CIT GAP Funds Invests in Floorwire to Give Commercial Owners Control of Architectural Data

Richmond, VA, April 07, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Virginia-based Floorwire, developer of a platform that provides commercial owners with control of their architectural data. By transforming inefficient and time-consuming workflows around storing and organizing data, Floorwire’s cloud-based solution addresses the needs of commercial landlords, architects and brokers. The startup will use this investment to enhance its technology and support its continued growth.

Today’s real estate professionals are currently using legacy and clunky solutions to manage floor plans, creating an inability to organize, share, view, access and analyze these plans in an efficient manner. As a result, multiple problems can arise, such as slow deal velocity, data ownership issues, inaccuracies found in the data, and a significant amount of unnecessary and recurring costs. Floorwire is solving these challenges by using a single, cloud-based solution to interpret and organize all the various types of commercial floor plans and building measurement data.

“Erik and I started Floorwire to make organizing and collaborating on floor plans easier for landlords, architects and brokers. We are empowering companies to organize, secure, and share all their commercial floor plans, CADs, and measurement data all in one place,” said Greg Carpentier, CEO and Co-Founder of Floorwire. “Our platform creates a marketplace of rich data, accessible by any device from anywhere in the world. We thank CIT GAP Funds for their support, whose investment is helping us continue to grow and market our products.”

Floorwire allows users to upload architectural data, create content libraries, access content files, and view and download content on any device. The startup centralizes user information on the cloud, allowing for better security of architectural data, and empowering users, their clients, and service providers to share the info more efficiently. Floorwire’s pricing model includes a monthly fee for landlords based on the size of the commercial asset, and architects based on a license fee per user.

“Not everyone has the right tools to view CAD files or interact with architectural plans and data. With an ability to connect across a diverse set of asset management platforms and enable automation that’s not currently available on the market, Floorwire provides tools anywhere, anytime,” said Jen O’Daniel, Investment Director, CIT GAP Funds. “Floorwire is quickly growing and ready to make a splash in the commercial real estate industry. We look forward to following their journey as they continue to grow.”

About Floorwire
Floorwire is working to help commercial landlords, architects, and brokers who currently use legacy and clunky solutions to manage floor plans. The inability to organize, share view, and access these plans in one, cloud-based environment can cause many problems, that Floorwire is trying to change. Floorwire is a single, cloud-based solution that interprets and organizes commercial floor plans and building measurement data. The ability to share and download the original and PDF versions of these files empowers any user to proactively manage their spaces in real time, from any device, anywhere in the world. For more information, please visit https://www.floorwire.io/. 

About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, cleantech, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, CIT GAP Funds has deployed $32.4 million in capital across more than 240 portfolio companies, including 17 companies in designated Opportunity Zones. 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, 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.cit.org/gap.

About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high-paying jobs, and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives throughout Virginia. Programs include | CIT GAP Funds | Commonwealth Commercialization Fund (CCF) | Virginia Founders Fund | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | Virginia Research Investment Fund (VRIF) | Regional Innovation Fund (RIF) | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.