RESTON, VA, The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds closed an investment in ADR Software.
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The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds closed an investment in ADR Software, a technology-based company headquartered in Reston, VA that provides an innovative solution for construction general contractors and project owners to collect, document, and evaluate labor information in real-time.
CIT President and CEO Pete Jobse said, 'ADR's Workforce Monitor service fills a previously unmet need of efficiently and affordably tracking labor traffic on construction sites. Our CIT GAP Funds investment demonstrates our confidence in ADR's innovative solution.'
ADR's Workforce Monitor service captures and reports information about workforce traffic by monitoring the exits and entrances of construction sites with rapid deployment self-sufficient and cloud connected portals. ADR leverages wide area cellular networking and radio frequency identification (RFID) technologies to service the $440 billion construction labor industry. The service has been proven to lower labor costs, increase safety and security, support compliance documentation and provide a competitive advantage in the bidding process.
ADR President Marty Pollak said, 'The investment from CIT GAP Funds will help us expand our work force and continue our business and product development. We are excited to continue the execution of our growth strategy and bring new, innovative technology solutions to the construction industry.'
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 and Managing Director of the CIT GAP Funds Tom Weithman said, 'Companies like ADR provide important services that encourage growth in Virginia's innovation economy. CIT GAP Funds is proud to add ADR to our portfolio, and we are looking forward to working with management to build a great company.'
Since its 2005 launch, CIT GAP Funds has invested in over 90 companies across the Commonwealth of Virginia, deploying more than $10 million of public funds and attracting over $135 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.
About ADR Software, http://www.softwareadr.com
Headquartered in Reston, VA, ADR Software was founded in 2009 to employ RFID technology to automate the process of monitoring the construction workforce and produce automated daily reports (ADR) for commercial construction companies. ADR's Workforce Monitor service provides a turnkey solution that general contractors and project owners use to collect, document and evaluate complex manpower information in real-time. ADR's service has been adopted by several of the Engineering News-Report (ENR) Top 50 general contractors. The company currently operates in nine states across the country.