Virginia Innovation Partnership Authority (VIPA) Annual Report 2024
Summary
The Annual Report 2024 of the Virginia Innovation Partnership Authority (VIPA), submitted in accordance with the 2024 Appropriation Act and the Code of Virginia. It describes VIPA as the Commonwealth of Virginia’s non-partisan strategic innovation-led economic development authority, established through state legislation in 2020, and the Virginia Innovation Partnership Corporation (VIPC) as a Virginia nonprofit operating corporation working in alignment with VIPA’s mission. It discusses Virginia Venture Partners (VVP) direct investment. Its FY2025 Look Forward section lists priorities including strengthening state collaboration, a Virginia Life Science Research Triangle Initiative and positioning Virginia to secure SSBCI Tranche 2 funding ($71M).
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Annual Report 2024
In accordance with 2024 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
Virginia Innovation Partnership Authority
Act in 2020
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
Celebrating Success
4
Growing Opportunity
5
Expanding Collaboration
“Firefly Aerospace has
selected Virginia as the
new launch site of its two-
stage orbital Alpha rocket,
attracted through a
collaboration effort
between Virginia
Spaceport Authority, VIPC,
VEDP”
“…teams at Virginia
Spaceport Authority and
the Virginia Innovation
Partnership Corporation
are great partners….”
–CEO of Firefly Aerospace
(July 2024)
6
Investing in Innovation
7
Catalyzing Partnerships
In FY2024, VIPC announced six new venture capital partnerships to
support Virginia’s startup ecosystem.
8
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.
9
FY2024 DIVISION OVERVIEW
Investment Commercialization
Entrepreneurial Strategic Initiatives
Ecosystems
10
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.
11
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
300+ 1,500+
Virginia Startups Co-Investors in
Directly Funded Virginia Startups
>$2 Billion >35x
Capital Attracted into Capital Attraction
Virginia Leverage Factor
* Includes predecessor programs.
12
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
13
investment that fuels the Commonwealth’s innovation-driven economy.
CCF funds four complementary grant programs:
1. Private Sector: 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. 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.
3. 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.
4. 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
660+ >1K
Commercialization Products or
Projects in Virginia Services
Launched
>$1B >20x
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)
14
Entrepreneurial Ecosystems
Strengthening 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.
15
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
90+ >2,000 720 7,500+
Regional Entrepreneurs Startup Mentoring
Ecosystem Project Engaged Companies Hours
Collaborations Assisted
16
Strategic Initiatives
Embracing Innovation in the Commonwealth
The Strategic Initiatives Division (SI) provides leadership for strategic
initiatives that explore and shape programs designed to attract and grow
innovation in the Commonwealth (§ 2.2-2355). FY2024 continued efforts
on the execution of four primary activities: Smart Communities,
Unmanned Systems, the Public Safety Innovation Center, and the DHS
SCITI Labs program.
In FY2024, the Division continued development of the following areas:
• Public Safety Innovation Center
• Unmanned Systems Center
• Smart Communities
• Augmented Reality/Virtual Reality
• Quantum Computing
• Maritime
• DHS SCITI Labs
17
FY2024 Strategic Initiatives
• Support the rapid growth of the UxS industries in Virginia, continuing efforts towards
infrastructure to support growth of heavy cargo transport and eventually people
transport (Advanced Air Mobility, AAM), including the expansion of Virginia’s Advanced
Air Mobility Alliance into a multi-state alliance.
• Generated 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). Assist with the development and
implementation of new and/or improved technology for use by public safety emergency
responders at the local, state, and federal level. Establish relationships for the exchange
of concepts and best practices between the PSIC and other public safety organizations
such as local responders, state agencies, commercial or non-profit groups, the
Department of Homeland Security, and other federal government agencies/entities.
Identify, facilitate, and support new initiatives and pilot projects that will further the
transition to practice and use of innovative technologies for public safety.
• Build upon the relationship with the Commonwealth Virginia Department of Public Safety
and Homeland Security Secretariat and the federal Department of Homeland Security to
advance public safety across various areas to include use of drones, specialized training
activities, operational experimentation, IoT, and related technologies, emerging activities
relating to Port security and safety, and other public safety centric technology
advancement.
• Grow maritime initiatives with VISA around the Port of Virginia and with Virginia Sea
Grant around sea level rise and waterways impacts.
• Design Workforce of the Future efforts including STEM Camps and Clubs with
middle/high schools, and Augmented Reality/ Virtual Reality (AR/VR), including law
enforcement and crisis intervention training.
• Grow quantum computing initiatives, focused specifically on the development of
quantum computing-based software solutions for areas such as Advanced Logistics.
