Investment deal flow for Pittsburgh area startups is on the rise following the worst quarter for such activity in at least a decade.
That's according to an analysis of data from the PitchBook-National Venture Capital Association Venture Monitor, which released its latest report on Thursday of tech investment across the country in addition to city-by-city and regional breakouts.
About two dozen local startups received at least $77 million in funding during the past quarter, up more than four times the $15.9 million amount that Pittsburgh startups pulled in during Q1 of this year.
However, neither the first nor the second quarter of this year reached the level of investment that was seen in any quarter since Q4 2021. Every quarter since then has resulted in at least $157 million going to local startups, likely indicating that investment dollars for local startups are still on the recovery to levels that have been seen over the past few years.
Per PitchBook, these local tech firms received the largest investments over the past quarter:
- ECM Therapeutics: $21 million
- Optimus Technologies: $17.8 million
- Infectious Disease Connect: $7.4 million
- CytoAgents: $7 million
- Thoro.ai: $7 million
- Abridge AI: $6.4 million
- BlastPoint: $5.3 million
- Edge AI Solutions: $3.9 million
