Startups
Acquisitions / Competitions / Funding / Startups

Pittsburgh Money Moves: Anonymous donor gives $10M to endow life science startup fund

Plus, local firms Govenda and MiCore get acquired, and a new $250k pitch competition is starting in Pennsylvania.

The AlphaLab Health space at AHN in Bellevue (Danya Henninger/Technical.ly)
Money Moves is a feature where we chart the raises, mergers and other funding news of tech companies across the region on the third Wednesday of the month. Have a tip? Email us at pittsburgh@technical.ly.

Venture capital investment may be trending downward, but emerging companies in Pittsburgh are finding money in new places.

Thanks to an anonymous donation, AlphaLab Health is launching a new evergreen fund for life sciences startups, while others, including Govenda and MiCore, are getting acquired. Swan NeuroTech landed a $20,000 prize, and the US Steel-Nippon merger is moving ahead. 

Find details on the region’s latest money moves below the chart, our monthly look at the state of the local tech job market.

AlphaLab Health receives $10M for evergreen fund

Life sciences accelerator AlphaLab Health received a $10 million grant from an anonymous donor. The funds will go toward creating a Health Revolving Investment Fund for a permanent, self-sustaining source of revenue that can support startups in the area. 

The accelerator program was originally developed by Innovation Works and Allegheny Health Network in 2020. Its fourth cohort graduated in March, and AlphaLab Health anticipates it can invest in more than 60 startups over the next 10 years with the recent donation. 

“This grant benefits not just the companies involved in AlphaLab Health, but the entire region,” said Jeffrey Cohen, chief physician executive of community health and innovation at AHN. “The economic impact will multiply as these startups continue to grow, thrive and create new health care technologies.”

Local software startup Govenda acquired 

Management and collaboration software startup Govenda was acquired by Indianapolis-based OnBoard. Both firms help boards and other leadership committees organize decision-making and compliance.

The companies are not revealing financial terms of the deal. 

Govenda, based in Pittsburgh, has about 600 customers and 25 employees, all of whom will be joining OnBoard as part of the acquisition.

Pittsburgh-based Swan NeuroTech wins $20,000

A biotech startup focused on nerve repair, Swan NeuroTech came in first place at a Delaware pitch competition. The top prize came with $20,000 in funds and a marketing consultation. Startup302 gave out $170,000 in grants across categories, largely targeting Delaware-based companies.  

The University of Pittsburgh spinout rebranded earlier this year as it worked toward the final preclinical trials. 

Capital growth firm LifeX accepted Swan NeuroTech into its commercialization program last month to help bring its tech to patients. 

Datastrike buys MiCore Solutions

Datastrike, a data company based in Warrendale, acquired local cloud management firm Micore for an undisclosed price.

The combined company now manages over 200 clients in North America, acting as an infrastructure service provider for the databases. 

"I think that the real message for Pittsburgh is that we're back and we're stronger than ever before," Datastrike CEO Buddy Flerl told the Pittsburgh Business Times. "We're here to take it to an even higher level than before in terms of security, service levels and just dedication and delighting our customers."

More Money Moves:

Series: Money Moves

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

Our services Preferred partners The journalism fund
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

The Trump rally shooter perched on a building owned by American Glass Research. Here’s everything we know about it.

Quantum computing could be the next hot tech — if only that breakthrough would come

From global juggernauts to local government, this developer never stops serving

Pittsburgh venture capital slows to $74M in Q2, with few deals and no exits

Technically Media