PITTSBURGH — Nov. 12, 2024 — High production costs, the need for specialized manufacturing partnerships, and the complexity of producing a product at scale can be challenging. Innovation Works, one of the most active seed-stage investors in the country, has opened applications for its Scalable Grant Program to help founders overcome these barriers. The program offers up to $25,000 reimbursement for hardware startup companies collaborating with Pennsylvania-based manufacturers and suppliers. 

Founders can apply for funding to help them with prototype design and production. Scalable serves as a hub to connect forward-thinking manufacturers that want to help local startups succeed and drive economic growth throughout Southwestern Pennsylvania. 

“Taking your product to the next level with an outside manufacturer is a significant milestone and our team has helped connect over 50 entrepreneurs with hundreds of needed local manufacturing resources,” said Matt Verlinich, Senior Manufacturing Program Manager at Innovation Works. “Over the years, this program has strengthened the hardware ecosystem in Southwestern Pennsylvania, with more than 600 local manufacturers and 220 entrepreneurs represented in Scalable’s network.”

Beyond funding, Scalable provides expert guidance to ensure hardware companies are set up for success. Entrepreneurs can benefit from face-to-face meetings with manufacturers, a front-row seat when their first piece comes off the production line, and critical support during product development and prototyping. By fostering local production, Scalable empowers innovators to stay close to the action and make an economic impact for the region together.

“The support from the Scalable Grant enabled us to source and build our initial production systems and deploy them to our first trial customers, laying the groundwork for our continued growth,” said Doug Descalzi, Founder of Thiopoly, which recently received funds from the Grant.

Applicants are encouraged to act promptly as grant availability is limited and highly competitive. Applications will be accepted until Feb. 1, 2025. Learn more about eligibility and apply for the Scalable Grant Program.

About Innovation Works

Innovation Works is one of the most active early-stage investors in the country and the most active in Pennsylvania. Since its inception of the seed fund in 1999, Innovation Works has invested in over 760 companies that have gone on to raise $3.3 billion in follow-on funding. Portfolio companies have generated and retained over 20,000 jobs in Pennsylvania. Innovation Works is part of the Ben Franklin Technology Partners network, which has catalyzed economic growth over the last 30 years by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

Contact

Lexie Capperella

Gregory FCA on behalf of Innovation Works

lexie@gregoryfca.com

The post Applications Now Open for Innovation Works’ Scalable Funds first appeared on Innovation Works.

The post Applications Now Open for Innovation Works’ Scalable Funds appeared first on Innovation Works.

PITTSBURGH — Sept. 03, 2024 — For the seventh consecutive year, Pittsburgh will host the largest forum showcasing promising AI and robotics startups in the country. The 2024 AI & Robotics Venture Fair will be held Sept. 26 at 10 a.m. EDT at Carnegie Mellon University’s Swartz Center for Entrepreneurship.

A selection committee of technical and investment experts from CMU, Innovation Works, and the greater robotics and AI communities has chosen 18 companies to participate. Investors will also have the opportunity to meet with founders both formally and informally.

Rockfish Data, CapSen Robotics, Aquatonomy, Shelfmark,  , Fluid Reality, BlastPoint, Velo AI, Humotech, Moss Robotics, X-Hab 3D, CellX Technologies, Beyond Reach Labs, Sitewiz, AdSkate, Thiopoly, Journey Robotics, and FlowCellutions will participate in the event.

“In 2023, Pittsburgh ranked in the top 10 regions for AI, machine learning, and autonomous vehicle venture deals invested per capita,” said Ven Raju, President and CEO at Innovation Works. “This event provides an opportunity for companies and investors from across the county to leverage this well-established regional cluster. Over the past six years, startups emerging from the AI & Robotics Venture Fair have raised $884 million across 531 deals.”

Companies such as BlastPoint, Roadbotics, and PredxBio (formerly SpintellX) have shaped the future of the industry and attracted investors to Pittsburgh’s rich startup ecosystem.

“Pittsburgh’s rich history of innovation and its community of researchers and entrepreneurs create the ideal setting for the AI & Robotics Venture Fair,” said Dave Mawhinney, Founding Executive Director of the Carnegie Mellon Swartz Center for Entrepreneurship. “This event introduces groundbreaking advancements but also reinforces our city’s role as a leader in AI and robotics. Our collaboration with Innovation Works underscores our commitment to fostering an ecosystem where technological potential meets entrepreneurial spirit.”

