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BrightContext Grabs Additional Capital

ARLINGTON, VA, Center for Innovative Technology (CIT) announced an investment in BrightContext Corporation, a technology company that offers a platform to assist software developers in building applications that process large streams of real-time data.
The Center for Innovative Technology (CIT) announced today an investment in Arlington, Va.-based BrightContext Corporation, a technology company that offers a platform to assist software developers in building applications that process large streams of real-time data. BrightContext announced a capital raise from Southern Cross Ventures last week.

BrightContext provides a cloud-based platform that makes it easy and affordable for developers to build applications that can ingest large volumes of real-time data, process the data on the fly and instantly broadcast results among large numbers of users. Today, real-time apps are usually built on a one-off, highly customized basis by specialized experts. BrightContext's platform simplifies the process by enabling companies with fewer resources or expertise to create similar apps of their own. Through an intuitive web dashboard, users configure scalable real-time data channels. Developers then link their apps to these channels through the platform's software development kit (SDK) and application programming interface (API).

CIT President and CEO Pete Jobse said, "BrightContext gives businesses the ability to easily create apps that would have previously required far greater resources. In today's rapidly changing business world, where digital marketing has become extremely important in the marketplace, we feel BrightContext's offerings will be able to help businesses throughout Virginia."

Co-founders John Funge and Leo Scott have worked together to start and build two successful Virginia-based internet technology firms, both of which were acquired by larger public companies. Funge and Scott began their work partnership as lab partners in the electrical and computer engineering department at Carnegie Mellon.

Funge said, "Our platform is easy-to-use and enables app creators to offload a huge amount of complexity to us as we handle their real-time backend needs. By making it much easier to build real-time apps, our platform will spur innovation in a wide array of areas such as social television, real-time business metrics, multi-player games and mobile applications."

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, "The BrightContext team has been able to create a breakthrough in app development which could cause a shift in the industry. Our investment will assist BrightContext in capturing their initial customers as well as in ongoing product development."

Since its 2005 launch, CIT GAP Funds has placed over 70 investments across the Commonwealth, deploying greater than $6 million of public funds and attracting over $80 million more in private funding. (For a list of portfolio companies, please visit the GAP Funds website.)

To learn more about BrightContext Corporation, please visit their website.

About the Center for Innovative Technology,
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through 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.

About the CIT GAP Funds,
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.
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