|By PR Newswire||
|March 20, 2014 06:00 AM EDT||
PITTSBURGH, MARCH 20, 2014 /PRNewswire/ -- According to the second annual review by Ernst & Young and Innovation Works on regional investment activity, Pittsburgh technology companies continue to outpace national averages in the amount of venture dollars invested in regional companies. In addition, the diversity of industries raising capital, an improving climate for regional venture funds, and the growing number of successful company exits spell continuing strength for the region's technology companies. The full report can be found at Building Momentum: Investing in Pittsburgh's technology sector. Rich Lunak, President & CEO of innovation Works, and Lynette Horrell, Managing Partner of Pittsburgh's office of Ernst & Young, will discuss the report at a meeting of the Pittsburgh Venture Capital Association (PVCA) on March 20.
Highlights of the report:
- In 2013, Pittsburgh attracted over $338 million in venture, angel, strategic partnership and other sources of capital to finance 148 deals
- Between 2009 and 2013, 34 exits occurred among Pittsburgh technology companies. These exits are valued at more than $3 billion.
- More than 120 venture firms from around the country fuel our local companies.
- Pittsburgh ranks 3rd in the number of venture deals per capita compared to similar regions and those that are more active technology hubs.
- Pittsburgh has a diverse pool of industries attracting capital. Over the past five years, funding has gone to 249 companies, with the bulk going to these broad sectors:
- 57% of funded companies are categorized as information technology (enterprise & consumer software, electronics, robotics, telecom & IT infrastructure)
- 25% of companies receiving funding were categorized life sciences/healthcare (medical devices, healthcare IT, biotechnology/drug development, healthcare services)
- Though most venture capital for local deals comes from investors outside the region, the supply of indigenous venture capital is modestly improving.
- The combined research budgets at our world-class universities are an unparalleled resource. Their increasing activities to license, spin-off and commercialize technologies are creating a steady flow of strong, new companies and top-tier talent.
"When we look at the full investment picture of our region, we see a robust region that is gaining momentum over the past five years in terms of seed-stage investment, exits and the diversity of sectors being funded," said Lynette Horrell, Managing Partner, Pittsburgh Office, Ernst & Young LLP. "The fact that growth is occurring on multiple fronts is encouraging. There are also areas that have even greater potential to tap, such as our world-class research universities which are spinning out technologies and companies at an increasing pace, which makes Pittsburgh poised for even greater investment," Ms. Horrell continued.
Rich Lunak, President & CEO of Innovation Works, one of the nation's most active seed-stage investors, said, "When we benchmark Pittsburgh against the kinds of communities we look up to, we are making great strides to reach the high levels of entrepreneurial activity we want to foster. Per capita, Pittsburgh is third for venture deals among similar and 'aspirational' regions." Mr. Lunak continued, "This shows that our great companies are able to attract the capital they need to grow and the roster of investors in our local companies is a Who's Who of top investment firms from across the country."
For the full "Building Momentum" report from Ernst & Young and Innovation Works, go to: http://www.innovationworks.org/Portals/1/documents/Building momentum.pdf
About Ernst & Young:
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit ey.com.
About Innovation Works:
Innovation Works invests in and provides business assistance for high-potential seed- and early-stage technology companies in the Pittsburgh region. Part of the Ben Franklin Technology Partner network which pioneered technology-based economic development, Innovation Works is the single largest investor in seed-stage companies in the Pittsburgh region and is in the top ten most active seed- and early-stage investors in the country (according to national rankings). Innovation Works is an initiative of the PA Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. www.innovationworks.org
SOURCE Innovation Works, Inc.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Thi...
Apr. 25, 2015 05:00 AM EDT Reads: 2,005
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular In...
Apr. 25, 2015 04:45 AM EDT Reads: 2,014
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud....
Apr. 25, 2015 04:30 AM EDT Reads: 2,092
SYS-CON Events announced today that FierceDevOps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. FierceDevOps keeps software developers and IT operations personnel updated on the latest news and trends around the rapidly evolving role of the traditional IT worker.
Apr. 25, 2015 04:15 AM EDT Reads: 2,117
BroadSoft on Tuesday announced that it is a recipient of the 2014 Frost & Sullivan Market Leadership Award in the Hosted/Cloud Internet Protocol (IP) Telephony market for Latin America. According to Frost & Sullivan market research, the Latin America (LATAM) hosted/cloud Internet Protocol (IP) telephony market, including integrated unified communications and collaboration (UC&C) applications, is currently experiencing a rapid growth trajectory and is expected to exhibit a tenfold rise in annual...
Apr. 25, 2015 04:00 AM EDT Reads: 2,348
SYS-CON Events announced today that StorPool Storage will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. StorPool is distributed storage software that allows service providers, enterprises and other cloud builders to run data storage on standard x86 servers, instead of using expensive and inefficient storage arrays (SAN).
Apr. 25, 2015 04:00 AM EDT Reads: 2,220
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provide...
Apr. 25, 2015 04:00 AM EDT Reads: 1,342
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
Apr. 25, 2015 03:45 AM EDT Reads: 2,284
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
Apr. 25, 2015 03:45 AM EDT Reads: 1,913
SYS-CON Events announced today that IndependenceIT, a leading software provider of simplified IT management solutions for workspaces, applications and desktops-as-a-service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IndependenceIT's Cloud Workspace® Suite combines application, end-user and infrastructure management into a seamless, easy-to-manage platform, with a unified management interface an...
Apr. 25, 2015 03:15 AM EDT Reads: 2,837
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabili...
Apr. 25, 2015 03:15 AM EDT Reads: 1,884
SOASTA, the leader in performance analytics, today reported record growth of the CloudTest community, exceeding 30,000 registered users of the CloudTest platform in Q1 2015. SOASTA also announced widespread adoption of its Web and mobile testing solutions, with more than 1,600 customers completing more than 285,000 tests using CloudTest during the quarter. This rapid growth shows that DevOps-driven digital businesses are embracing a more continuous approach to testing, and CloudTest is meeting t...
Apr. 25, 2015 03:00 AM EDT Reads: 1,552
SYS-CON Events announced today that that Innodisk, the service-driven provider of industrial embedded flash and DRAM storage products and technologies, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies. With satisfied customers across the embedded, aerospace and defense, cloud storage markets an...
Apr. 25, 2015 03:00 AM EDT Reads: 2,913
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communication...
Apr. 25, 2015 02:45 AM EDT Reads: 2,198
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Apr. 25, 2015 02:45 AM EDT Reads: 1,990