BLACKSBURG, VA, The Center for Innovative Technology announced a $50,000 investment in Power Fingerprinting.
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The Center for Innovative Technology announced today a $50,000 investment in Power Fingerprinting, Inc. (PFP), of Blacksburg, Va., whose patent-pending solutions detect embedded security threats in computer systems, protecting against malicious cyber attacks.
PFP's technology uses an innovative approach to locate cyber threats. By performing anomaly detection of a processor's power consumption at the physical layer, PFP identifies deviations from a baseline power reference, thus detecting malware even at the lowest execution layers. This unique technology is complementary to traditional cyber security approaches, including typical signature-based software solutions. PFP focuses on industrial control systems -- supervisory control and data acquisition (SCADA) -- and supply-chain security initially, while its technology has a broad implication for applications such as mobile devices and secure semiconductors.
CIT President and CEO Pete Jobse said, "According to various estimates, the federal government will spend $55-$65 billion on cyber security over the next six years. Coupled with spending by the private sector, this marketplace will be well over $120 billion, and PFP is in a strong position to grow in that marketplace."
PFP's technology was developed by its CTO Carlos Aguayo as he was working on his doctorate at Virginia Polytechnic Institute and State University (Virginia Tech) under the guidance of Professor Jeffrey Reed, who is CEO of PFP. Together they joined serial entrepreneur Steven Chen to form the company with intellectual property (IP) licensed from Virginia Tech.
PFP CEO Jeffrey Reed said, "We are grateful to CIT for their faith in us and our company. We plan to use these funds to continue product development and engage with initial customers."
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, "While we are seeing some uptick in economic trends, seed capital continues to be difficult to find. That is why we are here to invest in entrepreneurs like Jeffery Reed and Carlos Aguayo with innovative technologies that are solving today's challenges and creating economic benefit for Virginia."
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.)
Learn more about Power Fingerprinting Inc. by visiting their website at http://www.powerfingerprinting.com, or by email: info(at)powerfingerprinting(dot)com.
About the Center for Innovative Technology, http://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. Its CAGE code is 1UP71.
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.