PITTSBURGH — August 5, 2025 — Pittsburgh’s tech economy is increasingly defined by high-growth sectors like robotics, artificial intelligence, and life sciences — industries that are drawing national investment and driving job creation. Innovation Works, one of the most active seed-stage investors in the country, backed 116 companies in 2024 through funding, mentorship, and hands-on support. These companies generated more than $677 million in revenue, raised over $141 million in follow-on funding, and earned 64 patents and software copyrights — all while creating 363 new jobs and retaining 1,737 across the region.
The new data comes from Innovation Works’ 2024 Community Impact Report, which tracks the economic and entrepreneurial outcomes of the organization’s programming and investments. Innovation Works plays a central role in Southwestern Pennsylvania by connecting founders to early capital, mentorship, and the operational support they need to scale. With over $130 million invested in more than 780 companies since its inception, Innovation Works has helped launch some of Pennsylvania’s fastest-growing tech startups, creating high-paying jobs across the state. Among the companies supported last year, 21 were new startups introduced to the region’s growing innovation ecosystem. Portfolio companies also commercialized 66 new products in 2024.
“The results in this report reflect a strong and connected community—one where entrepreneurs, investors, and public partners work together to build what comes next,” said Ven Raju, President and CEO of Innovation Works. “Innovation Works remains a bedrock of support for entrepreneurs by providing infrastructure, capital, and mentorship when it matters most.”
One of the year’s most significant milestones was the launch of a dedicated life sciences fund in partnership with Highmark and the Allegheny Health Network. The fund will go on to support more than 120 life sciences startups over the next two decades. That momentum aligns with broader regional trends: According to Innovation Works’ recent report with Ernst & Young, life sciences accounted for 49.3% of all venture capital investment in Pittsburgh in 2024.
One of Innovation Works’ impactful portfolio companies in 2024 was Peoples Energy Analytics, which received early-stage support to help scale its energy affordability solutions and was named one of the Pittsburgh Inno Startups to Watch. Its founder, Dr. Destenie Nock, was among the Union of Concerned Scientists’ 2024 Science Defenders. The company is now analyzing data from more than 5 million households and expanding its partnerships with utilities nationwide.
For complete findings, read the full 2024 Community Impact Report.
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 780 companies that have gone on to raise $3.4 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
412-722-8474
Lexie Capperella
Gregory FCA for Innovation Works
innovationworks@gregoryfca.com