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
