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Herndon-Based CIT Invests in Blacksburg-Based Fitnet

09/16/2013
The Herndon-based Center for Innovative Technology (CIT) said on Tuesday it has invested in Blacksburg-based Fitnet, developer of a virtual fitness studio app. Financial terms of the deal were not disclosed. Co-founder Bob Summers said the investment will help his company develop a new iPad app. Fitnet, which offers free ad-supported memberships or premium subscriptions for $5 a month, is the developer of an app that offers weekly video workouts in areas such as yoga, karate, Pilates and kickboxing. The app uses computer vision technology to compare the movements of users with those of the trainer, then offers real-time feedback. The investment came from CIT's GAP Funds, which make seed-stage equity investments in Virginia-based technology, clean tech and life sciences companies.

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