Virginia’s Center For Innovative Technology (CIT), the nonprofit corporation which receives state funding to drive innovation and entrepreneurship in Virginia, has invested via its CIT GAP Fund in Charlottesville, Va.-based TypeZero Technologies.
TypeZero is a health-tech startup that specializes in developing tech to manage and treat Type 1 and Type 2 diabetes. While financial details of the investment were not announced, an SEC filing dated June 23 for TypeZero shows that the company raised a $415,000 debt and securities round. It is unclear at this time if the SEC filing corresponds with CIT’s investment announcement.
CIT GAP Funds led TypeZero’s seed round, which also included several other unnamed investors.
TypeZero has created a software-based, big data-enabled “inControl Diabetes Intelligence Platform.” This platform is designed to integrate data from medical devices, services and other medical applications to help treat diabetes.
The company has three core product: inControl (a smartphone-based insulin delivery tool), inAdvice (a mobile application that generates real-time meal and exercise tips, among other things) and inControl Cloud (an analytics, monitoring and support system database).
“TypeZero is led by a management and scientific team that is commercializing the pioneering inventions created at the University of Virginia’s (U.Va.) Center for Diabetes Technology and bringing them to market as quickly as possible … These are the types of companies and people that are leading innovation in Virginia,”said Pete Jobse, CIT President and CEO, in a statement.
TypeZero licensed its technologies from the University of Virginia’s Licensing and Ventures Group (LVG).
The CIT GAP fund, by which TypeZero received the investment, is an independently overseen investment arm of CIT that works to generate economic returns for “entrepreneurs, co-investors and the Commonwealth of Virginia.”
GAP investments are decided upon by the CIT GAP Fund’s Investment Advisory Board (IAB), which consists of regional angel and institutional investors, including: New Enterprise Associates (NEA), Grotech Ventures, Valhalla Partners, In-Q-Tel, Intersouth Partners and SJF Ventures, among others.
The capital that makes up CIT GAP Fund comes primarily from the commonwealth of Virginia.