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Innovation & Startups

Pittsburgh companies raise $34.6 million first quarter 2012

Pittsburgh companies raised $34.65 million in the first quarter 2012 spread among 22 companies, a strong showing for the region. 
 
By comparison, nine local companies raised $22.36 million during the first quarter of 2011 and 12 raised 28.69 million in the first quarter of 2010. The last time more than 22 local companies received funding was 2Q 2009 when 24 companies received $24.85 million.
 
Deals were spread across several industries. Eight medical device and equipment companies received funding, followed by software and IT with eight. The remaining deals were spread evenly among life sciences, media, electronics, robotics and financial service companies.
 
The top deal of the first quarter was $8.5 million raised by Redzone Robotics, funded by Smith Equity Associates, FourWinds Capital Management.
 
Other deals included:
 
Cereve Inc., $7 million, a Pitt spinoff that is developing a cerebral thermal therapy for potential use for insomnia and sleep disorders.
 
Certes Networks Inc., $5.54 million, funded by Adams Capital Management Inc. and NextStage Capital. Formerly Cipher Optics, Certes Networks specializes in network encryption technology. 
 
Carnegie Speech, $2.73 million, developers of spoken language assessment and training software.
 
BodyMedia, $2.73 million to advance its health and wellness armband monitor system.
 
Voci Technologies, $2.41 million through BlueTree Allied Angels, Capital Advisors Elmhurst Group. Voci develops speech-to-text solutions for enterprise applications.
 
Metis Secure Solutions, $1.58 million. Metis designs in-building security notification systems.
 
ALung Technologies, $1.19 million, maker of advanced respiratory products. ALung was funded by Birchmere Ventures and Eagle Ventures. 
 
Applied Isotope Technologies, $1.1 million, creators of tools, products and services for environmental, biological and industrial analyses.
 
Innovation Works funded six companies for a total of $180,000 in the first quarter: Hub19, InsuranceZebra, RoommateFit, WonDay, Accel Diagnositics, ActivAided Orthotics and Headright Games.
 
Cognition Therapeutics, on the forefront of Alzheimer's Research, raised $30,000 from PLSG.
 
Pop City uses figures provided quarterly by the MoneyTree Report by PricewaterhouseCoopers and the National Venture Capital Association, based on data supplied by Thomson Reuters.
 
Writer: Deb Smit
Source: NVCA
 
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