CIT GAP Funds is a venture capital firm specializing in seed-stage, early stage, growth capital and pre-venture investments. They invest in aerospace, technology, clean technology and life science companies with a focus on batteries, biosciences, medical equipment, medical testing, analyzing and diagnostic equipment, medical instruments, agricultural biotechnology, cyber security and enterprise software, semiconductors, e-commerce, security, control, surveillance and detection equipment, hydroelectric power generation, biofuels, fuel cells, electric power by solar energy, electric power by wind energy, networking equipment, and water purification. The firm primarily invests in companies headquartered, and with a desire to grow in, the Commonwealth of Virginia. It initially invests up to $0.1 million alone, or typically $0.5 million through larger syndications rounds. It also runs a 90 day accelerator programme. The firm invests 12 to 36 months in advance of a series-A venture investment. It makes equity and near equity investment. The firm may participate in subsequent financings of portfolio companies. It will finance specific technology or business development milestones that trigger a larger angel or venture capital investment. The firm will not invest in companies that have had prior outside financing in excess of $0.5 million from family, friends, and angels. CIT GAP Funds was founded in 2005 and is based at Herndon, Virginia.