A major philanthropic foundation in Pittsburgh is betting startups can use their innovations for public good.
The Richard King (RK) Mellon Foundation recently awarded $1.46 million to four startups that it believes will use tech to improve life for Pittsburgh residents.
Plus, autonomous vehicle maker Seegrid is midway through a $50 million raise, and PNC is expanding its footprint with another major bank acquisition.
Keep reading for more on these big deals and other recent money moves shaping Pittsburgh’s tech economy.
Local foundation awards $1.46M to social impact startups
The Richard King Mellon Foundation revealed the winners of its fourth annual Social Impact Investment Pitch Competition, awarding $1.46 million across four startups.
New York-based Untapped Solutions, an AI-powered workforce navigation platform, took home the top prize of $515,000. The platform, which was originally designed to help formerly incarcerated individuals reenter society, provides caseworkers with an AI social worker agent that can automate reporting and case management tasks.
The competition accepts startups from around the world, but it’s specifically designed to invest in ideas that benefit communities in Allegheny and Westmoreland County, according to the foundation.
“Each of these companies is driven to use their businesses to make a positive difference in the Pittsburgh area,” said Sam Reiman, director of the Richard King Mellon Foundation, in a prepared statement. “The foundation is investing in their success because our communities will be the beneficiaries.”
The second-place winner Earflo won $415,000 for its non-invasive device that could be an alternative to ear tubes for young children. Recreational fishing platform Co-Angler secured $315,000 to help hobbyists plan outdoor trips and fourth-place awardee Zegenex, a startup that developed a new kind of skin treatment to help heal wounds, got $215,000.
The pitch competition is part of the foundation’s larger social impact program (SII) that focuses on early-stage investment. Since the program launched, the foundation has invested more than $28 million in 67 startups.
“There is a new generation of compassionate entrepreneurs who are using their talents to create businesses designed to improve our communities,” Reiman said. “Too often, they are unable to obtain the financial support they need to make their dreams a reality. Our SII program is affirming that their ideas are worthwhile – and that Pittsburgh is an ideal city to launch and grow such companies.”
Seegrid secures $25 million investment
Seegrid, a Pittsburgh-based developer of autonomous warehouse vehicles, has raised $25 million, according to filings with the US Securities and Exchange Commission (SEC).
The raise is halfway to the company’s goal of $50 million, per the filing, and comes a few weeks after the company appointed a new CEO – an industry veteran with more than 25 years of leadership experience in engineering software and industrial technology.
Seegrid specializes in developing autonomous vehicles and software for industrial facilities. In recent years, Seegrid has had multiple multimillion-dollar raises, like $50 million in 2024 and $31.5 million in 2023.
PNC plans multibillion-dollar acquisition of FirstBank
PNC, one of the largest tech employers in Pittsburgh, announced its intent to acquire FirstBank for $4.1 billion.
The move would expand PNC’s presence in Colorado and Arizona, where FirstBank operates more than 100 retail branches.
The deal builds on PNC’s other recent acquisitions. The Pittsburgh-based company previously bought the US-based operations of Spanish bank BBVA in 2021 for $11.6 billion.
The deal with FirstBank is expected to close in early 2026.
Other money moves:
- BlastPoint, an AI-powered platform analyzing customer data, secured $10.6 million in Series A funding.
- Gov. Josh Shapiro announced plans to commit $39 million to industrial projects in Pennsylvania, as part of a recommitment to data center development in the commonwealth.
- Surface Design Solutions won $100,000 pitch competition at AI Horizons shortly after receiving $365,000 from the Richard King Mellon Foundation.
- Pennsylvania Broadband Development Authority provisionally approved nearly $800 million in grants to expand high-speed internet infrastructure across the commonwealth.
- BNY and Carnegie Mellon University entered into a five-year, $10 million agreement to create an AI Lab at CMU’s Pittsburgh campus during the 2025 to 2026 academic year.
- The RK Mellon Foundation awarded Joint AI, the creator of an automated platform to help diagnose and treat patients with knee or hip arthritis, $315,000 to scale its tech.
- Carnegie Mellon University announced it will reduce expenses by $33 million across the university this academic year.
- Pointsville, a software development company in the North Side, raised $10 million in Series A funding, per recent filings with the SEC.
- Local locomotive tech firm Wabtec landed a $4.2 billion contract with a Kazakhstan rail company.
- Pittsburgh Regional Transit avoided service cuts and fare hikes after receiving $100 million in state funds.
