Wednesday, July 21, 2010
Pittsburgh venture capital makes a comeback in 2Q with $84.5MPittsburgh received $84.5 million in venture dollars in the second quarter of 2010, the best showing for the region since 2006 when companies pulled in $114 million.
Of the 19 companies that reported funding, eight were life sciences and the remaining a mix of software and technology companies. The figures are provided quarterly by PricewaterhouseCoopers and the National Venture Capital Association and are based on figures from Thomson Reuters.
Precision Therapeutics, the South Side developers of cell-based diagnostics for cancer therapy, topped the list with $35 million. The Cranberry-based computer chip company, Netronome Systems, raised $23 million in a round that is fueling the growth of company, which expects to double this year.
ModCloth pulled in $19.82 million just before announcing that it is relocating its headquarters to San Francisco. Company investors were First Round Capital of San Francisco and Floodgate Fund LP of Menlo Park, Calif.
Innovation Works was one of the more active investors during the quarter with 12 deals ranging from $30,000 to $380,000. The companies included: ATRP Solutions ($380,000), Appalachian Lighting Systems ($300,000), Industry Weapon ($290,000), All Facilities Energy Group ($200,000), Deeplocal ($170,000), American Roadprinting ($150,000), NeuroInterventional Therapies ($100,000), Health Monitoring Systems ($100,000), Bueda ($100,000), Foola ($50,000), Synesi ($30,000) and FastTAC (30,000).
"I think what we're seeing nationally is that venture capital is on the rebound," says Rich Lunak of IW. "Locally we saw much of the same trend. What was good is there was a balance of first time deals and smaller investments as well as larger follow on investments. Pittsburgh is generating high quality deals valued by the investment community both locally and out of town. "
Article Courtesy of Pop City