Innovation Works Launches $24M Venture Capital Fund

Pittsburgh, PA-based Innovation Works is announcing a new $24m venture capital fund.

Backed by the McCune Foundation,  several family offices and individual investors, the Commonwealth of Pennsylvania, Carnegie Mellon University, the City of Pittsburgh, the University of Pittsburgh, the Pittsburgh Foundation and others, Riverfront Ventures will invest in southwestern Pennsylvania’s early-stage technology companies making 15-20 investments with an average investment ranging from $1.0m to $1.5m including follow-on reserves.

Focus areas include a variety of industries such as information technology, life sciences, medical devices, healthcare IT, advanced electronics, robotics, energy, advanced materials, mobile applications and others.

The fund has already invested in six companies: ALung Technologies, Complexa, NoWait, The Resumator, Wombat Security Technologies and RE2.

FinSMEs

07/10/2014

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