//, Proof of Concept (POC) Fund, Virginia/CIT GAP Funds puts $50K into Cyber Security Technology

CIT GAP Funds puts $50K into Cyber Security Technology

Virginia’s Center for Innovative Technology   has invested $50,000 in Power Fingerprinting Inc.

The investment from CIT’s GAP Fund will be used for further development of Power Fingerprinting’s technology that detects embedded security threats in computer systems in order to thwart malicious cyber attacks.

The company’s technology was developed by its chief technology officer Carlos Aguayo while he was working on his doctorate at Virginia Polytechnic Institute and State University under the guidance of Professor Jeffrey Reed, who is CEO of Power Fingerprinting.

Cyber security spending its expected to surge to more than $120 billion in the next six years, according to CIT President and CEO Pete Jobse. “Power Fingerprinting is in a strong position to grow in that marketplace,” Jobse said in a statement announcing the investment.

Since its 2005 launch, CIT GAP Funds has placed over 70 investments across Virginia, deploying greater than $6 million of public funds and attracting over $80 million more in private funding.

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