The Center for Innovative Technology (CIT) announced that its CIT GAP Funds has made an undisclosed investment in Babylon Micro-Farms, a provider of on-demand indoor farming services.
Founded in 1985, CIT focuses on the seed funding and early commercialization of innovation, and provides support to tech entrepreneurs growing new companies that will foster economic growth and create jobs throughout the state of Virginia. CIT GAP Funds is a venture capital vehicle through which to make seed stage equity investments in these technologies.
The latest venture to join the CIT GAP Funds portfolio is Charlottesville, Virginia-based Babylon Micro-Farms. Founded in 2017 by a pair of students at the University of Virginia, Babylon Micro-Farms enables small growers and businesses to gain greater control of their supply of fresh organic produce by making indoor farming more accessible through a range of scalable indoor farming modules.
“The idea for Babylon Micro-Farms was born in a social entrepreneurship class at UVA, when a professor asked my co-founder Graham and I to develop a high impact, low cost product that could help refugees. I quickly discovered and became interested in hydroponics, a way to grow plants without soil, use less water, and grow crops faster,” said Alexander Olesen, co-founder and CEO, Babylon Micro-Farms.