Innovation Works Invests Over $7 Million in Local Startups in 2023, Driving Job Creation and Economic Growth
07.09.24
More than 3,000 jobs were created or retained across 153 companies, cementing Southwestern Pennsylvania as one of the nation’s prominent tech hubs
PITTSBURGH — July 9, 2024 — Innovation Works, one of the most active early-stage investors in the country, invested $7.38 million in 60 local tech companies in 2023. This represented a 50% increase in aggregate funding over the prior year. This funding supported the creation of 1,154 new jobs and the retention of 1,945 existing jobs in the region.
Innovation Works provided funding and resources to startups in the Pittsburgh region last year through its accelerator programs, seed fund, and other initiatives. Its portfolio of companies earned over $851 million in revenue in 2023 and raised an additional $116 million in follow-on funding from other sources.
“Our team is committed to investing in promising companies and working closely with founders to help them succeed,” said Ven Raju, President and CEO at Innovation Works. “The follow-on funding in 2023 represents a 16x leverage multiple on Innovation Works’ investment, and reaffirms our role in catalyzing private sector funding.”
One of Innovation Works’ strong-performing portfolio companies in 2023 is BlastPoint, which raised $8.91M last year and more than tripled its employee headcount. CellX Technologies also closed over $6M in seed-stage funding and entered into a strategic collaboration with a clinic-stage BioPharma company to develop a platform to support autonomous manufacturing for clinical trials
Other key metrics from Innovation Works’ 2023 investments include:
- 73 new products commercialized
- 47 patents and software copyrights awarded
Innovation Works continues to play a vital role in growing the tech economy in Southwestern Pennsylvania. For more details, read the full 2023 community impact report.
About Innovation Works
Innovation Works (IW) is one of the most active early-stage investors in the country and the most active early-stage investor in the State of Pennsylvania. To date, IW has financially supported over 761 companies that have gone on to raise $3.3 billion in follow-on funding. IW portfolio companies have generated and retained over 20,000 jobs in the State of Pennsylvania. IW is part of the Ben Franklin Technology Partner Network (BFTP). Over the last 30 years, the BFTP has catalyzed economic growth by providing access to capital and networks that help to foster innovation and technology-based economic development in Pennsylvania.
CONTACT
Jane Joseph
Innovation Works
412-722-8474
Lexie Capperella
Gregory FCA for Innovation Works