This year’s Venture Fair will be held in tandem with CMU’s VentureBridge event on Sept. 25.

Learn more about the AI & Robotics Venture Fair.

About Innovation Works

Innovation Works (IW) is one of the most active early-stage investors in the country and the most active early-stage investor in the State of Pennsylvania. To date, IW has financially supported over 761 companies that have gone on to raise $3.3 billion in follow-on funding. IW portfolio companies have generated and retained over 20,000 jobs in the State of Pennsylvania. IW is part of the Ben Franklin Technology Partner Network (BFTP). Over the last 30 years, the BFTP has catalyzed economic growth by providing access to capital and networks that help to foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

About Carnegie Mellon University Swartz Center for Entrepreneurship

The Swartz Center for Entrepreneurship works with its partners to serve the entire CMU community — departments, colleges, centers and campuses — to accelerate bringing research innovations and promising ideas to the global marketplace and helping all entrepreneurial students, faculty, staff and alumni tap into the “innovation ecosystem. Learn more at cmu.edu/swartz-center-for-entrepreneurship.

Contact

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

The post 18 Companies to Join 7th Annual AI & Robotics Venture Fair in Pittsburgh first appeared on Innovation Works.

The post 18 Companies to Join 7th Annual AI & Robotics Venture Fair in Pittsburgh appeared first on Innovation Works.

Both six-month programs include up to a $100,000 investment and curriculua designed to help founders develop customer acquisition strategies and prepare for the next phase of fundraising. Participants gain access to a network of mentors including experienced founders, and 12 months of office space at the Innovation Works Lawrenceville location. AlphaLab Gear members will also access manufacturing workshops and the Robotics Factory Scale prototyping facility. Companies leave these programs with a clear growth plan, continued support to reach their next milestones, and may qualify for further capital from the Innovation Works Seed Fund. 

Pittsburgh has become a nucleus for technology talent, particularly in developing software and hardware. According to the 12th annual review of Pittsburgh’s tech investment landscape, over 130 unique Pittsburgh companies attracted $3.12 billion in investments in 2023.

“AlphaLab and AlphaLab Gear are among the nation’s top startup accelerators, and we’re excited to continue that legacy with this year’s class of local startups aiming to make significant market impacts,” said Aaron Tainter, Director of Accelerator Programs at Innovation Works. “Our team is driven to mentor this new cohort of founders, ensuring their success and reinforcing our region’s reputation as a hub for cutting-edge tech talent.” 

AlphaLab accelerator programs have invested in more than 300 companies, resulting in nearly $1.3 billion in follow-on funding, more than 20 exits, and two unicorns: The Zebra, the nation’s leading auto insurance search engine, and TrialSpark, a tech-driven drug developer that has since rebranded as Formation Bio.

Application windows for both programs will be open until Oct. 15. Founders can apply to AlphaLab here and AlphaLab Gear here.

About AlphaLab

AlphaLab helps startups reach their next stage of growth. Established by Innovation Works in 2008 as its first accelerator, the six-month program includes above-average capital investments and customized guidance from Innovation Works’ staff of entrepreneurs.  Since its inception, AlphaLab has invested in more than 150 companies, including $700 million in follow-on funding. It has navigated 15 exits and helped produce two unicorns. Learn more at alphalab.org.

About AlphaLab Gear

AlphaLab Gear helps hardware startups refine their products, strengthen their supply chain, and go to market. Established by Innovation Works in 2013 as one of the first three hardware accelerators in the world, the six-month program includes above-average capital investments and customized guidance from Innovation Works’ staff of entrepreneurs. Since its inception, AlphaLab Gear has invested in more than 50 companies, including $70.7 million in follow-on funding. Learn more at alphalabgear.org.

About Innovation Works

Innovation Works is one of the most active early-stage investors in the country and the most active in Pennsylvania. Since its inception of the seed fund in 1999, Innovation Works has invested in over 760 companies that have gone on to raise $3.3 billion in follow-on funding. Portfolio companies have generated and retained over 20,000 jobs in Pennsylvania. Innovation Works is part of the Ben Franklin Technology Partners network, which has catalyzed economic growth over the last 30 years by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

Contact

Jane Joseph

Innovation Works

jjoseph@innovationworks.org

Mobile 412-722-8474

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

The post AlphaLab, AlphaLab Gear Open Application Window for Next Cohort of Software and Hardware Startups first appeared on Innovation Works.

