Herndon, VA, Sept. 06, 2018 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) is proud to announce that its CIT GAP Funds portfolio company, TypeZero Technologies, Inc. was acquired by Dexcom, Inc., the leader in continuous glucose monitoring for people with diabetes. In 2015, CIT GAP Funds led TypeZero’s seed round, furthering the development of the startup’s diabetes management technology that was licensed from the University of Virginia. TypeZero will continue operations out of Virginia as they enhance and accelerate Dexcom’s offering with tools to simplify diabetes management. 

TypeZero leverages more than 10 years of clinical trials, research and innovation to develop their proprietary inControl Diabetes Management Platform with the goal of improving the lives of people with diabetes, and supporting healthcare providers to make more informed decisions. To address the challenge of effectively managing diabetes in a safe and simple way, TypeZero’s inControl platform includes advisory applications for smart insulin pens and smartphone-based systems that automatically regulate insulin delivery to reduce hypoglycemia and improve blood glucose levels.  

"Since our seed investment back in 2015, TypeZero has continued to prove themselves as a leader in this field and a valuable innovator in the Commonwealth of Virginia,” said Tom Weithman, Managing Director of CIT GAP Funds.  “TypeZero is offering patients a huge advantage in the management of their diabetes by integrating treatment solutions into the technology they are already using.”  TypeZero’s software platform transforms the patient’s role in managing his or her blood glucose from hour-to-hour, active decision making and modification, to periodic supervision of a trustworthy, automated, intelligent system. TypeZero has also developed a suite of cloud-based applications and analytical services, which utilize its core algorithms to provide risk analysis, prediction, and clinical recommendations.

“The inControl system allows users to spend less time managing their diabetes, and more time living their life. We are excited to join Dexcom’s portfolio and expand on our shared mission of empowering people with diabetes through innovation,” said Chad Rogers, CEO of TypeZero. “CIT’s early support of TypeZero played an important role in the company reaching this next chapter, and we look forward to sharing this journey with our Virginia network as we continue to grow and reduce significant burdens that many people with diabetes face."

CIT GAP Funds, a family of funds placing equity investments in Virginia-based technology, life science, and cleantech companies, has invested in over 200 high-potential, early-stage companies likely to achieve rapid growth and generate significant economic return. Since it’s 2005 formation, CIT GAP Funds has infused an additional $600M+ of private placements onto the balance sheets of portfolio companies. Funds have come from over 900 different investment sources, with 80 percent including out-of-state and blue-chip funding sources from across the U.S. For more information, please visit www.cit.org.  For more information on TypeZero, please visit www.typezero.com.

About 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 Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.

Kevin May
Center for Innovative Technology

Taylor Hadley