CIT GAP Funds Invests in Private Practice
Charlottesville Digital Health Company to Support High-quality Maternity Care
HERNDON, Va., April 15, 2014-- The Center for Innovative Technology announced today that its CIT GAP Funds closed an investment in Private Practice, a Charlottesville-based digital health company.
Private Practice has built a family of connected tools, called “Maternity Neighborhood,” that support high-quality woman-centered maternity care, encourage patient engagement, and optimize the workflows of maternity care providers. The tools allow individualized, relationship-based care and shared decision making, while creating a more efficient experience for providers and patients. The Maternity Neighborhood platform provides an opportunity for easy transition to paperless charting for private maternity care providers in the U.S., U.K. and Canada.
CIT President and CEO Pete Jobse said, “Private Practice provides important services that support quality and accessible maternity care. This Charlottesville grown innovation will have a significant impact on our evolving healthcare systems.”
Private Practice CEO Brynne Potter said, “We will use the investment from CIT GAP Funds to add additional product developers to our team at Private Practice, which will help us to enhance product features and scalability.”
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, “We have a growing pipeline of innovative tech entrepreneurs like Brynne Potter that need access to early stage funding. The CIT GAP Funds is honored to provide assistance to Brynne and other entrepreneurs, who are creating new economic growth all across Virginia.”
Since its 2005 launch, CIT GAP Funds has invested in over 100 companies across the Commonwealth of Virginia, deploying more than $13 million of public funds and attracting over $200 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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