Pittsburgh companies raised more than $25 million during the first quarter of 2011, a strong showing that was spread fairly evenly among technology and life science companies.
Figures were improved compared to fourth quarter 2010 when 12 Pittsburgh companies received $8.71 million. Last year the region pulled in $7.08 million in the first quarter compared to $38.12 million in 2007.
Nationally, venture capitalists invested $5.9 billion in 736 deals in the first quarter of 2011, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association (NVCA). Deals increased 5 percent in terms of dollars, but dropped 11% in number of deals compared to fourth quarter of 2010.
The following list of first quarter investments was reported by NVCA as well as several local companies.
Snap Retail in Churchill was the top recipient, having raised $8.01 million. The firm provides digital marketing and content aggregation for independent retailers.
Certes Networks in Coraopolis raised $6.82 million. Certes designs, develops and manufactures scalable security solutions for security companies, financial institutions, health care and government agencies.
Carmell Therapeutics closed on a $3 million Series A round on April 15. The life sciences firm manufactures novel blood plasma-based biomaterials that accelerate the repair of injured tissues. The round was led by Harbor Light Capital Partners; Innovation Works and Blue Tree Allied Angels also contributed.
Cognition Therapeutics, developing promising therapy for Alzheimer’s Disease, raised $2.5 million. Other companies reporting first quarter fundraising included: Thar Pharmaceuticals, 2.29 million; ShowClix, $1.65 million; Medallion Analytics Software Company, $830,000; Blue Belt Technologies, $170,000; Thermal Therapeutics, $80,000; and Rent Jungle — $300,000 (from angel investors).
Rent Jungle also was one of several companies to receive a Webby at the 15th Annual Webby Awards.
In other money news, Panopto Inc. completed a $3.8 million equity offering this year. A CMU spinout, Panopto provides integrated audio, screen and video capture software for several markets, including the corporation, education and health care markets.
Source: NVCA
Writer: Deb Smit
For more of Pittsburgh’s latest and greatest, sign up here to receive Pop city in your inbox for free every week.