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Latest in local startup funding news; Chrysalis Ventures hits $175M


In funding news, Quantum Simulations,a developer of artificial intelligence tutoring, assessment andprofessional software, has received a $500,000 research grant from theNational Science Foundation to develop the first-ever tutoring softwarefor science delivered in real-time over the Internet.

RE2,a leading developer of robotics unmanned systems technologies, receiveda $730,000 contract grant from the U.S. Army to develop a prototyperobotic nursing assistant that can work alongside healthcare workers inbusy hospitals. RE2 also received $100,000 from the U.S. Navy todevelop route planning technology that calculates the safest waythrough a post-combat or urban area.

And Chrysalis Ventures,a source of equity capital for startups in the Midwest and South, hasclosed on a fourth investment fund that now totals $175 million.Chrysalis, which opened an office in Pittsburgh this year, investsprimarily in healthcare services and technology, media communicationsand emerging trends.

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Source: Al Renshaw, Quantum Simulations, Jessica Pedersen, RE2
Writer: Deb Smit, Innovation News Editor for Pop City, our Pittsburgh-based sister publication

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