18
16
Appendices
Investment
Virginia Venture Partners (VVP)
Entrepreneurial Ecosystems
Regional Innovation Fund (RIF)
Commercialization
Commonwealth Commercialization Fund (CCF)
19
Virginia Venture Partners (VVP)
Direct Investment
The FY2024 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. FY2024: 36 companies
b. Inception-to-date: 323 companies1
II. The state investment and amount of privately leveraged investments per company:
a. FY2024: VVP invested $10.9M, of which $9M was sourced through the US Treasury’s
SSBCI program. During FY2025, VVP’s FY2024 investments leveraged $59.6M in
angel and venture dollars.
b. Inception-to-date: VVP has invested $62.3M and has leveraged $2.2B (35.5x
leverage factor) in angel and venture dollars, $280.4M of which was leveraged
during FY2024.
III. The estimated number of direct jobs created or retained during FY2025:
a. FY2024: 724 direct jobs in companies invested in by VVP in FY2024.
b. Inception-to-date for active portfolio companies: In FY2024, active portfolio
companies reported that 3,225 direct jobs were created or retained since inception.
IV. The estimated tax revenue generated during FY20242:
a. FY2024 investments: $3,491,034
b. Inception-to-date: $14,491,538
V. The number of companies that have received investments from VVP still operating in
Virginia*
a. FY2024 investments: 36 out of 36
b. Inception-to-date: 160 out of 3231
1 VVP has invested in 323 companies from inception through FY2024. This is a downward adjustment from 327 total companies in the
portfolio inception-to-date due to the following reasons (327 + 1 (item #1 below) – 5 (item #2 below) = 323:
1. Two of the invested companies merged into one company.
2. Five of the invested companies were acquired and, as part of the acquisition, VVP was granted ownership in the five
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 CY2023 Q3 and Q4
(assumes 50% of total reported CY2023 revenues) and CY2024 Q1 and Q2. Personal tax revenue assumes an average salary of $125k per Virginia
employee.
20
Virginia Venture Partners (VVP)
Direct Investment
Of the 163 companies no longer operating in Virginia
I. Eight (8) are active VVP Funds portfolio companies that have moved from the
Commonwealth:
1. Six (6) 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. 155 inactive
• 84 have been acquired or paid back to VIPC3.
• 71 have failed
* Data only includes companies in which VVP has placed a direct investment. Therefore, it
excludes five (5) 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. FY2024 investments: $0
b. FY2024 realized return: $8.2 million
c. Inception-to-date (including FY2024 realized return): $35 million
VII.The number of investments that failed:
a. FY2024 investments: 0
b. Inception-to-date: 71 investments with $8 million invested
VIII. Number of companies created or expanded, and the number of patents filed
during FY2024 :
a. FY2024:
i. Companies created or expanded: 36 companies
ii. Number of Patents filed: 66
b. Inception-to-date:
i. Companies created or expanded: 3231
ii. Number of Patents active companies filed in FY2024: 145
1 VVP has invested in 323 companies from inception through FY2024. This is a downward adjustment from 327 total companies in the portfolio
inception-to-date due to the following reasons (327 + 1 (item #1 below) – 5 (item #2 below) = 323:
1. Two of the invested companies merged into one company.
2. Five of the invested companies were acquired and, as part of the acquisition, VVP was granted ownership in the five 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 CY2023 Q3 and Q4 (assumes 50% of
total reported CY2023 revenues) and CY2024 Q1 and Q2. Personal tax revenue assumes an average salary of $125k per Virginia employee.
3 Total of 84 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 6/30/2024 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 84, above, or elsewhere as an independent investment.
21
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. FY2024 investments:
i. Region 1: 1
ii. Region 2: 2
iii. Region 3: 0
iv. Region 4: 7
v. Region 5: 1
vi. Region 6: 0
vii. Region 7: 18
viii.Region 8: 1
ix. Region 9: 6
b. Inception to Date of active investments:
i. Region 1: 2
ii. Region 2: 7
iii. Region 3: 1
iv. Region 4: 26
v. Region 5: 10
vi. Region 6: 0
vii. Region 7: 92
viii.Region 8: 1
ix. Region 9: 21
Virginia
22
Venture Partners (VVP)
Virginia Invest – Indirect Fund Manager Investment
In FY2024, $30M 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 $124M. In FY2024, VVP made
$450k in capital calls from four venture capital funds.