The post AlphaLab, AlphaLab Gear Open Application Window for Next Cohort of Software and Hardware Startups appeared first on Innovation Works.

Iasella has deep domain expertise in healthcare informatics and extensive merger and acquisition experience, having led large corporate development and business line divisions at MEDRAD, Bayer Health, and most recently as Chief Solutions Officer at TeleTracking Technologies, where she managed a portfolio of more than 20 healthcare solutions deployed globally. 

“Jeanne has significant experience in growing business lines organically by helping to develop and deploy products on a global scale. Further, her M&A experience gives her a unique perspective on inorganic growth,” said Ven Raju, President and CEO at Innovation Works. “She understands our region and has wide ranging experiences to support regional life sciences companies in their pursuit of growth.”

Welles began his career at Goldman Sachs, where he produced original and proprietary market, industry, and stock-specific research on more than 30 technology companies, which led to multi-million-dollar client investment decisions. He went on to start and scale several venture backed technology companies. Most recently, he served on the executive team of Gridwise, helping the gig-mobility company scale.

“Steve has a deep entrepreneurial background, and hands on experience in shepherding technology startups through the early stages of the business and development lifecycle,” Raju said. “Further, Steve’s financial background brings an added dimension to help regional software companies think about raising capital and operating in a capital efficient manner. Steve has charted his own course several times and can help guide founders to find their own way.”

In their roles as Managing Directors, Iasella and Welles will be responsible for setting the strategic direction of their respective practices, originating deal flow, supporting portfolios, and managing the software and life sciences programs. These appointments come at a time of significant growth for Innovation Works. In 2023, the organization invested in 60 regional tech companies, marking a 50% increase in dollars deployed over the prior year.

Learn more about how Innovation Works supports early-stage companies and strengthens Pittsburgh’s position as a hub for innovation and technology. 

About Innovation Works

Innovation Works is one of the most active early-stage investors in the country and the most active in Pennsylvania. Since its inception of the seed fund in 1999, Innovation Works has invested in over 700 companies that have gone on to raise $3.3 billion in follow-on funding. Portfolio companies have generated and retained over 20,000 jobs in Pennsylvania. Innovation Works is part of the Ben Franklin Technology Partners network, which has catalyzed economic growth over the last 30 years by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

Contact

Jane Joseph

Innovation Works

jjoseph@innovationworks.org

Mobile 412-722-8474

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

The post Innovation Works Appoints Managing Directors of Life Sciences and Software first appeared on Innovation Works.

The post Innovation Works Appoints Managing Directors of Life Sciences and Software appeared first on Innovation Works.

The three-month program includes clinical and business mentorship, seed investment, education in healthcare economics, and access to an extensive network of investors, entrepreneurs, partners, and vendors. Program participants also receive private office space and biosafety level 1 (BSL-1) laboratories at AHN Suburban, a hospital-turned-innovation campus in Bellevue, Pennsylvania.

Pittsburgh is a hub for life sciences research talent and cracked the top-25 list last year, according to CBRE. The 12th annual review of Pittsburgh’s tech investment landscape shows that life sciences accounted for 23% of the region’s tech investments in 2023 which amounted to $705.13 million, up from only 5% in 2021.

Highmark Health, AHN’s parent company and one of the largest integrated payer and provider organizations in the country, combines its nationally recognized clinical expertise with Innovation Works, a leading venture development organization to create AlphaLab Health. This partnership provides participants with the healthcare domain knowledge and clinical access needed to excel in the life sciences technology field.

“AlphaLab Health is committed to strengthening the region’s standing as a leading epicenter for life sciences talent, and the first four cohorts of the program show just how successful we can be,” said Jeanne Iasella, Managing Director of Life Sciences at Innovation Works. “We look forward to working with a new wave of entrepreneurs and guiding them and their ideas to success in the life sciences market.”

Since its inception in 2020, AlphaLab Health has invested in 25 companies, which have secured over $65 million in follow-on funding. Last year’s cohort included six companies: D. Sole, Ilant Health, Magnify Bioscience, MetasTx, Resilient LifeScience, and Testa-Seat.

“The companies we’ve been working with are at the forefront of health innovation, solving real-world issues with brilliant solutions,” said Jeffrey Cohen, MD, Chief Physician Executive of Community Health and Innovation for Allegheny Health Network. “Highmark Health and AHN clinicians and administrators are embracing these inventive concepts and are eager to share their clinical and entrepreneurial expertise to help participating companies accelerate their time to market. We view innovation as an integral component of our Living Health strategy to help us better deliver healthcare to the communities we serve.”

