What is the purpose of the Commonwealth Research Commercialization Fund (CRCF)?

The CRCF aims to provide incentive grants to small technology-based businesses and universities to commercialize their research in fields such as clean energy, cybersecurity, data analytics, life sciences, and unmanned systems.

How much funding is being awarded through the CRCF grants?

The CRCF grants will award $2.48 million in funding, which will leverage more than $13 million in matching investments.

What are some examples of projects that will receive funding through the CRCF?

Projects such as a smart docking station for drones, a bioinformatics tool for hepatitis B virus quasispecies, and a secure IoT platform for cybersecurity are among the projects that will receive funding through the CRCF.

Startups in Hampton Roads Secure $2.48 Million for Research Commercialization

Governor Ralph Northam has announced that 26 small technology-based businesses and four universities will receive incentive grants to commercialize their research. Administered by Virginia’s Center for Innovative Technology, the new Commonwealth Research Commercialization Fund grants will award $2.48 million in funding, leveraging more than $13 million in matching investments. This initiative is set to drive progress in emerging technologies such as clean energy, cybersecurity, data analytics, life sciences, and unmanned systems. This funding is a significant boost for startups in Hampton Roads and the rest of Virginia, as they work to develop high-potential solutions in emerging industries and build businesses from research started within the state.

Announcement of Funding for Small Technology-Based Businesses

Small technology-based businesses to receive funds for projects in clean energy, cybersecurity, data analytics, life sciences, and unmanned systems

Press Release Details

FOR IMMEDIATE RELEASE: June 17, 2020
Office of the Governor: Contact: Alena Yarmosky Alena.Yarmosky@governor.virginia.gov
Center for Innovative Technology: Contact: Sara Poole, sara.poole@cit.org

Overview of Commonwealth Research Commercialization Fund (CRCF)

RICHMOND-Governor Ralph Northam today announced 26 small technology-based businesses and four universities will receive incentive grants to commercialize their research in clean energy, cybersecurity, data analytics, life sciences, and unmanned systems. The new Commonwealth Research Commercialization Fund (CRCF) grants award $2.48 million in funding and leverage more than $13 million in matching investments to drive progress in emerging technologies.

“These entrepreneurs and innovators are on the front lines of bringing new products and technologies to market, while driving job creation and supporting Virginia’s economic recovery efforts,” said Governor Northam. “I am pleased that the Commonwealth is able to support these growing companies as they develop high-potential solutions in emerging industries and build businesses from research started right here in Virginia.”
Administered by Virginia’s Center for Innovative Technology (CIT), CRCF invests in priority research and commercialization activities through the private sector, academia, and nonprofit research institutes. The fund accelerates innovation and economic growth in Virginia by advancing solutions to important state, national, and international challenges through technology research, development, and commercialization. Since it began in 2011, CRCF has awarded more than $30 million to help launch nearly 380 early-stage technology projects in strategically important industries.
“Virginia’s public and private institutions of higher education, tech companies, federal labs, and nonprofit research organizations must have early-stage funding and support to launch and grow their ideas,” said Secretary of Commerce and Trade Brian Ball. “We congratulate the recipients, and I look forward to watching them thrive in the Commonwealth.”
“Investing in research today is important for the future of Virginia’s technology economy, and these awards pave the way for continued innovation leadership,” said Ed Albrigo, President and CEO of CIT. “These award recipients are advancing a number of new technologies, such as therapeutics, including those for infectious disease; unmanned systems for agriculture, utilities, and smart buildings; and increased cybersecurity for the healthcare industry. We are very proud of our role in helping to bring these innovative solutions to market.”
The CRCF programs help Virginia companies, higher education institutions, and nonprofit research institutes commercialize early-stage technologies that offer significant potential for economic benefit to Virginia. Awards are in technology sectors strategically important to Virginia. For more information about the CRCF program, visit cit.org/crcf.