CIT GAP Funds Invests in Cerillo to Illuminate Scientific Research Possibilities with Innovative Technologies
Richmond, VA, Oct. 13, 2021 (GLOBE NEWSWIRE) — The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) has invested in Charlottesville, Va.-based Cerillo. Cerillo designs innovative laboratory technologies that allow scientists to collect data more efficiently and researchers to amplify their impact on the world. Cerillo will use CIT’s funding to expand sales and marketing efforts and to continue expanding its business operations and product development teams, which will position the company for rapid growth.
Scientists have historically been forced to use inefficient measurement technologies and workflows. These measurement technologies are susceptible to poor data quality, require costly physical resources, are large and bulky, and are not supported in certain environments. Cerillo supports the biotech industry by offering Stratus, a modern tool that allows hands-free, continuous data collection within highly restrictive environments such as anaerobic chambers and incubators.
“If scientists are seeking the next phase of innovation, Cerillo is the place to look. Our flagship product, the Stratus, offers the ultimate in portability and flexibility,” said Eric Mayton, CEO of Cerillo. “The Stratus has added a whole new dimension of data to our customers’ work, running 24/7 with zero issues in harsh environments where traditional products are unreliable. Cerillo is illuminating the possibilities within scientific research for our customers across the globe, and I’m proud to be a part of it. We are excited to have the support of CIT GAP Funds and look forward to our next phase of growth.”
The Stratus, a portable, miniaturized microplate reader that is small enough to fit in the palm of your hand, is used by scientists in academic, government, and industry market segments across the world. It has flexibility for sample data collection in multiple standard plate forms, with limited physical interaction, setting it apart from traditional competitors. The Stratus also allows for accurate measurements in small spaces, on shared benchtops, or even in restrictive environments, like anaerobic or microaerophilic chambers and incubators. Its uniquely simple, standalone interface and on-board data storage allow it to be placed anywhere, with or without a computer.
“Cerillo’s first product significantly lowers the barrier to entry for researchers and microbiologists everywhere. The increased portability and reduced cost will enable discoveries by researchers for whom legacy instruments were entirely unsuitable,” says Alex Euler, Senior Investment Director, CIT GAP Funds. “The leadership team’s combined expertise, plus recent additions to the business operations team, positions Cerillo for rapid growth. CIT is excited to be a part of their journey and is looking forward to supporting the company as they continue to grow and make positive contributions to the industry.”
Cerillo is focusing on developing innovative laboratory instrumentation with Stratus, our core product that enables scientists across the globe to work more efficiently and effectively. Cerillo currently offers this main product, plus one accessory product, and has several complementary products in the pipeline. For more information, please visit https://cerillo.bio/about.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. CIT GAP Funds’ investment decisions are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
About the Virginia Innovation Partnership Authority (VIPA)
The Virginia Innovation Partnership Authority (VIPA) was established in 2020 to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding, as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach that will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. The VIPA, with CIT as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA’s design includes governance and management capabilities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.
About the Center for Innovative Technology (CIT)
Investing in Virginia’s Growth | CIT, the not-for-profit operations arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.