Founders can apply here. Learn more about how AlphaLab Health encourages the next wave of life science innovations in the Pittsburgh region.

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About AlphaLab Health:

AlphaLab Health gives life sciences startups a real-world proving ground for their products. Established in 2020 as a collaboration between Innovation Works and Allegheny Health Network, AlphaLab Health equips startups with capital, clinical and business mentorship, private office space, and biosafety level 1 (BSL-1) laboratories. The program combines Innovation Works’ proven acceleration model with access to clinicians from Allegheny Health Network to refine products for commercialization and launch. Since its inception, AlphaLab Health has invested in 25 companies, of which our companies have then raised more than $65 million million in follow-on funding. Learn more at alphalabhealth.org.

About the Allegheny Health Network:

Allegheny Health Network (AHN.org) is an integrated healthcare delivery system serving the greater Western Pennsylvania region.  The Network is composed of 14 hospitals, ambulatory surgery centers, Health + Wellness Pavilions, multiple employed physician organizations, home and community based health services, a research institute, and a group purchasing organization. The Network provides patients with access to a complete spectrum of advanced medical services, including nationally recognized programs for primary and emergency care, trauma care, cardiovascular disease, organ transplantation, cancer care, orthopedic surgery, neurology and neurosurgery, women’s health, diabetes, autoimmune disease and more.  AHN employs approximately 22,000 people, has more than 2,600 physicians on its medical staff and serves as a clinical campus for Drexel University College of Medicine and the Lake Erie College of Osteopathic Medicine.

About Innovation Works:

Innovation Works is one of the most active early-stage investors in the country and the most active in Pennsylvania. Since its inception of the seed fund in 1999, Innovation Works has invested in over 760 companies that have gone on to raise $3.3 billion in follow-on funding. Portfolio companies have generated and retained over 20,000 jobs in Pennsylvania. Innovation Works is part of the Ben Franklin Technology Partners network, which has catalyzed economic growth over the last 30 years by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

Contact

Jane Joseph

Innovation Works

jjoseph@innovationworks.org

Mobile 412-722-8474

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com 

Emily Beatty

Allegheny Health Network

Emily.beatty@highmarkhealth.org

Mobile 513-678-9620

The post AlphaLab Health Opens Application Window for Next Cohort of Life Sciences Startups first appeared on Innovation Works.

The post AlphaLab Health Opens Application Window for Next Cohort of Life Sciences Startups appeared first on Innovation Works.

PITTSBURGH — July 9, 2024 — Innovation Works, one of the most active early-stage investors in the country, invested $7.38 million in 60 local tech companies in 2023. This represented a 50% increase in aggregate funding over the prior year. This funding supported the creation of 1,154 new jobs and the retention of 1,945 existing jobs in the region.

Innovation Works provided funding and resources to startups in the Pittsburgh region last year through its accelerator programs, seed fund, and other initiatives. Its portfolio of companies earned over $851 million in revenue in 2023 and raised an additional $116 million in follow-on funding from other sources.

“Our team is committed to investing in promising companies and working closely with founders to help them succeed,” said Ven Raju, President and CEO at Innovation Works. “The follow-on funding in 2023 represents a 16x leverage multiple on Innovation Works’ investment, and reaffirms our role in catalyzing private sector funding.”

One of Innovation Works’ strong-performing portfolio companies in 2023 is BlastPoint, which raised $8.91M last year and more than tripled its employee headcount. CellX Technologies also closed over $6M in seed-stage funding and entered into a strategic collaboration with a clinic-stage BioPharma company to develop a platform to support autonomous manufacturing for clinical trials

Other key metrics from Innovation Works’ 2023 investments include:

• 73 new products commercialized
• 47 patents and software copyrights awarded

Innovation Works continues to play a vital role in growing the tech economy in Southwestern Pennsylvania. For more details, read the full 2023 community impact report.

About Innovation Works

Innovation Works (IW) is one of the most active early-stage investors in the country and the most active early-stage investor in the State of Pennsylvania. To date, IW has financially supported over 761 companies that have gone on to raise $3.3 billion in follow-on funding. IW portfolio companies have generated and retained over 20,000 jobs in the State of Pennsylvania. IW is part of the Ben Franklin Technology Partner Network (BFTP). Over the last 30 years, the BFTP has catalyzed economic growth by providing access to capital and networks that help to foster innovation and technology-based economic development in Pennsylvania.

