TLDR: Pittsburgh Tech and Entrepreneurship News Roundup
- Pittsburgh saw a drop in VC funding in Q2, with one deal dominating the investments.
- The Southwestern Pennsylvania New Economy Collaborative hired new board members to oversee federal funding initiatives.
Welcome to the latest updates from Pittsburgh’s tech and entrepreneurship scene. Here are the key highlights from the recent news:
Pittsburgh experienced a decline in VC funding in the second quarter of the year, with companies raising $74 million across 15 deals. One major deal accounted for more than a third of the total funding, signaling a significant drop from the previous quarter. With no local exits reported, local VCs are discussing the future prospects for the region.
The Southwestern Pennsylvania New Economy Collaborative announced the addition of four new board members to oversee the distribution of federal funding through the Economic Development Administration’s Build Back Better Regional Challenge. These appointments come as part of efforts to drive economic growth and innovation in the region.
In other news, Skild AI secured a significant $300 million Series A funding round, with investments from notable figures like Jeff Bezos. The company’s valuation now stands at $1.5 billion, marking a milestone in the robotics sector. Additionally, Carnegie Mellon University and Meta collaborated on developing a wearable device to enhance accessibility for individuals with disabilities, paving the way for innovative tech solutions.
Innovation Works reported an investment of over $7 million in local startups, supporting job creation and product development in the region. Duquesne Light’s new outage management system also successfully managed power disruptions during recent storms, showcasing the vital role of technology in infrastructure maintenance.
Lastly, Point Park University announced the launch of a Center for Entertainment Technology, offering a master’s degree in art, design, and tech to nurture talent in the entertainment industry. As extreme weather conditions pose challenges this summer, the National Weather Service in Moon Township remains vigilant in their efforts to ensure public safety.
