Pittsburgh Money Moves: Carmell Therapeutics’ SPAC deal has closed

Carmell Therapeutics goes public via SPAC

Alpha Healthcare Acquisition Corp. III has announced the successful closing of a business combination with Carmell Therapeutics.

In other words: Carmell, the South Side-based biotech company, has effectively gone public, closing a deal via special purpose acquisition company (SPAC) announced back in January. Look for it on the Nasdaq under the ticker symbols CTCX and CTCXW.

In September 2022, after a draft registration statement had been filed with the US Securities and Exchange Commission for a public stock listing, Carmell CEO Randy Hubbell told Technical.ly the move would allow the company to better show the value of its regenerative medicine products focused on tissue, hair, skin and bones.

Under the SPAC agreement, Rajiv Shukla, CEO of Alpha Healthcare Acquisition Corp. III, will serve as the chairman of the combined company, while Hubbell remains the CEO.

“I look forward to working with Randy and the Carmell team to build an industry-leading regenerative medicine company through a combination of in-house product development, bolt-on acquisitions, and business development aimed at aesthetics/soft tissue and orthopedic indications,” Shukla said in a statement.

(Reminder: Why a SPAC? As Technical.ly has previously reported, SPACs act as shell companies that exist solely for the sake of bringing other companies public through mergers and acquisitions. Going public through a SPAC is usually much faster than pursuing an IPO route, which can take over a year to finalize.)

GrayMatter takes on its largest merger

Warrendale’s GrayMatter is on its fifth and largest merger to date.

GrayMatter CEO James Gillespie. (Courtesy photo)

The tech and consulting firm kicked off 2023 with a new strategic merger with Ohio-based Phantom Technical Services, an automation systems developer. The company also merged with HTSE Inc. in August 2022. Before that, it acquired E-Merge Systems, another industrial automation solutions provider, and one more company. Now, GrayMatter is folding in Automation & Control Concepts (ACC), a St. Louis-based industrial control systems integrator.

What the local gets out of the merger, per an announcement, is engineering expertise that will support its quest for expansion. The latest merger brings GrayMatter’s employee count to a total of 270 team members in the US, Canada and India.

“Engineering expertise is in extremely high demand from our manufacturing, food and beverage, pharmaceutical, automotive, and energy customers, so we strive to find established companies like ACC that have a culture built around accountability, integrity, respect, innovation, and teamwork — GrayMatter’s five core values,” CEO and cofounder James Gillespie said in the announcement.

BlockSpan raises $1.4 million

BlockSpan, a Squirrel Hill-based company that focuses on delivering easy-to-implement API solutions for the blockchain, recently raised $1.4 million in pre-seed funding.

BlockSpan’s platform enables developers to quickly access current and historical NFT data from major chains, cached images and other media. Its leaders say the fresh funds will enable the startup to make it easier for software companies and builders to develop their Web3 applications.

“The BlockSpan NFT API platform is the much-needed catalyst for software companies and builders who need to hit the ground running,” cofounder Jon Pastor said in the announcement. “Working with blockchain data can be complicated, and we’re seeking to simplify the process by providing free and immediate access to both on-chain and off-chain, data.”

More Money Moves

• Koop Technologies, a startup focused on the development of insurance for autonomous technology, raised $3.2 million. The round was led by Alley Robotics Ventures, which counts Viam founder Eliot Horowitz as an LP.
• The US Department of Energy announced that Pennsylvania was one of seven states to receive Grid Resilience State and Tribal Formula Grants. Pennsylvania received $16.2 million to use on energy projects and workforce benefits.
• Johnstown-based Concurrent Technologies Corporation, an applied scientific research and development professional services firm, will be supporting a comprehensive safety and occupational health program for the Department of Defense as a part of a $75.5 million contract.

And Technical.ly spotted these raises in SEC filings, though the orgs’ leaders declined to comment:

• Diamond Kinetics, a sportstech company specializing in the development of baseball and softball training tools, raised $13.2 million.
• Edge AI, which provides affordable and accessible pipeline inspection robotics, raised $3.9 million.
• Infectious Disease Connect, which offers telemedicine-based clinical services and education, raised $7.4 million.
• NeuBase Therapeutics, a company developing precision genetic medicines, raised $5 million.
• Skeema, which offers an extension for decluttering browsers, raised $800,000.
• Pittsburgh Knights, the local esports team, raised another $700,000.
• Adrich, an “AI meets IOT consumer insight” company, raised $450,000.
• Seegrid, an autonomous mobile robotics company developing autonomous mobile robots, raised $16 million. Last year, the company also raised $30 million in the aftermath of layoffs that impacted 90 workers.