The Center for Innovative Technology (CIT) today announced that CIT GAP Funds is investing in WorkProducts, Inc., a Reston, Va.- based company with a market-leading evidence lifecycle management (ELM)/litigation compliance product, the MatterSpace appliance. WorkProducts will use this capital to continue its customer and alliance partner execution, as well as to fortify its intellectual property protection.
MatterSpace already counts Global 1000 companies and AmLaw 100 law firms as customers and partners who utilize the product to manage digital assets in compliance with the recently amended Federal Rules of Civil Procedure, the rules that govern the electronic discovery disclosures of companies and their legal counsel. In a defined marketplace that spends over $4 billion annually on disparate service offerings, WorkProducts' MatterSpace appliance provides companies and their legal counsel with an automated, more defensible and more cost effective enterprise technology that greatly reduces legal spending.
"With growing market demand for MatterSpace, receiving this strategic investment from an organization such as CIT provides our customers and partners with even more confidence in WorkProducts' execution," said Steve Lilley, Founder & CEO. "Information metadata asset gathering and management through our patent-pending technology will continue to provide companies with sustainable value."
"With MatterSpace, WorkProducts significantly enhances a company's ability to protect itself through risk mitigation and cost containment," Peter Jobse, CIT president and CEO said in making the announcement. "The advanced stage and efficiency of this technology is a strong incentive for customers and partners to immediately derive value from product deployment."
CIT GAP Funds is a family of venture funds designed to bridge the gap between "family and friends" funding and early-stage equity investments for Virginia-based technology and life science companies. CIT GAP Funds invests in seed-stage firms with a high potential for successful commercialization, rapid growth and downstream private equity financing.
"Our investment in WorkProducts validates both the technology and the market opportunity," noted Tom Weithman, CIT GAP Funds managing director. "As the twenty-seventh investment of our GAP Funds, WorkProducts is certain to add to the more than $21 million in private equity leveraged thus far for new Virginia companies." -- Center for Innovative Technology
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