RIVANNA, a medical technology company is going to expand its facility in Albemarle County. Additionally, the expansion will also create some new jobs.
$260,000 Investment by RIVANNA
RIVANNA is an imaging based medical solutions developer organization operating in Albemarle County. They are planning to invest $260,000 to expand and renovate their existing facility. This was announced by Governor Ralph Northam a couple of weeks back. The medical tech company have witnessed rapid development in their sales. In addition, they have also formulated new strategic partnerships with multi-national biotechnology leaders and organizations. The company is expecting to create ta least 18 new jobs in the county through this investment and expansion.
Future Investment Prospects
The company release says that RIVANNA received several other federal grants and contracts. They include one from the Biomedical Advanced Research and Development Authority. The company will use this grant for designing and developing a computer-aided 3-D fracture detection and diagnosis product called Accuro XV. RIVANNA will receive $11.6 million in funding over the 24 months. Hence, the company may secure more funding to support further development up to $65 million.
“RIVANNA’s expansion in Albemarle County demonstrates the infrastructure, resources, and talent available in Virginia for medical-technology developers,” said Northam. “We look forward to seeing this home-grown company’s far-reaching impact. Medical innovation like this will advance the medical field in Virginia and beyond.”
Virginia Jobs Investment Program
Virginia managed to secure this investment over North Carolina. North Carolina was also competing to bring RIVANNA’s investment. The investment is a part Virginia Jobs Investment Program. Moreover, The Virginia Economic Development Partnership worked with Albemarle County and the Central Virginia Partnership to get this project for Virginia. In addition, the investment is likely to support the expected job creation through the Virginia Jobs Investment Program.
“RIVANNA is a homegrown business demonstrating very clearly the value of the University of Virginia and its alumni to Virginia and the Charlottesville area. “This investment will invigorate the local economy, and the new jobs will further diversify our workforce. Thanks to the Virginia Economic Development Partnership, Albemarle County, and Governor Northam and his staff for working together to bring to fruition this important investment in bioscience jobs”. Senator Creigh Deeds came up with his views on the expansion.
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