News: Portfolio 2008

Fastest Growing Regions for Venture Capital Investment Lie Outside Silicon Valley

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Pittsburgh at a Glance: 2007 Venture Investment

 

Once a region that relied primarily on traditional industries such as steel, Pittsburgh has the opportunity to further develop its innovation economy through venture capital investment. Like many regions, Pittsburgh saw substantial increases in venture capital investment during the technology bubble, but has since been building sustainable growth in the area of life sciences and other scalable sectors.

 

According to Dean Miller, managing director at Novitas Capital, “We have completed six early stage investments in Pittsburgh in just the last three years across life sciences, clean technology and software. Several of these investments are based on technology spun-out of the local universities and medical centers. The academic

 

and clinical powerhouses of the University of Pittsburgh ("PITT"), the University of Pittsburgh Medical Center ("UPMC") and Carnegie Mellon University ("CMU") produce significant amounts of primarily government-funded technology across multiple disciplines. CMU is a world leader in Computer Science and Robotics; UPMC is ranked nationally as one of the top medical centers in a host of clinical areas such as transplantation oncology and CNS; and PITT's research spans both biomedical and engineering fields in medical devices and drugs. Most importantly, these three entities work extremely well together and all serve as value-added partners for our companies."

 

Top industries: Life Sciences, Software, Clean Technology
Most Active Investors: Innovation Works, Draper Triangle, Pittsburgh Life Sciences Greenhouse, Novitas Capital
Stage of Investment: 66 percent of the companies are Seed/Early stage
Largest Investments: Millennium Pharmacy, Logical Therapeutics, BPL Global

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