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Innovation & Startups

Show us the money. Several Pittsburgh firms receive millions in funding and other news

All the venture capital and innovation news you need to know in Pittsburgh this week:
 
It’s no secret that Microsoft founder Bill Gates is supporting the promise of next generation battery startups with funding. This month Gates again lent his support to Pittsburgh-based Aquion Energy, which recently completed a $55 million Series D round.  The funding will allow Aquion to ramp up production at its Westmoreland facility.
 
New investors, in addition to Gates, included Yung’s Enterprise, Nick and Joby Pritzker of Tao Invest, Bright Capital and Gentry Venture Partners.
 
Glen Meakem’s new startup, Forever, raised more than $4 million this month toward a $16 million goal, according to SEC filings. The downtown company closed on $8.6 million funding round earlier this month.
 
Forever is a cloud-based, personal social storage site for paid members that preserves cherished media memories— vintage photographs, audio, video and digital media—in a standard format and stores it in the security of cloud, Meakem told Pop City in December.
 
Pittsburgh-based Aethon has closed on a $3 million investment from Mitsui & Co. USA, which invested $4 million in the firm in 2012. Aethon develops automated robotic technology for hospitals across the country.
 
In energy-related news, a Bucks County startup has announced plans to build a small-scale natural gas-fired power plant in Chartiers Township near MarkWest Energy on Route 591.
 
IMG Midstream of Yardley, formerly Iron Mountain Generation, says it strives to bring economic benefits to the communities in the Marcellus Shale region while “minimizing any potential negative environmental effects” through smaller-scale technologies that realize “up to a 50 percent reduction in carbon dioxide  per kWh generated when compared to traditional coal burning facilities.”
 
Writer: Deb Smit
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