Richmond, VA, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds, the direct investment program of the Virginia Innovation Partnership Authority (VIPA) Investment Division, has invested in King George, Va.-based Impruvon with offices in Manassas, VA. Impruvon is a platform designed to simplify, protect, automate and revolutionize medication management for both staff and residents in long term care. Impruvon will use this funding to expand their marketing efforts to increase awareness and expand its customer base.
The U.S. Food and Drug Administration (FDA) receives more than 100,000 U.S. reports each year associated with a suspected medication error. In addition to medication errors, common problems include theft or misuse of medication doses, and general lack of medication compliance such as missed doses. Impruvon Health is on a mission to improve the health of individuals with difficult to maintain medication regimens, living at home or in long term care environments, as well as the lives of those supporting them. The Impruvon Health Platform automates medication management by eliminating manual storage and administration processes such as record keeping, while aiding independence and security for the individual prescribed.
“Having experienced the detrimental impacts that medication errors can have on individuals and their families first hand, our team has a unique understanding of our customers. At Impruvon, we understand the importance of having one easily accessible place for all your medication data, and have the tools to make that experience possible,” said Justin Amoyal, CEO and Co-Founder of Impruvon. “We look forward to expanding our brand and getting our technology platform out there to a wider user base. We are thrilled to have the support of CIT GAP Funds and look forward to our next phase of growth.”
Impruvon provides real-time awareness of medication data tailored to a targeted group of individuals - such as neurodiverse individuals, those undergoing recovery from addiction, and veterans - to ensure the right medication is in the hands of the right people and the data is protected and accessible in real-time.
Mike Mazzocco, COO and Co-Founder of Impruvon, added, “The Impruvon Health platform makes medication compliance achievable by providing smart capabilities, dispensing the right medications in the right amounts to the right people, and providing personalized recommendations and education on how to improve users’ health as well as independence. Regardless of the living environment or diagnosis, medication management is simplified.”
“Healthcare is an industry where accuracy is extremely important, and there are far too many instances of inaccuracy and mismanagement. Impruvon has a motivated and talented team building a platform that ensures smart medication management for long term care, and has a great opportunity to address this issue in the medical industry,” said Tom Weithman, Managing Director, CIT GAP Funds. “The team has already conducted over 500 customer discovery interviews informing their product. Having a distinctly unique understanding of their customers has led to the team signing multiple pilot testing agreements. CIT looks forward to following Impruvon as they continue to grow and make a positive impact on the lives of both patients and caregivers.”
About Impruvon
Impruvon is not just a medication dispenser, it is a platform designed to simplify, protect, automate, and educate staff and residents in long term care. The Impruvon platform automates medication management by eliminating the manual processes and errors associated with current storage and administration processes, and aiding the monitoring and independence of the prescribed individual. For more information, please visit: https://impruvonhealth.com/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean energy, 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' investment decisions are guided by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise 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 https://www.cit.org/gap-investment-funds.html.
About the Virginia Innovation Partnership Authority (VIPA)
The Virginia Innovation Partnership Authority (VIPA) was established in 2020 to support the life cycle of innovation, from translational research; to entrepreneurship; to pre-seed and seed-stage funding, as well as acceleration, growth, and commercialization, resulting in the creation of new jobs and company formation. The Authority provides a collaborative, consistent, and consolidated approach that will assist the Commonwealth in identifying its entrepreneurial strengths, including the identification of talents and resources that make the Commonwealth a unique place to grow and attract technology-based businesses. The VIPA, with CIT as its operating arm, brings together components of existing and new program activities in an approach through which the whole is greater than the sum of the individual programs. VIPA's design includes governance and management capabilities to ensure that programs generate transformative and measurable results. For more information, please visit www.cit.org/vipa.
About the Center for Innovative Technology (CIT)
Investing in Virginia's Growth | CIT, the not-for-profit operations arm of VIPA, accelerates next-generation technologies and technology companies through commercialization, capital formation, and market development initiatives. Programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | 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) | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.cit.org. You can also follow CIT on Twitter, LinkedIn, and Facebook.
