seed Technologies, LLC Launch Grant Support for Seed Technologies, LLC $ 50,000
StatDebrief Inc Launch Grant Support for StatDebrief, Inc $ 50,000
The Rector & Visitors of the Fully automated and universally applicable strain analysis software to
$ 100,000
University of Virginia routine cardiac magnetic resonance images
The Rector & Visitors of the
Voxelated Bioprinting Functional Bioscaffolds to Reverse Type 1 Diabetes $ 100,000
University of Virginia
33
23
Commonwealth Commercialization Fund (CCF)
ii. State investment per research project:
Award
Legal Name Project Title
Amount
The Rector & Visitors of the
Customer Discovery Support for Roversa Robotics $ 100,000
University of Virginia
The Rector & Visitors of the An Automated Laboratory Method for the Screening of Colorectal Cancer
$ 100,000
University of Virginia from Peripheral Blood
The Rector & Visitors of the Recruitment of Eminent Researcher in Biomedical Imaging Technology
$ 1,250,000
University of Virginia and its Application to the Brain
Tow Ninja LLC dba Clutch Launch Grant Support for Tow Ninja LLC dba Clutch $ 50,000
Exploiting CD24 As Next Generation Bispecific Antibody Immunotherapy of
University of Virginia $ 100,000
Mantle Cell Lymphoma (MCL)
University of Virginia Novel Solid/Gas Phase Ethylene Upgrading Based on Molecular Catalysts $ 200,000
VerbaAI LLC Launch Grant Support for VerbaAI LLC $ 50,000
Virginia Commonwealth Technology Advancement and Commercialization Alignment of the Cyber
$ 100,000
University Body of Knowledge (CYBOK) Threat Search Engine
Virginia Commonwealth
Advancing Patient Stratification with Astrograph $ 100,000
University
Virginia Commonwealth Anatomically-Realistic Human Nasal Casts for Design and Testing
$ 100,000
University Pharmaceutical Drug Targeting Products and Methods
Virginia Polytechnic Institute
Conversion of Plastic Waste into Soap Products $ 100,000
and State University
Virginia Tech Quantitative Approach and Departure Risk Assessment (QUADRA) $ 96,330
VroomBrick Inc. Scaling Web App to IOS/Android App $ 75,000
Warm Health Technology, Inc Enhancement of PL Cares® Platform Technology $ 75,000
Declined Award
Legal Name Project Title Award Amount
Drivingo Customer Discovery Support for Drivingo, Inc. $ 20,000
34
23
Commonwealth Commercialization Fund (CCF)
iii. Number of eminent researchers attracted and retained: 1
iv. Additional research dollars leveraged as a result of the state investment: $7,552,025
v. Number of new products completed/released to production: 180
vi. Startups created from the research investment:16
vii. New licenses granted to companies within Virginia: 56
viii.New licenses granted to companies outside Virginia: 136
ix. Geographic distribution of the grant recipients:
a. FY25 grant recipients:
Amount
GO Virginia Region Count
Funded
Region 2 9 $386,330
Region 4 12 $685,000
Region 5 4 $245,000
Region 7 15 $835,000
Region 8 2 $64,766
Region 9 13 $2,155,000
Total 55 $4,371,096
b. Since inception grant recipients:
Amount
GO Virginia Region Count
Funded
Region 1 4 $336,883
Region 2 127 $14,250,996
Region 3 2 $328,724
Region 4 110 $9,719,054
Region 5 93 $9,782,324
Region 6 9 $740,971
Region 7 188 $12,631,251
Region 8 24 $1,272,698
Region 9 159 $15,306,468
Total 716 $64,369,369
35
FY2026 Look Forward
Thriving innovation ecosystems in Virginia will continue to play an important role in the growth
and diversification of Virginia’s economy. Innovation and entrepreneurship can help create new
opportunities for all Virginians across all regions of the Commonwealth. Innovation attracts talent
and capital, and talent and capital in turn spurs new technology and innovation. In FY2026, VIPC
will build on recent transformational success to continue fostering innovation ecosystem growth
across key strategic industries throughout the Commonwealth by working collaboratively with
state partners and ecosystem stakeholders.
• Public-Private Partnerships
Seek new industry corporate partnerships that grow innovation, capital, and talent in Virginia.
• University Research Commercialization and Tech Transfer
Advance new Lab-to-Launch program, targeted higher-ed research grant funding, scale-up of
Research Diamond platform, new Entrepreneurs-in-Residence, and more industry connections.
• Innovation Ecosystems
Support strategic growth of regional ecosystems and innovation districts.
• Strategic Industry Sectors
Accelerate high-growth innovation sectors including National Security, Defense Tech, and AI
where Virginia has unique assets, advantages, and right to win.
• Life Sciences and APM
Drive Virginia’s Life Sciences innovation ecosystem growth through Advanced Pharmaceutical
Manufacturing Workforce Development Center, APM Tech Hub, Project VITAL, and expanded
statewide regional ecosystem collaboration.
• Access to Capital
Expand access to early-stage funding for startups through new sources of private industry
investment attraction.
• Innovation Talent
Collaborate to help tech startups and companies connect with a strong Virginia innovation
workforce including industry partnerships with K-12, community colleges, and universities.
36
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