22
22
Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
II. State investment per research project:
a. FY2024 Investments: b. Since inception:
Invested Invested
FY2024 Investments Investments since Inception
Amount Amount
Applied Impact Robotics $ 500,000 26Labs $ -
BlackBoiler, Inc. $ 200,000 418 Intelligence $ 150,000
BrainBox Solutions Inc $ 499,999 4FrontSecurity $ 50,000
BrainBox Solutions Inc $ 200,000 4Wave $ 100,000
Brandefy, Inc $ 500,000 4Stay $ 400,000
Bricklayer AI, Inc. $ 500,000 8 Myles Inc $ 200,000
Cerillo, Inc. $ 500,000 Acomhal Research, Inc. $ 100,000
Chippin Inc $ 200,000 ADI Engineering $ 200,000
DroneUp LLC $ 22,000 Adlumin $ 49,000
DroneUp LLC $ 778,000 ADR Software $ 100,000
Electra.aero Inc. $ 500,015 Advanced Aircraft $ 250,000
ElectroTempo Inc $ 400,000 Agrology PBC (formerly Aquasys, LLC) $ 50,000
FourStay, Inc $ 200,000 Aida Health $ 50,000
gNext Labs LLC $ 200,000 Airak $ 100,000
GreenTech Ventures Inc (dba TrueAlgae) $ 500,000 Airside $ 100,000
Hungry Marketplace $ 42,325 Altruista Health $ 100,000
Lebev Corporation (dba Mocktail Club) $ 200,000 Anatrope $ 50,000
Linebird Inc (previously Bierobotics LLC dba Linebird) $ 250,000 Anova Intelligence (Societas) $ 50,000
Loric Games Inc $ 385,000 AnswersNow, Inc. $ 249,967
Lynk Global $ 250,000 Applied Impact Robotics, Inc. $ 500,000
MedPhlow LLC $ 500,000 AppTap $ 100,000
Micronic Technologies Inc $ 300,000 Aquanta (Sunnovations) $ 500,000
Oh My Gosh…Yum! Dba NoBull Burger $ 200,000 ArcheMedX $ 350,000
Owl Peak Technologies Inc $ 200,000 ArchiveCore, Inc. $ 50,000
Rho Impact, Inc. $ 150,000 Ario $ 100,000
RiPSIM Technologies, Inc. $ 250,000 ARtGlass USA, LLC $ 100,000
Atomic Corp $ 254,850
Saltenna $ 100,000
Atriceps $ 50,000
Sedaro Corporation $ 200,000
AtWork Systems, Inc. $ 400,000
Virginia Venture Partners (VVP)
22Corporation
Sedaro $ 300,000
AutomatedDL $ 49,000
Service Robotics & Technologies (SRT Labs) $ 200,000
Axon Ghost $ 150,000
Virginia Invest – Indirect Fund Manager Investment
Slate Bio $ 225,000
Babylon Micro-Farms Inc $ 499,990
Syntrillo, Inc. $ 200,000
BCM Strategy Inc. $ 50,000
The Tiny Cargo Company $ 200,000
Bear Analytics Inc. $ 300,000
ThinkGenetic Inc $ 200,000
BentSystems $ 100,000
Thumbprint Furniture $ 200,000
BiJoTi $ 112,500
Trubit Corporation Inc (dba Joltz) $ 75,000
Biotherapeutis $ 125,000
Tympanogen, Inc. $ 250,000
BlackBoiler, Inc. $ 600,000
Warehowz Inc $ 200,001
Blackhawk Network (acquired Rybbon) $ -
Wellthi Technologies, Inc. $ 100,000
BloomCatch, Inc. $ 50,000
Bloompop $ 200,000
Blue Triangle $ 222,289
23
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
Blue Vigil LLC $ 200,000 EdConnective $ 150,000
BRAINBox Solutions Inc. $ 999,999 Efficient Photon $ 75,000
Brandefy, Inc. $ 650,000 eKare $ 50,000
Brazen Careerist $ 229,008 Ekran $ 49,000
Bricklayer AI Inc $ 500,000 Electra.aero, Inc. $ 1,000,031
Broadbridge $ 49,000 ElectroTempo, Inc. $ 400,000
bThere $ 50,000 eLumin LLC $ 200,000
Buddy Technology $ 300,000 Embody $ 720,000
C3RS $ 200,000 Encore $ 100,000
Canopie, Inc. $ 100,000 Engineered Products of VA $ 200,000
Canvas $ 200,000 EVS $ 50,000
Capango, Inc. $ 100,000 Extinction $ 15,000
CareKeepers, Inc. (dba Senior Runs) $ 100,000 Evizia Inc $ 100,000
Card Isle Corporation $ 150,000 EyeQ $ 100,000