CONTACT

Jane Joseph

Innovation Works

jjoseph@innovationworks.org

412-722-8474

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

The post Innovation Works Invests Over $7 Million in Local Startups in 2023, Driving Job Creation and Economic Growth first appeared on Innovation Works.

The post Innovation Works Invests Over $7 Million in Local Startups in 2023, Driving Job Creation and Economic Growth appeared first on Innovation Works.

PITTSBURGH— July 2, 2024 — The Robotics Factory, an Innovation Works program designed to create, accelerate, and scale robotics startups in the Pittsburgh region, has accepted five companies to the second cohort of its Accelerate program. The companies include ForSight Assistive Devices, HeadStraitLabs, Humotech, Journey Robotics, and Reclamation Factory.

The companies will receive up to $100,000 in investment, six months of structured programming and content, hands-on 1-on-1 engagement with industry experts, network building, and 12 months of office space at the Robotics Factory’s facility in Lawrenceville with access to the Robotics Factory Scale prototyping and testing facility.

“The companies joining the Accelerate program follow unique paths to create and build their businesses. We help them perform customer discovery, develop product and market fit, and grow into successful startups,” said Kevin Dowling, Managing Director of the Robotics Factory.“Pittsburgh’s broad and deep community of robotics leaders is the perfect environment for these companies to thrive. Our team of entrepreneurs is eager to provide their deep domain and commercialization experience to this cohort.”

This cohort spans robotics applications from health tech to aviation to plastic recycling.

• ForSight Assistive Devices: Wearable devices to safely guide visually impaired users through unfamiliar and dynamic environments.
• HeadStrait Labs: Medical devices that improve patient outcomes during prehospital care and emergency transportation.
• Humotech: Wearable device platforms enabling researchers and developers to accelerate innovation in prosthetics, orthotics, and exoskeletons.
• Journey Robotics: Aviation automation solution to improve the safety and efficiency of loading, unloading, handling, and throughout of passenger cargo. The creation of Journey Robotics was sparked by the founder’s participation in the Aviation and Robotics Summit in April 2023.
• Reclamation Factory: Automated, modular plastics recycling machines producing high-quality and manufacture-ready source materials from disposed plastics.

Since graduation, members of the inaugural cohort made notable accomplishments. CellX Technologies closed over $6 million in Seed Stage funding, Voaige has raised $2 million in pre-seed led by Draper Associates and Boost VC, Aquatonomy secured $20,000 and first place at the Duquesne New Venture Challenge, and Velo AI sold out their first production run of Copilot.

Learn more about the Robotics Factory and how its programs build upon Pittsburgh’s history as a hub for tech talent.

About the Robotics Factory

The Robotics Factory is an Innovation Works program designed to create, accelerate, and scale robotics startups in the Pittsburgh region. The programs provide entrepreneurs with the capital, tailored mentorship, manufacturing, and robotics resources they need to grow their companies. The Robotics Factory launched in 2023 as part of the $63 million Build Back Better Regional Challenge grant awarded by the U.S. Economic Development Administration (EDA) to the Southwestern Pennsylvania New Economy Collaborative. Learn more at roboticsfactory.org.

About Innovation Works

Innovation Works is one of the most active early-stage investors in the country and the most active in Pennsylvania. Since the inception of its seed fund in 1999, Innovation Works has invested in over 700 companies that have gone on to raise $3.3 billion in follow-on funding. Portfolio companies have generated and retained over 20,000 jobs in Pennsylvania. Innovation Works is part of the Ben Franklin Technology Partners network, which has catalyzed economic growth over the last 30 years by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

Contact

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

Jane Joseph

Director of Communications and Community Development

jjoseph@innovationworks.org

The post Innovation Works’ Robotics Factory Welcomes 5 Companies to Accelerate Program first appeared on Innovation Works.

The post Innovation Works’ Robotics Factory Welcomes 5 Companies to Accelerate Program appeared first on Innovation Works.

The grant establishes the AlphaLab Health Revolving Investment Fund, which will support startups in the accelerator program. The investment returns generated by the fund will create a permanent, self-sustaining source of revenue that will be reinvested into future AlphaLab startups.

AlphaLab Health is based at Allegheny Health Network (AHN) Suburban, the former Bellevue acute-care hospital that has been reinvented as a community innovation hub. The fourth cohort of startup companies supported by the program began in October and graduated on March 20, 2024, at the IW Venture Expo, an opportunity to pitch potential follow-on investors following the accelerator program. 

