CIT GAP Funds Invests in Fitnet
Virtual Fitness Studio Application
HERNDON, Va., September 17, 2013-- The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds closed an investment in Fitnet, a virtual fitness studio application run out of Blacksburg.
CIT President and CEO Pete Jobse said, “Fitnet uses innovative computer vision technology to bring a user-friendly application to anyone with a mobile device. It also helps trainers reach their audiences. The CIT GAP Funds investment in Fitnet reflects our confidence in the team and the application.”
Fitnet combines unique fitness content, computer vision-based biometric feedback and social networking in a fun, convenient and personalized way to help maintain users’ fitness. Users receive free membership with targeted video advertisements, and can upgrade to a premium subscription of $5 a month. Fitnet’s global network of fitness experts provides weekly video workouts, including yoga, karate, Pilates and kickboxing, all available instantly on mobile devices. The application uses computer vision technology to track users’ movements relative to the trainer to give real-time feedback. The data can be stored and used for goal progression, workout recommendations and sharing.
Fitnet co-founder Bob Summers said, “The investment from CIT GAP Funds will help us to achieve our goal of developing an iPad application, bringing our product to the next level of market validation.”
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “The availability of seed funding continues to be a challenge for early stage high-growth companies. CIT GAP Funds helps fill this funding gap and create Virginia’s innovation economy by promoting the importance of and investing in the work and dreams of entrepreneurs like Bob Summers, Nate Dicken and their team at Fitnet.”
Since its 2005 launch, CIT GAP Funds has invested in over 80 companies across the Commonwealth of Virginia, deploying more than $9 million of public funds and attracting over $125 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been Virginia’s primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT’s CAGE Code is 1UP71. To learn more, please visit http://www.cit.org. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.
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