Nine Pittsburgh start-ups received venture capital funding in the last quarter of 2007 and Pittsburgh’s Innovation Works celebrated a funding milestone of its own.
Eight of the companies are Innovation Works portfolio companies. “The breadth of technologies is indicative of what we see in general,” says Terri Glueck of Innovation Works. “This paints such a great picture of what’s happening and innovative here.”
Accipter Systems, Inc. received $300,000 to developing Wi-Hy, a next generation wireless system that will eliminate network dropouts and provide a more reliable network for the military, emergency crews, surveillance and public safety personnel.
Alertek was awarded $300,000. The new technology is a University of Pittsburgh spinout and will improve safety in the mines and on construction sites by providing an audible alert at the first sign of infrastructure under stress.
Cognition Therapeutics received $200,000 to help develop small molecule therapeutics targeting the toxic proteins that cause the cognitive decline associated with Alzheimer's disease and other degenerative diseases of the human brain.
Coventina Healthcare Enterprises received $320,000 as it continues to produce a therapeutic warming system used in the research, treatment, rehabilitation and management of pain related to injury, aging and disease.
Impact Games, makers of the internationally popular game Peacemaker, has received $250,000.
Pertuity received $300,000 to develop its product, Dare to Compare, an online financial comparison tool that helps users compare their financial status, plans and strategies with others.
ShowClix received $150,000 for development of a live music search engine and online ticketing company connecting musicians, venues and show promoters with millions of live music fans. The website combines an open, live music database with an online ticketing platform, giving show promoters, musicians and venues an easy, affordable way to promote their shows and sell tickets to music fans who search for, track and share live music on the site.
The Pittsburgh Life Sciences Greenhouse has invested $100,000 in ParentPlus. ParentPlus is positioning its first product, FertPlus(R), as a way to increase the efficacy of fertility treatments and at the same time provide a lower cost alternative to expensive and highly publicized conventional treatments.
Writer: Deb Smit
Source: Terri Glueck, Innovations Works, Tim O’Brien, PLSG