Since its creation in 2020, AlphaLab Health has provided early-stage funding, mentorship opportunities from industry experts, clinical resources, and office and lab space to 25 start-up companies based in Southwestern Pennsylvania. The programming is designed to shepherd startups through the early stages of the business life cycle and provide companies with access to key networks.

As a result of this grant, AHN and Innovation Works anticipate that the AlphaLab Health Revolving Investment Fund will become the region’s most active source of early-stage capital for life science companies, attracting and retaining health care innovators in our region, catalyzing job growth and follow-on funding for life-sciences companies looking to solve the health care problems of the future.

“The creation of an ongoing, self-sustaining investment fund to support promising health care and life sciences companies will fuel innovation and attract entrepreneurs to Southwestern Pennsylvania,” said Jeffrey Cohen, MD, Chief Physician Executive of Community Health and Innovation at AHN. “This grant benefits not just the companies involved in AlphaLab Health, but the entire region – the economic impact will multiply as these startups continue to grow, thrive and create new health care technologies.”

Through the $10 million grant, along with additional funds contributed by AHN, Innovation Works, and the Suburban General Healthcare Foundation, AlphaLab Health will invest in over 60 start-up companies over the next 10 years. The larger investment fund will enable larger follow-on investments in select high-potential companies. More than 120 early-stage companies will ultimately benefit from the fund over the next 20 years.

“AlphaLab Health is central to our ongoing commitment to supporting life sciences companies in
Southwestern Pennsylvania,” said Ven Raju, Chief Executive Officer at Innovation Works. “The unique partnership between AHN and IW brings to bear the resources and know-how of a large integrated health system with that of a leading venture development organization to help early-stage life sciences companies in the region. The grant will help to bolster the life sciences cluster, from spawning innovative technologies and therapies that have the potential to save lives to catalyzing significant economic impact for the region.”

As of 2024, AlphaLab Health’s three graduating classes have raised over $30 million in follow-on funding after participating in the program. Several of the alumni companies now have pilots underway at AHN and other regional health providers.

“This significant grant will propel AlphaLab Health into the next decade of health care innovation and beyond,” said Mitch Beckman, Chief Development Officer at Highmark Health, parent company of AHN. “It will further enhance AlphaLab Health’s investments in leading-edge technologies and solutions while also serving as a catalyst for AHN’s Living Health model by driving transformative ideas that help us improve care quality, patient outcomes, care equity and affordability.”

AlphaLab Health’s success stories include:

·      sovaSage – a digital health care platform that leverages patent-pending mobile, machine learning, and computer vision technologies to streamline and improve the treatment of Obstructive Sleep Apnea (OSA) and other chronic conditions managed in the home.

·      CytoAgents– a clinical-stage therapeutics company with a safe and effective, orally available drug that prevents and treats Cytokine Release Syndrome (CRS), a major unmet health problem with several immune system triggers ranging from immunotherapy, infectious diseases to autoimmune disorders.

·      HandlHealth – a health care price transparency platform empowering benefits brokers to design and deliver cost-effective health benefits for the self-funded employer market.

Learn more about how AlphaLab Health prepares the next generation of life science startups for success.

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About the Allegheny Health Network: 

Allegheny Health Network (AHN.org) is an integrated health care delivery system serving the greater Western Pennsylvania region. The Network is composed of 14 hospitals, ambulatory surgery centers, Health + Wellness Pavilions, multiple employed physician organizations, home and community-based health services, a research institute, and a group purchasing organization. The Network provides patients with access to a complete spectrum of advanced medical services, including nationally recognized programs for primary and emergency care, trauma care, cardiovascular disease, organ transplantation, cancer care, orthopedic surgery, neurology and neurosurgery, women’s health, diabetes, autoimmune disease and more. AHN employs approximately 22,000 people, has more than 2,600 physicians on its medical staff, and serves as a clinical campus for Drexel University College of Medicine and the Lake ErieCollege of Osteopathic Medicine.

About Innovation Works 

Innovation Works (IW) is one of the most active early-stage investors in the country and the most active early-stage investor in the State of Pennsylvania. To date, IW has invested in over 700 companies that have gone on to raise $3.3 billion in follow-on funding. IW portfolio companies have generated and retained over 20,000 jobs in the Commonwealth of Pennsylvania. IW is part of the Ben Franklin Technology Partner network (BFTP). Over the last 30 years, the BFTP has catalyzed economic growth by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania.

