The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds closed an investment in Blue Triangle Technologies, Inc. (BTT), a Richmond-based company that provides a data analytics platform that helps online retailers optimize web pages to achieve maximum performance, close transactions and increase revenue.
BTT offers a SaaS-based predictive analytics platform that combines application monitoring, business intelligence and web analytics. It allows online retailers to identify existing revenue 'leakage' on their web sites and to understand how to optimize web pages to maximize revenue. BTT does this by unobtrusively gathering data from visitors, analyzing page speeds and cart abandonment rates, which help produce recommendations for each web page. This enables customers to prioritize resources to remediate issues on their sites, ultimately optimizing the ROI of web site re-engineering, network infrastructure spend, and marketing efforts.
Blue Triangle Technologies, Inc. CEO Donald E. Foss said, 'Most online retailers have between 10-15% in revenue leakage that they are failing to capture; leakage that equates to significant unrealized revenue that merchants can otherwise be earning. Our platform allows these retailers to identify the location of the leakage to ultimately increase revenues. The investment from CIT GAP Funds allows us to continue our proof of concept trials and provide us with the ability to expand our marketing and engineering efforts.'
CIT President and CEO Pete Jobse said, 'Blue Triangle Technologies' experienced management team has developed an impressive analytics platform that can provide immense value to online and mobile retailers looking for ways to improve performance. BTT epitomizes what we look for in a company when making CIT GAP Funds investments.'
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.
Vice President of CIT Entrepreneur and Managing Director of the CIT GAP Funds Tom Weithman said, 'Donald Foss and the BTT team are able to use their business and technical expertise to produce tools that helps organizations improve their online performance. BTT is an outstanding example of the emerging technology companies that we have in the Commonwealth.'
Since its 2005 launch, CIT GAP Funds has invested in over 110 companies across the Commonwealth of Virginia, deploying more than $15 million of public funds and attracting over $230 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth's primary driver in developing innovation-based economic development strategies and opportunities. 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 startup companies and advanced technology consumers. 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.