CardKill $ 50,000 Farmraiser $ 132,000
CargoSense $ 200,000 Fast Orientation $ 50,000
Carpe Diem Social LLC $ 200,000 Fend $ 173,375
Caveonics/Eunomic $ 150,000 Fenris, Inc. $ 500,000
Cavion $ 550,000 FITNET $ 224,912
Cavitronix $ 200,000
FloorWire, Inc. $ 50,000
Cerillo, Inc. $ 649,986
FRNGE, Inc $ 250,000
Cervais, Inc. $ 50,006
GCPay $ 100,000
Chippin, Inc. $ 200,000
GenEp, Inc. $ 350,000
ChurnZero $ 274,518
Givio, Inc. $ 200,000
Cirrus Works $ 200,000
Global Cell Solutions $ 50,000
ClearEdge 3D $ 127,500
gNext Labs LLC $ 200,000
Collagen Bioscience LLC $ 1,519
GovTribe $ 75,000
Conatix $ 25,000
GreenTech Ventures Inc dba TrueAlgae $ 500,000
Cont3nt $ 50,000
Gryphn/Uppidy (Armortext) $ 50,000
Contraline $ 349,998
Gyomo $ 50,000
CORIT Medical, LLC $ 200,000
Happied, Inc. $ 300,000
Corsha (Hashlit) $ 50,000
Virginia Venture Partners (VVP)
22 Hydration, LLC Happyly Inc (formerly Happy Active Family LLC) $ 399,995
Crunchy $ 50,000
Harbinger (Arcsys) $ 100,000
Curbside Kitchen $ 150,000
Virginia Invest – Indirect Fund Manager Investment
Cyber 20/20 $ 50,000 Heyo, Inc. (Lujure)
Hideez
$ 100,000
$ 50,000
Cyber Algorithms $ 50,000
Cynja Tech $ 50,000 Hill Top Security $ 130,000
Cyph $ 150,000 Hosted Harbor LLC (spin out of NexVortex) $ -
CySecure, Inc $ 24,996 Hungry Marketplace, Inc. $ 448,471
CytoRecovery $ 600,000 Hunt Solutions (Villagize) $ 150,000
Dark3 $ 288,353 Huntress Labs $ 50,000
DataRPM $ 200,000 HyperQube Technologies, Inc. (Cyber Academy, $ Network
362,534
security)
DeepSig $ 499,999 iAspire $ 50,000
DHK Storage $ 250,000 ID.Me $ 419,026
Disrupt6 $ 50,000 Identia $ 50,000
Distil $ 200,000 Impruvon, Inc. (dba Simpill) $ 50,000
DivvyCloud $ 450,000 Industrial Intelligence LLC (InDust) $ 50,000
DroneUp (Dart) $ 1,000,000 INF Robotics $ 45,000 24
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
Innovative Biologics $ 200,000 MobilePhire (MobilSense) $ 100,000
Intelligence Framework $ 49,000 Moment AI, Inc. $ 50,000
IntroHive $ 50,000 MSB Associates $ 50,000
Invincea $ 312,695 Naaya $ 100,000
iTi Health (ZielBio) $ 200,000 NBE $ 50,000
Jeeva Clinical Trials, Inc. (previously Jeeva Informatics
$ 150,000
Solutions, Inc)
Neoantigentics $ 249,999
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. $ 100,000 NS8 $ 49,000
KZO Innovations $ 50,000 nVite/eventbrite $ 100,000
Latista $ 175,000 Oh My Gosh…Yum! Dba NoBull Burger $ 200,000
Lebev Corporation (dba Mocktail Club) $ 200,000 OnDialog $ 200,000
LendPro $ 100,000 One Digital Trust, Inc. $ 300,000
LevelFields, Inc. $ 50,000 Oppleo Security $ 50,000
Lewis & Clark $ 200,000 OpsCanvas Inc. $ 200,000
Linebird Inc (previously Bierobotics LLC dba Linebird)500,000
$ Ostendio $ 702,973
Liquet Medical Inc. $ 200,000 OTraces $ 100,000
LiteIdeas LLC/Litesheet $ 500,000 Ovastasis $ 25,000
LiveSafe $ 117,618 Owl Peak Technologies, Inc. $ 200,000
Llamawood, Inc $ 140,000 OxiWear, Inc. $ 200,000
Loci $ 15,000 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 $ 100,000
Luminoah Inc $ 500,000 PhosImmune $ 125,000
Virginia Venture Partners (VVP)
Lynk22Global (Ubiquity Link) $ 1,250,000 Phtsisis $ 50,000
Magazine Jukebox, Inc. $ 200,000 Piedmont BioProducts $ 100,000
Virginia Invest – Indirect Fund Manager Investment
Manor Financial (UpSideDoor)
MarginEdge
$ 286,653
$ 312,910
Pierce Global
Please Assist Me, Inc.
