Money Moves is a column that rounds up tech company funding, mergers and other funding news from across the region on the third Wednesday of every month. Have a tip? Email us at pittsburgh@technical.ly.
Venture capital investment is on the decline, but Pittsburgh startups are finding funding in new places.
Thanks to an anonymous donation, AlphaLab Health has launched a new permanent fund for life sciences startups, other companies like Govenda and MiCore have been acquired, Swan NeuroTech received a $20,000 prize, and the merger between U.S. Steel and Nippon Steel is moving forward.
For more information on the latest local funding trends, check out the chart below for our monthly look at the state of the local tech job market.
AlphaLab Health Raises $10 Million for Evergreen Fund
Life Sciences Accelerator AlphaLab Health Received a $10 million grant The funds, donated by an anonymous donor, will go towards creating a Health Revolving Investment Fund, a permanent, self-sustaining source of income that can support start-up businesses in the region.
The accelerator program was originally developed by Innovation Works and Allegheny Health Network in 2020. Its fourth class graduated in March, and with the recent donation, Alpha Lab Health expects to be able to invest in more than 60 startups over the next 10 years.
“This grant will benefit not only the companies involved in AlphaLab Health, but the entire region,” said Jeffrey Cohen, AHN’s chief physical executive for community health and innovation. “The economic impact will multiply as these startups continue to grow, thrive and create new medical technologies.”
Acquired by local software startup Govenda
Management and collaboration software startup Gobenda is and Indianapolis-based OnBoard. Both companies help boards of directors and other leadership committees orchestrate decision-making and compliance.
The companies did not disclose financial terms of the transaction.
Pittsburgh-based Govenda has about 600 customers and 25 employees, all of whom will join OnBoard as part of the acquisition.
Pittsburgh-based Swan Neurotech receives $20,000
Swan Neurotech, a biotech startup specializing in nerve repair, took first place Delaware Pitch ContestThe top winner received $20,000 in prize money and marketing consulting. Startup302 awarded $170,000 in grants across each category, primarily to Delaware-based companies.
The University of Pittsburgh spinout company rebranded earlier this year as it works toward final preclinical trials.
Capital growth company LifeX acquires Swan NeuroTech Commercialization Program The companies teamed up last month to bring their technology to patients.
Datastrike Acquires MiCore Solutions
DataStrike, a Warrendale-based data company, Acquires local cloud management company Micore The price is not disclosed.
The combined company now manages more than 200 clients in North America and functions as a database infrastructure services provider.
“I think the real message for Pittsburgh is, we’re back and we’re stronger than ever,” the DataStrike CEO said. Buddy Fuller said The Pittsburgh Business Times stated, “We aim to go even higher than ever in terms of security, service levels, dedication and customer satisfaction.”
More money moving:
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