Pittsburgh-based tech startups saw another impressive quarter of venture capital investment during the last three months of 2022 and once again bucked the national trend, which continues to see a slowdown in deal flow volume and quantity.
According to data from the PitchBook-NVCA Venture Monitor, 17 local startups saw a combined $224.65 million in new funding between October and December of last year. That's up some 30% from the combined $171 million raised in the prior quarter. It brought the year's total funding amount raised by local startups to more than $663 million.
Nationally, VCs pumped $36.2 billion into 2,935 startups during the most recent quarter, which marks the lowest dollar amount since the end of 2019. These firms invested $49 billion during Q3 2022.
Here are the top venture capital deals scored by companies in the Greater Pittsburgh area last quarter, according to Pitchbook:
- RoadRunner Recycling Inc. — $90 million*
- Watt Fuel Cell — $82 million*
- Maitri Medicinals — $18 million
- Innovu Inc. — $16 million
- Honeycomb Credit Inc. — $7 million
- Erin Technologies Inc. — $5 million
- Liquid X — $1 million
- Pittsburgh Knights — $1 million
- HEARTio — $1 million
- Resilient Lifescience — $1 million
*These numbers are known to include prior announced funding raises and are not indicative of the total amount raised during the prior quarter alone.
