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Pittsburgh Inno – Pittsburgh tech startups collectively raise $103.8 million during second quarter

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October 18-20, 2023 / Tucson, AZ
The annual summit for research institution gap fund and accelerator programs, including proof of concept programs, startup accelerators, and university venture funds

The Story

During the second quarter of 2022, 19 Pittsburgh tech companies raised a combined $103.8 million from venture capitalists, economic development entities, corporate investors and high-net-worth individuals.

It handily topped the second-quarter dollars in 2021 and 2020, but was also the lowest three-month tally in a year, according to data from the PitchBook-NVCA Venture Monitor. The quarterly report by Seattle-based PitchBook and the National Venture Capital Association was released on Thursday.

Recipients spanned a variety of industry sectors, and the quarter was not distorted by a massive raise by a single company.

The three largest local transactions were relatively modest. PitchBook listed those as IRALOGIX, $14 million; Gridwise, $13 million; and OtterTune, $12 million.

IRALOGIX confirmed a $22 million Series C funding round on July 13, a mix of venture capital and debt. The fintech firm’s paperless white-labeled recordkeeping services enable customers to easily customize their IRA offerings.

Gridwise announced on May 26 that it had closed a $12.7 million Series A round led by Crosslink Capital Inc. Gridwise, founded in 2017, is the maker of the GridWise: Gig-Driver Assistant app for Uber, Lyft and other contract workers.

OtterTune on May 10 said it raised $12 million in a Series A funding round led by Intel Capital and Race Capital. The Carnegie Mellon University spinout is a database automation and optimization platform that observes runtime metrics and then carries out machine learning to recommend and deploy configuration settings, improving performance, uptime and efficiency.

Full Source: Pittsburgh Inno – Pittsburgh tech startups collectively raise $103.8 million during second quarter

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