In our first monthly roundup of venture capital news, Meakem Becker Venture Capital announced a new $75 million fund for innovative new companies with technology products or services; in addition, four other Pittsburgh startups have received early stage funding.
This is the largest first time fund in the region, raised by Pittsburgh entrepreneurs Glen Meakem and David Becker. Of the total, $50 million has been committed to the Pittsburgh region, says Meakem.
Four companies, three of them out-of-state, have already received $9.2 mil, Hotpads.com, Liquidtalk and Shipwire.com. A fourth "highly innovative computer web space" company in western Pennsylvania is soon to be named, Meakem says.
In other funding news, Innovation Works announced first-time investments in three Pittsburgh companies and the Pittsburgh Life Science Greenhouse announced funding for a medical device company.
BIOSAFE Inc. received $300,000 for its development of antimicrobial polymers to protect materials like plastic, metal, and fiberglass from the harmful effects of bacteria, mold, mildew, fungi and viruses. The technology could be used in many manufacturing operations to ensure the long-term safety of shipped and stored products.
RedPack Network Inc. received $300,000 for its work establishing networks of pick-up and drop-off points to increase the efficiency of field service technicians – like those in the medical or information technology fields – who depend on replacement parts.
ShowClix, LLC, received $150,000 for Showclix.com, a live music search engine and online ticketing company created to connect musicians, venues, and show promoters with millions of live music fans across North America.
PLSG has invested $150,000 in Coventina Healthcare Enterprises, Inc., a medical device company that developed a therapeutic warming device using radio frequency that can be applied to reduce pain from injuries. Coventina recently acquired the assets of SeliCor, Inc., a Texas company, and has established operations in southwestern Pennsylvania.
Writer: Deb Smit
Sources: Glen Meakem, Meakem Becker Venture Capital, Innovation Works, PLSG