$ 150,000
$ 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 Power FingerPrinting $ 149,995
MD Ortho Systems, LLC $ 100,000 Predict Health, Inc. $ 200,000
MedPhlow LLC $ 500,000 ProvenCyber $ 50,000
Mesh Intelligence AI, LLC $ 50,000 PS Fertility $ 200,000
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
25
22
Virginia
Virginia Venture
Venture Partners (VVP)
Partners (VVP)
Growth Acceleration Program (GAP) – Direct Investment
Direct Investment
Invested
II. State investment per research project: Investments since Inception
Amount
b. Since inception: Sunny Day Fund Solutions Inc $ 450,000
Suvola Corporation $ 50,000
Invested Sweetie Boy Home Delivery LLC $ 50,000
Investments since Inception
Amount SwipePay $ 100,000
RecargaX $ 100,000 Syllab Systems Inc $ 50,000
Syncurity $ 50,000
RegScale, Inc. $ 900,000
Synoptos (OhMyGov) $ 150,000
Rendyr, Inc. $ 100,000
Syntrillo Inc $ 200,000
Resale Global, Inc. (dba Aravenda Consignment $
Software)
200,000 Tear Soultion $ 473,956
Rho Impact, Inc. $ 150,000 Techulon, Inc $ 50,000
Riff Digital $ 5,000 Tenant Turner $ 100,000
Ringio $ 200,000 Tensor Wrench $ 50,000
Riogin $ 200,000 Territory Foods (now Mealogic, Inc.) $ 200,000
RiPSIM Technologies, Inc. $ 450,000 The Endowment Project $ 200,000
The Tiny Cargo Company $ 200,000
Rivanna $ 50,000
ThinkGenetic, Inc. $ 200,000
RIZE (Gathering) $ 100,000
ThreatLocker $ 50,000
ROI2 $ 150,000 ThreatQuotient $ 750,001
RollStream $ 200,000 ThreatSwitch $ 49,000
RoundlyX, Inc. (formerly CoinSavage LLC) $ 350,000 Thumbprint Furniture Co $ 200,000
Router Solutions $ 100,000 Tidal Cyber, Inc. $ 300,000
RunSafe Security Inc $ 413,388 Totem Systems Inc. (dba Humanitru) $ 400,000
Triblio $ 150,000
Rybbon $ 100,000
Trovolone $ 49,000
Saltenna LLC $ 150,000
Trubit Inc. $ 175,000
SceneThink $ 50,000 Tympanogen $ 425,000
Scout, Inc (Eighth Continent Technologies) $ 450,000 Type Zero (TZ Holdings) $ 354,198
Scriyb $ 100,000 Uknow.com $ 175,000
Secure Home $ 49,000 Unblinkr $ 50,000
SecureDB $ 150,000 Urgently $ 100,001
Sedaro Corporation $ 500,000 Value Unlimited Inc. (dba ChowCall) $ 499,930
VanGogh Imaging $ 200,000
Senseware $ 300,000
Veenome $ 200,000
Servhawk $ 200,000
Veracity Verification Solutions, LLC $ 200,000
Service Robotics & Technologies (SRT Labs) $ 200,000 Verical $ 239,633
Shevirah $ 150,000 Verication $ 100,000
Shiftone, Inc (Moment Snap) $ 100,000 VidRunner $ 100,000
Virginia Venture Partners (VVP)
22
Sitscape
Skyphos
$
$
50,000
25,000
Virgil
Visure
$ 50,000
$ 100,000
Virginia Invest – Indirect Fund Manager Investment
SL8Z (Recruitmates) $ 150,000 VividCortex
VoicePass
$ 199,999
$ 10,000
Slate Bio, Inc. $ 799,981
vThreat $ 150,000
Soft Tissue Regeneration (Biorez) $ 100,000 Warehowz Inc. $ 200,001
South49 Solutions, Inc. (Natural Insight) $ 150,000 Wealthengine (BrightContext) $ 133,758
Speek $ 200,000 WealthForge $ 50,000
Sphynx $ 150,000 Wellthi Technologies Inc $ 400,000
Splyc LLC $ 100,000 WireTough $ 300,000
SpydrSafe $ 150,000 WorkProducts $ 100,000
Wrangld, Inc. $ 199,999
SquareLoop $ 150,000
YaSabe $ 200,000
Status Identity $ 100,000
Zimmer Biomet Holdings, Inc. (Embody) $ -
Steel Mountain $ 49,000 Zoobean $ 150,000
Stratus Digital $ 50,000 ZoomData $ 200,000
Student Opportunity Center $ 200,000 Zoomph $ 519,999 26
20
Regional Innovation Fund (RIF)
The FY2024 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
$1,148,000 to enable regional entrepreneurial support and ecosystem-building initiatives across
GO Virginia Regions 2 (Roanoke-Blacksburg-Lynchburg), 4 (Richmond-Petersburg), 5 (Hampton
Roads), 8 (Shenandoah Valley), and 9 (Charlottesville). This brings the total number of RIF awards
since inception in FY21 to fourteen (14) with $2,598,000 in grant funding awarded to
entrepreneur support and ecosystem building services leveraging an additional $1,309,173
across all 9 GO Virginia regions.
B(iii) - (v) Anticipated and Realized Program Impacts
For the six (6) projects awarded in FY2024, anticipated results as projected by awardees
included the following information.
