Piano raises $120M for biz analytics tools, with plans to hit $100M in revenue this year

Philly companies have been busy raising multimillion-dollar funding rounds, through both investments and grant opportunities. 

Tech companies Piano and Carbon Reform both recently raised venture capital. Piano, a data analytics software company, secured $120 million in funding through a Series D round and a loan. Carbon Reform announced a $5.5 million round to support commercialization of its Carbon Capsule product. 

Plus, the City of Philadelphia is helping companies access funding through a new $5 million fund to further support small businesses in the city. 

Get all the details on the latest money moves below the chart, where we look at the top 10 companies hiring for tech jobs in the Philadelphia market and how that’s changed since the previous month. 

VCs invest a $45M Series D and $75M in loans in Piano

Software company Piano announced $120 million in financing last month. This includes a $75 million loan from Runway Growth Capital and a $45 million Series D fundraising round. 

“We appreciate Runway’s confidence in our vision and look forward to advancing our mission to empower businesses with the tools they need to understand and influence customer behavior,” said Trevor Kaufman, CEO of Piano.

Piano is currently profitable and expects to hit $100 million in revenue this year, reported the Philadelphia Business Journal. 

Piano’s platform uses data analytics to help clients understand customer engagement. The funding will go towards continued development of its platform and help expand market presence. 

The company’s US headquarters is in Philadelphia, but it also has 15 offices around the world. 

Carbon Reform raises $5.5M

Carbon Reform raised $5.5 million as part of a Seed+ round. The funding will support commercialization of its Carbon Capsule product, which connects to existing HVAC systems to remove carbon dioxide and other contaminants from indoor air. 

The funding will also support marketing, help them secure additional intellectual property, and hire sale, engineering and manufacturing employees, Nick Martin, COO of Carbon Reform, told Technical.ly.

The company is looking to start its expansion to office and educational buildings in the Northeast and mid-Atlantic, before eventually moving to national and international markets, he said.

“We’re also exploring international market opportunities, particularly in regions with aggressive carbon reduction targets and high energy prices,” Martin said. “This backing allows us to advance our mission of transforming how buildings manage carbon footprint and indoor environments.”

The former RealLIST Startup raised a $3 million seed round in 2022, right before moving its headquarters from Delaware to Center City. Last fall, the company won $20,000 from the Philly Startup World Cup pitch competition and had the opportunity to pitch at the global championship competition.

City launches $5M Small Business Catalyst Fund 

The City of Philadelphia launched the $5 million Philadelphia Small Business Catalyst Fund last month, which will provide funding and other resources to local entrepreneurs. 

Interest forms for the fund will open in April and eligible businesses must demonstrate growth potential, have plans for expansion and generate less than $2 million in revenue. Companies must also show their impact on their communities. 

The Department of Commerce will host outreach events to spread the word about the fund. Selected companies will receive funding, mentorship and business education opportunities. 

“We designed this initiative based on direct insights from local businesses, diverse Chambers of Commerce, and industry experts,” Alba Martinez, director of the Department of Commerce, said. “Through a streamlined application process, proactive outreach and a data-driven approach, we are dedicated to eliminating outdated methods that slow small business growth.” 

More money moves: 

• Center City-based biotech company Imvax raised $29 million from existing investors. The funding will support continued development of its brain cancer treatment. 
• Vetigenics, a University City-based biotech company specifically for animal therapeutics, raised a $6 million seed round. 
• Agtech company AgriGates received a $31,000 Agricultural Innovation Grant from the Shapiro Administration. AgriGates’ platform gathers agricultural data into one spot for users. 
• AI gun detection software company ZeroEyes won a $2 million grant from the Pennsylvania Commission of Crime and Delinquency. The funding will allow the Conshohocken-based company to offer its platform to 15 school districts in Pennsylvania. 
• West Philly research institution the Wistar Institute will be expanding its life sciences apprenticeship training program thanks to a $600,000 PASmart Grant from the Pennsylvania Department of Labor and Industry.
• Workforce development nonprofit OIC Philadelphia plans to make its Green Jobs Training Network a statewide initiative through a $250,000 grant from the Philadelphia Energy Authority via the American Rescue Plan’s Good Jobs Challenge.