Arlington space tech startup receives additional CIT funding
NOVI LLC first received CIT GAP Funds in early 2019
The Herndon-based Center for Innovative Technology (CIT) announced Tuesday that Arlington-based space technology startup NOVI LLC has received a follow-on investment from the state government-backed venture fund CIT GAP Funds.
An investment amount was not disclosed. CIT seed- and early-stage investments are made to Virginia-based technology, life sciences and clean tech companies that the center sees as having high growth potential.
NOVI develops hardware and data analytics platforms for space, including machine learning and data intelligence technologies used by satellites. The company first received CIT funds in early 2019.
“Since CIT’s initial investment in 2019, NOVI has proven their potential to disrupt the new space industry. The need for low earth orbit constellations is growing, such as earth imaging and remote sensing, [internet of things], weather forecasting, high bandwidth connectivity and a host of other critical use cases,” Marco Rubin, CIT Gap Funds senior investment director, said in a statement. “NOVI’s innovations will have an impact on the future of space activity, and CIT looks forward to their continued success.
“Over the last year, NOVI has rapidly grown our team and received five new contracts,” NOVI Managing Partner Amit Mehra said in a statement. “We have a unique opportunity to capture the growing demand for multi-sensor platforms, and to move space activity into the next generation of satellites. We are grateful for the continued support of CIT GAP Funds, which will enable us to build out and execute on our go-to-market strategy.”
Since its 2005 inception, CIT has invested more than $28.8 million in GAP funding to more than 230 companies.