Investment in Pittsburgh's tech scene tops $3 billion

Pittsburgh technology companies raised $3.12 billion in venture capital funding last year, led by investments in artificial intelligence, robotics and self-driving cars.

The region had its second-biggest year for technology investment after 2021, with a record $3.59 billion raised in local industries, according to a new report from Ernst & Young LLP and early-stage investment group Innovation Works. It became a dollar.

Pittsburgh's rapid growth comes at a time when venture capital investment in the technology industry is declining. Last year's national funding was down 29.6% from 2022 and 50.9% from 2021, which was an industry record.

Pittsburgh's total closings fell 5.7% last year, but that was still significantly higher than the national decline of 22.6%.

More than 130 companies in the Pittsburgh region attracted an average disclosed investment of more than $27 million, a 300% increase from the previous year.

Ven Raju, President and CEO of Innovation Works, says the strength and resilience of the region's technology ecosystem will continue in 2023 despite macro headwinds and a significant contraction in venture funding nationwide. It was reaffirmed in 2017. There were significant increases in almost all indicators related to the local funding environment.

Pittsburgh ranks among the nation's top 10 for deals related to the artificial intelligence (AI) and autonomous vehicle (AV) industries. According to the report, the company's investments increased by nearly 800% thanks to private investments in AV startups Aurora and Stack AV (formerly Argo.ai).

Gecko Robotics, a technology engineering company and partner of Pittsburgh International Airport's xBridge innovation program, is also one of Pittsburgh's leading companies to raise more than $100 million in 2023.

Gecko helped build PIT's new $1.5 billion terminal by utilizing cutting-edge sensors to measure and collect data on the concrete used to support the terminal's vertical steel columns. Additionally, Gecko technology helped enable a thorough inspection of the building's fire protection infrastructure.

The report also identified hardware and robotics as the fastest-emerging investment trend in Pittsburgh. The sector accounted for 68% of total investment across the region, up from 39% in 2022.

Gecko Robotics, a local technology engineering company partnering with PIT's xBridge program, utilized new technology to help build the airport's new terminal. (Photo courtesy of Oscar Jodokiewicz)

satellite office

Pittsburgh's emergence as a technology hub has attracted satellite offices from global technology companies. In 2023, his 57 investors from all over the world made their first investments in the region.

That growth will continue in 2024, most notably with Excelitas Technologies recently selecting Pittsburgh for its next headquarters due to its renowned life sciences and robotics technologies. Excelitas, which will serve the region through a 12-year lease, will create at least 250 jobs in Pittsburgh over the next four years, and he plans to invest $2.3 million in the move.

The growth of Pittsburgh's technology scene coincided with the addition of air service to other major technology centers. For example, Southwest Airlines began nonstop flights from PIT to Austin, Texas in November 2021. Less than two years later, Southwest Airlines expanded its Pittsburgh-Austin service from weekend-only to daily year-round service, allowing for further growth in the market.

Similarly, Alaska Airlines launched nonstop service between Pittsburgh and Seattle in 2018. This is driven in part by the growth in technology sectors shared by both cities.

Amazon and Microsoft are both headquartered in Seattle and operate large regional offices in Pittsburgh, while native companies like Panopto and Duolingo are adding space in Seattle to expand their operations. Since launching, Alaska Airlines has expanded its Pittsburgh-Seattle service to two flights per day.

Meanwhile, United Airlines offers two daily nonstop flights between Pittsburgh and San Francisco, connecting Western Pennsylvania and Silicon Valley.

Born in Silicon Valley, just a short drive south of SFO, many of the tech giants like Google, Apple, and Facebook have built outposts in Pittsburgh, providing efficient transportation to and from their California headquarters. I'm looking for it.

Alaska Airlines and United Airlines aircraft arrive at PIT after arriving from Seattle and San Francisco on August 8, 2023. (Photo by Evan Daugherty)

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