Pittsburgh tech climate still red-hot
Pittsburgh remains a hotbed of venture capital investment in young tech companies, with $175 million going to 30 companies in the third quarter. Leading the way were RoadRunner Recycling and Seegrid Corp., makers of self-driving vehicles for material handling. The companies brought in $49 million and $27 million, respectively.
The COVID-19 pandemic is having a big impact on VC investment, with telemedicine and distance learning especially hot markets. Nationwide, $37.8 billion in venture capital went to 2,990 companies in the quarter. Amid all the uncertainty, investors are putting their money in late-stage companies, with mega deals of $100 million or higher pushing the yearly total to $78.2 billion.