Media Contacts:

Emily Beatty

AHN Senior PR Analyst

Emily.Beatty@highmarkhealth.org

513-678-9620

Jane Joseph

Director of Communications and Community Development

jjoseph@innovationworks.org

412-722-8474

The post AHN, Innovation Works AlphaLab Health Joint Venture Receives $10 Million Grant to Create Revolving Investment Fund first appeared on Innovation Works.

The post AHN, Innovation Works AlphaLab Health Joint Venture Receives $10 Million Grant to Create Revolving Investment Fund appeared first on Innovation Works.

Since its founding in 2015, the UpPrize Social Innovation Challenge has allocated more than $3.1 million in investments, grants, and educational assistance to local nonprofits, entrepreneurs, and other participants.

“Over the course of the last seven cycles, UpPrize Social Innovation Challenge participants have reaffirmed what we know to be true that innovative ideas come from everywhere, address problems that make the most vulnerable people more resilient, and make our communities stronger and more equitable,” said Ven Raju, President and CEO of Innovation Works. “Innovation Works is committed to helping the next generation of visionaries in their pursuit of ideas that further the common good and help to strengthen our community- the core tenets of UpPrize.”

Applicants should focus submissions on how their ideas are addressing a range of social equity concerns through technology. The top three finalists will receive a combined $300,000 in prize monies and accelerator assistance to launch or expand startups using technology to address social inequities.

?     First Place: $125,000

?     Second Place: $100,000

?     Third Place: $75,000

Additionally, finalists will join the inaugural UpPrize Masterclass cohort, tailored to focus on customer discovery, beginning in January 2025. They will also enjoy access to Innovation Works’ networking events and ongoing support.

“BNY Mellon is committed to furthering innovation and giving back to the community. The UpPrize Social Innovation Challenge continues as a platform for investing in breakthrough ideas from rising entrepreneurs to address critical social needs in southwestern Pennsylvania,” said Eric Boughner, Chairman of BNY Mellon Pennsylvania.

Applications are open from May 2 through July 8, 2024, at 11:59 p.m. A launch event will be held on May 2,2024, at 6 PM, at The Assembly in Pittsburgh. Interested applicants are invited to attend to learn more about the resources available through the program and ask questions before applying. RSVPs are required.

UpPrize Social Innovation Challenge is administered by Innovation Works and fully funded by the BNY Mellon Foundation of Southwestern Pennsylvania.

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About Innovation Works

Innovation Works (IW)is one of the most active early-stage investors in the country and the most active early-stage investor in the State of Pennsylvania. To date, IW has invested in over 700 companies that have gone on to raise $3.3 billion in follow-on funding. IW portfolio companies have generated and retained over20,000 jobs in the State of Pennsylvania. IW is part of the Ben FranklinTechnology Partner Network (BFTP). Over the last 30 years, the BFTP has catalyzed economic growth by providing access to capital and networks that help to foster innovation and technology-based economic development in Pennsylvania.

CONTACT:

Jane Joseph

Innovation Works

(412)722-8474 Mobile

jjoseph@innovationworks.org

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

The post UpPrize Social Innovation Challenge Opens Applications for Program to Support Social Innovation first appeared on Innovation Works.

The post UpPrize Social Innovation Challenge Opens Applications for Program to Support Social Innovation appeared first on Innovation Works.

PITTSBURGH — April 17, 2024 — The global AgTech sector faces a monumental challenge: increasing food production by 80% by 2050, with 70% of that increase requiring productivity improvements. Innovation Works, one of the most active seed-stage investors in the country, with the support of the Pittsburgh Robotics Network convened 80 roboticists and global agriculture leaders to start creating solutions.

The Agriculture & Robotics Summit, a two-day workshop facilitated by industry experts, kicked off Tuesday with a welcome reception, keynotes, and panel discussions. The event pairs robotics executives, technologists, and entrepreneurs with agriculture leaders to develop business plans addressing critical issues such as labor augmentation, decarbonization, decentralization, and meeting the growing demand for food production.

The summit is a component of the Robotics Factory’s Create program that seeks to build collaboration between sectors to develop innovative solutions for pressing issues. Tuesday’s speakers included Russell Redding, Pennsylvania’s Secretary of Agriculture; Regina Black, Senior Advisor at the U.S. Department of Agriculture; Viren Popli, President and CEO of Mahindra Ag North America; and Brett McMickell, Chief Technology Officer of Kubota North America.

