Tuesday, May 14, 2013
With robotics plan, AlphaLab keeps growing
Innovation Works, a seed-stage investor and assistance program supported by the state, is coming off a year of significant growth. Its portfolio companies saw $1.5 billion in revenues, it is creating a new robotics incubator and today brings its startup accelerator AlphaLab's 10th Demo Day.
Highlights of a report on the program's 2012 fiscal year include $4.8 million that Oakland-based Innovation Works invested in 91 technology companies; $209 million in follow-on funding raised by its seed fund and accelerator companies; and the fact that 29 of those companies raised $1 million or more in additional funding outside of the program.
The report makes the case that 65 percent of venture deals in the region went to Innovation Works companies and said the program's efforts have helped to create or save 583 jobs.
That report will be discussed in full during an annual meeting to be hosted today at Strip District portfolio company 4Moms, which specializes in high-tech strollers, playpens, swings and other products for babies.
The location -- at a robotics-based technology company -- is fitting, given the recent announcement that the Innovation Works program AlphaLab is expanding its reach into that sector.
Last Tuesday, AlphaLab announced creation of AlphaLab Gear, a startup accelerator focused on entrepreneurs developing hardware, robots and other physical technologies. As in the original program, participants in AlphaLab Gear will receive mentors, educational sessions, business training and financing...Read more»
By: Deborah M. Todd / Pittsburgh Post-Gazette