I. 903 entrepreneurs educated during the grant period
II. 295 companies to be assisted during the grant period
III. 3,173 mentor hours to be facilitated during the grant period
IV. 101 events held with 2,930 attendees during the grant period
V. 54 regional collaborations supported during the grant period
VI. 62 new companies to be formed during the grant period
VII. $567 million in capital to be raised over 5 years by supported companies
VIII. 960 jobs to be created over 5 years by supported companies
Realized program impact since inception (FY2021-FY2024) for fourteen (14) grants include:
I. 1,920 entrepreneurs educated
II. 720 companies assisted
III. 7,706 mentor hours facilitated
IV. 244 events held for 9,576 attendees
V. 94 regional collaborations supported
VI. 40 new companies formed
VII. $531,378,506 in reported capital raised by companies supported by RIF recipients
VIII. 680 reported jobs created by supported companies
27
20
Regional
Regional Innovation
Innovation Fund
Fund (RIF)
(RIF)
B(iv) Sources of Investment
Additional sources of investment for the fourteen (14) projects funded under this program to date
include $1,509,173 in total funding from:
225 E Main LLC, 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, Massey Family Foundation, 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, and Virginia Tech Foundation.
B(vii) Geography Served
Through FY2024, the program has supported organizations serving founders and companies in all
nine (9) GO Virginia regions.
28
22
Commonwealth Commercialization Fund (CCF)
The FY2024 activity below is provided in response to Section 115.D.2.C of the Appropriations Act.
During FY2024, VIPC awarded 70 CCF grants across four (4) distinct CCF programs, with an
associated commitment of $6,550,418 of Commonwealth of Virginia funding:
• CCF Private Sector (PS): 48 grants totaling $2,605,000
• CCF Higher Education (HE): 18 grants totaling $1,874,995
• CCF Entrepreneur in Residence (EIR): 1 grant totaling $42,000
• CCF Eminent Researcher Recruitment and Retention (ERR): 3 grants totaling $2,028,423
i. Number of research grants awarded by domain area:
a. FY24 Amount
Industry Sector Count
Funded
Advanced Manufacturing 3 $ 220,000
Aerospace 3 $ 170,000
Agriculture and Environment 5 $ 260,000
Autonomous and Unmanned Systems 1 $ 100,000
Cybersecurity and Cyber-Physical Systems 2 $ 120,000
Energy 6 $ 523,500
IT (incl data science and analytics) 18 $ 925,000
Life and Health Sciences 25 $ 3,144,918
Modeling and simulation 3 $ 275,000
Multiple Industry Sectors 2 $ 692,000
Transportation 2 $ 120,000
Total 70 $ 6,550,418
b. Number of research grants awarded by domain area since inception
Amount
Industry Sector Count
Funded
Advanced Manufacturing 40 $ 3,423,315
Aerospace 12 $ 919,781
Agricultural and Environmental Technologies 31 $ 2,150,699
Autonomous and Unmanned Systems 33 $ 2,109,939
Communications 7 $ 646,617
Cybersecurity and Cyber-Physical Systems 51 $ 3,729,269
Energy (incl Clean and Nuclear) 61 $ 6,207,162
IT (incl data science and analytics) 110 $ 8,405,916
Life and Health Sciences 277 $ 23,484,995
Modeling and Simulation 17 $ 1,422,382
Multiple Industry Sectors 10 $ 6,780,508
Transportation 12 $ 717,690
Total 661 $59,998,273 29
Commonwealth
23
Commercialization Fund (CCF)
ii. State investment per research
project: Award
Legal Name Project Title
Amount
3 Ridge Technologies Customer Discovery Support for 3 Ridge Technologies $ 20,000
AccessVR LLC A Case Study to Assist Adoption of Immersive Learning in the Medical Industry $ 100,000
Agricision, Inc. Customer Discovery Support for Agricision $ 20,000
Spectral Pteron CCF Project: Delivering an MVP of Alpine’s State-of-the-Art Blind
Alpine Method Technologies, LLC $ 75,000
Spectrum Situational Assessment Technology
Bacchus Therapeutics Customer Discovery Support for Bacchus Therapeutics $ 20,000
BILLIONS (Andrew Becker) Customer Discovery Support for BILLIONS $ 20,000
BrokerBotics LLC Customer Discovery Support for BrokerBotics $ 20,000
CargoLabs Inc. Release v2.0 of CargoLabs Insurance Web-app ‘CoverPort’ Using Next.js & Vercel $ 100,000
Transforming Local Government Operations: Civic Vanguard’s Next Generation
Civic Vanguard Inc $ 75,000
Software Development
Coeurative, Inc. Novel Coronary Artery Vasodilator Development $ 100,000
Cortado, Inc. Customer Discovery Support for Cortado $ 20,000
Epiderma Customer Discovery Support for Epiderma $ 20,000
