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CIT (Center for Innovative Technology) GAP Funds Invest in GoCanvas

By James W Quigley on April 15, 2011
Tags: GoCanvas Company Updates, Press Releases

CIT GAP Fund invests in Canvas

 

The Center for Innovative Technology (CIT) announced today an investment in Herndon, Va.-based GoCanvas, a mobile applications company that makes it extremely easy to find, customize, and publish data collection apps for all varieties of smartphones and other mobile devices such as laptops, tablets, netbooks and barcode scanning devices. GoCanvas reduces paper consumption, redundant data entry, and excess processes for businesses and mobile professionals.

 “Canvas offers the first mobile business application store of its kind,” says CEO and Co-founder James Quigley. “All of our apps are compatible with most smartphone and/or tablets on the market, including Android, Android Tablets, Blackberry, iPhone, iPad, Windows Phones and even Windows XP+ devices and can be used with any service provider. Most importantly, every app you’ll find in our store is completely customizable by users.”

 The GoCanvas software service enables mobile professionals to collect information using their mobile devices, integrate newly collected information with existent data sources, analyze the data on the GoCanvas website, and share information across their business community. With GoCanvas, businesses of all sizes, from any industry, can connect with mobile professionals and customers anytime and anywhere, collaborating across the organization at a cost that is significantly less than conducting the same business on paper.

 Canvas plans to leverage CIT GAP Funds’ connections in the venture capital community to assist in securing additional financing that will be used for investment in sales and marketing and the addition of new product features.

Since its 2005 launch, CIT GAP Funds has placed 42 investments across the Commonwealth, deploying $4.3M of public funds to attract $61M of private investment. (For a list of portfolio companies, please visit the GAP Funds website.)

 Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “We offer entrepreneurs like James Quigley access to capital, while leveraging public and private investments with the potential to generate extraordinary economic returns for the Commonwealth of Virginia.”

 CIT President and CEO Pete Jobse commented, “In a market that is constantly evolving to become more ‘green’ and environmentally responsible, CIT sees promise and profit for businesses that begin moving away from paper forms and toward digital services that complement these paper products. Migrating the content of printed information to mobile applications is the new wave of business because it’s faster, easier, and more economical. This is future, and GoCanvas is leading the way.”

 To-date GoCanvas has published over 600 apps, and recorded 70,000 submissions the equivalent of replacing over a ton of paper for businesses. 

 About the Center for Innovative Technology, www.cit.org

 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 GoCanvas, www.gocanvas.com

 Canvas is a mobile applications company that makes it easy to publish data collection apps on wireless smartphones and other mobile devices. GoCanvas reduces paper consumption, redundant data entry, and excess processes for businesses and mobile professionals. The GoCanvas software service enables mobile professionals to collect information using their mobile devices, analyze the data on the GoCanvas website, and share information across their business community. Follow GoCanvas on their blog, Facebook, Twitter, and YouTube.

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