A Bridgeville-based tech firm that has ties to prominent Pittsburgh entrepreneur Sunil Wadhwani has raised $13 million in funding via an equity offering, according to public SEC documents.
The document noted that "all shares have been sold, but purchase price will be paid in tranches over time" to W Health Studio Inc., which has an address listed within the multi-use office building located at 1370 Washington Pike in Bridgeville.
Wadhwani — co-founder and co-chair of Pittsburgh-based publicly traded digital services firm Mastech Digital Inc. and a co-founder of IGate Corp., which was sold to French IT services giant Cap Gemini for $4.5 billion in 2015 — is one of the listed individuals in the document, and his relationship with the company is noted as being a director.
Wadhwani did not respond to multiple requests for comment before the publication of this article, and details about how the company will use the funding are unknown publicly.
Pankaj Jethwani, who serves as an executive vice president at Boston-based and Wadhwani-affiliated W Health Ventures, is also listed on the SEC document as a "related person" with titles of director and executive officer.
Jethwani also had the title of CEO for W Health Studio affixed to the end of his name in the document's signature section.
W Health Ventures is a venture capital firm that primarily invests in upcoming health care companies. It has four offices across the globe: One in Pittsburgh and one in Boston as well as two in India, in Mumbai and Delhi. Wadhwani, who serves as president of W Health Ventures, and his family are credited as the VC firm's founders.
In an October 2022 LinkedIn post, W Health Ventures said its venture studio was looking to launch four health-tech startups throughout fiscal years 2022 and 2023, offering investments between $2 million to $3 million in size to each startup.