“Pittsburgh’s unique combination of robotics expertise and agricultural prominence positions us to lead the way in developing innovative solutions for the agriculture industry that will have a lasting impact on food production and sustainability worldwide,” said Kevin Dowling, Managing Director of the Robotics Factory. “Last year’s summit focused on aviation, which led to ongoing engagement by aviation firms with regional robotics startups, and we can drive similar results for the agriculture industry.”

“The agriculture industry faces many challenges with acute demand pressures driven by population growth and supply considerations stemming from climate issues, water and energy shortages, fertilizer costs, and labor shortages,” said Ven Raju, CEO of Innovation Works. “Robotics and automation can play a role in increasing productivity and yield to ensure food security for generations to come. “

Leaficient, part of last year’s inaugural Robotics Factory cohort, is just one example of how robotics can solve agriculture challenges. It leverages its extensive experience in adaptive optics, machine learning, and robotics to develop solutions that allow growers to control and monitor every aspect of the light environment applied to their crops.

“Innovative problem-solving is in the DNA of farmers,” Pennsylvania Agriculture Secretary Russell Redding said. “If it weren’t, we would have no farms and no food. The increasingly complex challenges agriculture faces from climate change, volatile markets, and labor shortages demand technological solutions, collaboration across fields, and investment to put those solutions to work where we need them. That’s why we’re here, and it’s why Governor Josh Shapiro has proposed investing in a $10 million Agriculture Innovation Fund to help Pennsylvania farmers get the job done and get on with feeding our families and Pennsylvania’s economy.”

The $10.3 million Agriculture Innovation Fund announced by Governor Josh Shapiro in February is a key ingredient to leveraging robotics and automation to solve agriculture’s challenges. Innovation Works, the Global Organization For Agricultural Robotics, and the Pittsburgh Robotics Network announced collaboration efforts at the summit to create economic opportunities as they develop new solutions.

“Through strategic collaborations and deep tech advancements, Pittsburgh is setting a global standard for real-world applications of robotics and AI across multiple industries,” said Jennifer Apicella, Executive Director of the Pittsburgh Robotics Network. “The partnerships formed as a result of the Agriculture and Robotics Summit are crucial for developing commercially focused robotics companies that not only drive economic growth but also contribute to sustainable agricultural practices worldwide.”

The Agriculture & Robotics Summit kicked off at Bakery Square, a $500 million mixed-use development built by Walnut Capital. Home to Google’s only Pennsylvania office, the site houses Carnegie Mellon’s tech transfer office and is home to over 25 AI and life sciences companies. Poised to grow by an additional 14 acres, the development represents an ideal setting for a summit dedicated to pioneering new agricultural technologies and fostering economic growth through AI and robotics.

Learn more about the Agriculture and Robotics Summit.

About Innovation Works

Innovation Works is one of the most active early-stage investors in the country and the most active in Pennsylvania. Since its inception in 1999, Innovation Works has invested in over 700 companies that have gone on to raise $3.3 billion in follow-on funding. Portfolio companies have generated and retained over 20,000 jobs in Pennsylvania. Innovation Works is part of the Ben Franklin Technology Partners network, which has catalyzed economic growth over the last 30 years by providing access to capital and networks that help foster innovation and technology-based economic development in Pennsylvania. Learn more at innovationworks.org.

About The Pittsburgh Robotics Network

The Pittsburgh Robotics Network (PRN) is a non-profit organization dedicated to empowering and strengthening robotics business growth and opportunity throughout the Greater Pittsburgh region, and represents this dynamic ecosystem of robotics companies, research institutions, universities, and organizations to the world. Pittsburgh is the birthplace of autonomous robotics, trailblazing a new generation of autonomous products and services to solve real-world problems across all industries. The PRN acts as the central voice to advocate for and support the growth of the region’s commercial robotics cluster, which is made up of 120+ robotics businesses developing robotics solutions across 13+ industry markets.

CONTACT

Jane Joseph

Innovation Works

jjoseph@innovationworks.org

412-722-8474

Lexie Capperella

Gregory FCA for Innovation Works

lexie@gregoryfca.com

The post Innovation Works and Pittsburgh Robotics Network Convene Global Agriculture Leaders to Create Technology Solutions first appeared on Innovation Works.

The post Innovation Works and Pittsburgh Robotics Network Convene Global Agriculture Leaders to Create Technology Solutions appeared first on Innovation Works.