Flying Ship Technologies, Corp. Customer Discovery for Flying Ship Technologies $ 20,000
Flying Ship Technologies, Corp. Aerodynamic Analysis of an Unmanned Wing-in-Ground Vessel Geometry $ 75,000
GenLogs Customer Discovery Support for GenLogs $ 20,000
Ubiquitous Truck-Trailer Tracking Using Roadside Sensors and Artificial
Good Pantry LLC $ 100,000
Intelligence
InfraSGA, Inc. Customer Discovery Support for InfraSGA $ 20,000
James Madison University Support for Entrepreneur-in-Residence Program at JMU $ 42,000
KINIS LLC AI-Driven Smart Shoe for Fall Prevention among Older Adults $ 75,000
KnoNap Advance Commercial Knope Test from MVP to Manufacturing for Pilots $ 100,000
MacroVation LLC Customer Discovery Support for MacroVation $ 20,000
Magazine Jukebox, Inc. Software Enhancements to Drive Commercial Success for Magazine Jukebox $ 75,000
Miqa: A no-code, end-to-end biomedical software quality assurance (QA)
Magna Labs Inc $ 75,000
automation platform to accelerate high-quality precision medicine development
Magothy River Technologies LLC Unmanned Marine Test Vehicle for Commercial Autopilot Enhancement $ 100,000
MarTech Connect LLC Customer Discovery Support for MarTech Connect $ 20,000
N-Smart Customer Discovery Support for N-Smart $ 20,000
N-Smart INC N-Smart IoT for Smart Grid Resiliency $ 100,000
Oak Bioinformatics, LLC Customer Discovery Support for Oak Bioinformatics $ 20,000
Old Dominion University
Self Sovereign Identity Management in 5G-enabled Medical Devices $ 100,000
Research Foundation
Parlay Protocol Inc. Customer Discovery Support for Parlay Protocol $ 20,000
Performance Medical
Customer Discovery Support for Performance Medical Technologies $ 20,000
Technologies LLC
Phalanx Customer Discovery Support for Phalanx $ 20,000
PS Fertility A Novel Diagnostic for Male Fertility/Infertility $ 75,000
Recens Respiratio, Inc. Customer Discovery Support for Recens Respiratio $ 20,000
Scale Holdings LLC, d/b/a Scale
Customer Discovery Support for Scale Holdings $ 20,000
Materials
Scanlily LLC Customer Discovery Support for Scanlily $ 20,000
Seamless Transition, LLC Full-Scale Prototype of Prosthetic Knee $ 75,000
SeedMetrics, LLC Unified Data Model and Fully Managed Upgraded Business Intelligence Platform $ 100,000
30
23
Commonwealth Commercialization Fund (CCF)
ii. State investment per research
project:
Legal Name Project Title
Award
Amount
Sherah Customer Discovery Support for Sherah $ 20,000
Soliish Sleep Apnea Screening App MVP deployment and commercialization
Soliish, Inc. $ 75,000
readiness
Team Excel, Inc. Team Excel Product-Market Fit + Scale $ 100,000
Team Handoff, PBC (dba
Customer Discovery Support for Handoff $ 20,000
Handoff)
Teleqo Technical Solutions, Inc. Adding Pavement Sensor Data to Web-Based Viewer $ 75,000
The Rector & Visitors of the
High Energy Density Battery via All Active Material Cathode $ 100,000
University of Virginia
The Rector & Visitors of the
Technology Translation for Wind Energy Storage Technology $ 100,000
University of Virginia
The Rector & Visitors of the PolyMOF-C3: Polymer-Metal organic framework composites for Carbon Capture
$ 100,000
University of Virginia and Conversion
The Rector & Visitors of the
Commercialization of Anti-fibrotic Therapeutic Antibodies $ 200,000
University of Virginia
The Rector & Visitors of the Home Monitoring of Respiratory Rate (RR) and Labored Breathing Patterns in
$ 100,000
University of Virginia Pediatric Asthma Using Analysis of Respiratory Kinematics (ARK) Technology
The Rector & Visitors of the Spinster Homolog 2 (Spns2) Inhibitors for Treatment of Inflammatory Bowel
$ 100,000
University of Virginia Diseases
The Rector & Visitors of the
Interictal Dynamic FDG-PET in Focal Epilepsy $ 100,000
University of Virginia
The Rector & Visitors of the
Developing hCitH3-mAb to Treat Sepsis Induced Lung Injury $ 100,000
University of Virginia
The Rector & Visitors of the Total Wrist Arthroplasty Optimization with Stiffness-Matched 3D-Printing
$ 100,000
University of Virginia Technology
The Rector & Visitors of the
Preclinical model testing of AVIL inhibitors $ 100,000
University of Virginia
Subscale Hybrid Electric Seaplane Prototype Fabrication, Flight Test, and
Tidal Flight, Inc. $ 75,000
Customer Demonstrations
Engineered Biosensors for Rapid Detection of ‘Forever Chemicals’ in Pre-and
University of Virginia $ 100,000
Post-Harvest Agriculture
UpBrains AI Inc. Developing and Commercializing Innovative AI for Disrupting Customer Care $ 100,000
