First of its kind, AI-powered innovation center in National Landing will support startups targeting critical national security challenges at the intersection of defense and energy
ARLINGTON, Va., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Venture capital firm Energy Innovation Capital (EIC), global digital and AI transformation consulting firm A&MPLIFY by Alvarez and Marsal, world class engineering and research university Virginia Tech, leading cloud and AI platform Amazon Web Services (AWS), and DC region real estate owner and developer JBG SMITH today announced the launch of the Virtus Innovation Center (Virtus) in National Landing (www.virtusinnovation.com).
While Washington, DC is the epicenter for energy policy and national security, there is untapped potential in the market and a lack of innovation programs that effectively bridge capital formation, incubation, and acceleration for early-stage companies. Once funding is secured, Virtus' differentiated platform aims to leverage the collective expertise of its partners to provide startup companies the physical resources, capital, and strategic support they need to develop innovative national security and energy technologies. The plan for Virtus' integrated approach includes:
- Venture Fund: The launch of an early-stage fund, in an effort to provide capital for companies pioneering emerging technologies in the focus areas of national security and energy resilience.
- Incubator: A 40,000-square-foot facility located within JBG SMITH's National Landing portfolio that includes coworking and convening space to foster collaboration between start-ups and participating partners, lab and prototyping space, and access to Sensitive Compartmented Information Facility ("SCIF”) space.
- Accelerator: Programming structured to facilitate innovation collaboration between start-ups, corporate sponsors, government agencies, and academic institutions, as well as support services, events, and grand innovation challenge thesis development.
"Over the last 20 years the team at EIC has invested in 150 industrial technology companies enabling electrification, decarbonization, AI, autonomy, and critical technology onshoring. The convergence of these sectors has created significant national security and energy resiliency innovation opportunities,” said Andrew Lackner, Managing Partner of EIC Virtus. "The Virtus Innovation Center will enable startups to leverage DC's defense and energy ecosystem to accelerate the commercialization of dual-use technologies. We look forward to collaborating with startups, corporations, federal agencies, and other investors to accelerate technologies critical to the national interest of the US.”
"We've seen the success that is possible when startups and corporations work together to find better technological solutions, and Virtus Innovation Incubator is an exciting opportunity to accomplish that in an established and global industry,” said Bob Ghafouri, Co-Founder and Managing Director at A&MPLIFY by Alvarez & Marsal. "Large, forward-thinking companies are engaging successfully with startups, looking at startups as discovery arms and co-collaborators for innovation.”
"With the increasing importance of supporting the growth and energy demand of Artificial Intelligence, the intersection of energy and defense has become a national security priority,” said Matt Kelly, JBG SMITH CEO. "As the incubator partner of the Virtus Innovation Center, we are well-positioned with our physical space near the Pentagon and AI infrastructure to collaborate and scale innovation across the startup community to create new solutions for defense and energy.”
Virtus aims to meet the heightened demand for technological advancement in energy and security, driven by various factors including: increased geopolitical activity and the evolving complexity of physical and digital threats; the multi-decade shift to lower-carbon energy; and the exponential growth of data, large language models, data centers, and widespread digitalization across sectors that has transformed how work is done.
Virtus will also directly benefit from its strategic location in National Landing, which offers a high concentration of defense-tech and adjacent industries, all of which are clustered together with immediate proximity to the Pentagon, Amazon HQ2, Virginia Tech's $1B Innovation Campus and dozens of relevant private enterprises and government agencies, including seven of the ten largest recipients of federal defense spending.
"Virginia Tech could not be more excited to collaborate with Virtus and partners to ensure cutting-edge technologies with dual-use applications including artificial intelligence, integrated communications and networking, and quantum information and sensing reach the marketplace to support the pressing needs of the nation,” said Eric Paterson, Virginia Tech National Security Institute Executive Director. "With proximity to the nation's Capital, the institute and Innovation Campus bring vast expertise, unique research facilities, and mission-oriented initiatives, which position us to assist partners in the curation of new startups that seek to solve emerging national security challenges.”
Learn more about the Virtus Innovation Center: www.virtusinnovation.com
About A&MPLIFY by Alvarez & Marsal
A&MPLIFY is the artificial intelligence and digital transformation unit of Alvarez & Marsal. We are marketers, product managers, technologists and data scientists from industry, consulting and technology with innovation studios across the US, Europe, Asia, Latin America, Australia and the Middle East. To learn more, visit www.a-mplify.com.
About Alvarez & Marsal
Founded in 1983, Alvarez & Marsal is a leading global professional services firm. Renowned for its leadership, action and results, Alvarez & Marsal provides advisory, business performance improvement and turnaround management services, delivering practical solutions to address clients' unique challenges. With a world-wide network of experienced operators, world-class consultants, former regulators and industry authorities, Alvarez & Marsal helps corporates, boards, private equity firms, law firms and government agencies drive transformation, mitigate risk and unlock value at every stage of growth. To learn more, visit AlvarezandMarsal.com.
About Energy Innovation Capital (EIC)
Energy Innovation Capital invests in companies that are developing industrial technologies transforming energy, national security, and resource intensive industries. EIC currently manages four venture capital funds with AUM of $350M, a corporate innovation partnership program, and an active portfolio of 33 companies. For more information, please visit www.energyinnovationcapital.com.
About JBG SMITH
JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC, most notably National Landing. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket's proximity to the Pentagon; and our retail and digital placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 13.1 million square feet of high-growth multifamily, office and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 9.3 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com.
About Virginia Tech
In 1987 Virginia Tech was designated an R1 institution, which is the highest designation for research universities. With locations in Blacksburg and Roanoke, Virginia, and the Washington D.C. metro area including the Innovation Campus, Virginia Tech offers approximately 280 undergraduate and graduate degree programs to more than 38,000 undergraduate, graduate, and professional students across the commonwealth. The university's research enterprise encompasses over $419 million in sponsored research expenditures in fiscal year 2023. Virginia Tech is one of six senior military colleges in the U.S., a National Security Agency Center for Academic Excellence in Cyber Defense Research, Center for Academic Excellence in Cyber Operations, and an Intelligence Community Center for Academic Excellence. One of the university's seven research institutes, the Virginia Tech National Security Institute brings together transdisciplinary researchers, programs, and resources from across the university, integrating student learning and cutting-edge research at a scale unmatched by other organizations, producing research and impacting policy related to legal and practical challenges facing national intelligence, defense, law enforcement, homeland security, and cybersecurity communities that are relevant to current questions of national security law and policy and that aid senior policymakers, key departments, and agencies.
CONTACT: Contact:
Bethany Hilt
hiltb@hiltstrategiccommunications.com