Energy-efficient skyrmion-mediated magnetic random-access memory
Virginia Commonwealth Univ $ 100,000
(SkMRAM)
Virginia Commonwealth Univ Practical, Customizable Vacuum Panel Insulation $ 75,000
Therapeutic Applications of a Novel Fusion Cytokine, IL-24S/IL-15, in Brain
Virginia Commonwealth Univ $ 100,000
Cancer
VIRTUAL REALITY (VR) PLATFORM FOR ENHANCED, SAFE SURGICAL TRAINING AND
Virginia Commonwealth Univ $ 99,995
SURGEON PRIVILEGING
Development of chimeric antigens for lab-based quantitative and point-of-care
Virginia Commonwealth Univ $ 100,000
diagnostic assays for human and veterinary Leptospirosis
Recruitment of Eminent Researcher to serve as Chair, Department of
Virginia Commonwealth Univ $ 1,249,923
Microbiology and Immunology
Virginia Polytechnic Institute Low-cost, High-performance Gallium Nitride Diode Technology for Power
$ 100,000
and State University Electronics Applications
Virginia Polytechnic Institute
Retention of Eminent Researcher in Energy and Advanced Manufacturing $ 128,500
and State University
Virginia Polytechnic Institute
Recruitment of Eminent Researcher in Infectious Diseases $ 650,000
and State University
Vybe Energy LLC Make Any Building SMART $ 100,000
WattBuild LLC Customer Discovery Support for WattBuild $ 20,000
Delivering a Culturally-Attuned AI-Enabled Lifestyle Intervention App Prioritizing
WelFore Health LLC $ 100,000
Multi-Ethnic Communities
WriteHuman Customer Discovery Support for WriteHuman $ 20,000
XStar Research LLC SaaS MVP for Fast Building Performance Analysis $ 100,000
31
23
Commonwealth Commercialization Fund (CCF)
iii. Number of eminent researchers attracted and retained: 3
iv. Additional research dollars leveraged as a result of the state investment: $9,409,828
v. Number of new products completed/released to production: 170
vi. Startups created from the research investment:16
vii. New licenses granted to companies within Virginia: 47
viii.New licenses granted to companies outside Virginia: 79
ix. Geographic distribution of the grant recipients:
a. FY24 grant recipients:
Amount
GO Virginia Region Count
Funded
Region 2 6 $ 280,000
Region 4 11 $ 2,094,918
Region 5 6 $ 390,000
Region 7 25 $ 2,128,500
Region 8 3 $ 162,000
Region 9 19 $ 1,495,000
Total 70 $ 6,550,418
b. Since inception grant recipients:
Amount
GO Virginia Region Count
Funded
Region 1 4 $ 336,883
Region 2 118 $ 13,864,666
Region 3 2 $ 328,724
Region 4 98 $ 9,034,054
Region 5 89 $ 9,537,324
Region 6 9 $ 740,971
Region 7 173 $ 11,796,251
Region 8 22 $ 1,207,932
Region 9 146 $ 13,151,468
Total 657 $59,998,273
32
FY2025 Look Forward
VIPC continues to embark on an exciting growth and transformation trajectory to accelerate
innovation in Virginia, expand opportunity and impact, and serve the Commonwealth. We are
enhancing our cross-collaboration with other state agencies like VEDP, GO Virginia, Virginia Small
Business Financing Authority, and Tobacco Region Revitalization to a greater degree than ever
before. We are increasing our engagement, collaboration, and partnerships with external
ecosystems stakeholders across the state. We are breaking down silos and identifying new
opportunities to adapt to a dynamic marketplace. We are increasing emphasis on measurable
outcomes across our programs so that we can most effectively deploy funds and drive greatest
impact over the long-term. In FY2025, innovation and entrepreneurship will continue to be a key
pillar of Virginia’s Compete to Win economic growth strategy and Virginia’s standing as a national
innovation leader.
• Strengthen State Collaboration
Strengthen state cross-agency collaboration to grow innovation, capital, and talent in Virginia.
• Enhance Existing Programs, Service Operations, and New Offerings to Drive Impact
Assess and identify opportunities to enhance programs, processes, and outcomes.
• Develop Virginia Life Science Research Triangle Initiative
Develop long-term platform to strengthen university research and commercialization, cross-
collaboration, and recruitment and attraction.
• Seek New Regional Ecosystem Collaboration Opportunities
Support new regional innovation ecosystem projects and collaborations.
• Access to Capital
Connect investment industry partners with Virginia’s local ecosystem communities, startups, and
entrepreneurs.
• Advance SSBCI Program
Position Virginia to secure SSBCI Tranche 2 funding ($71M).
33
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