Pittsburgh Money Moves: Free Market Health closed a $20M Series B

Free Market Health closed a $20M Series B

Free Market Health, the Pittsburgh company specializing in the development of a streamlined marketplace platform for the specialty pharmacy industry, announced at the top of November that it had closed a $20 million Series B. The round was led by Questa Capital, a healthcare-focused venture capital firm. This raise comes a year and a half after the company closed on $13.5 million in Series A financing.

The Strip District-based company plans to use the funding to bring on new partners, scale the marketplace platform, and hire. Ryan Drant, the founder and managing partner at Questa Capital, will also join Free Market Health’s board of directors.

The company’s 2022 Series A was primarily used to scale its platform, CEO Joe Cardosi told Technical.ly in May, adding that beyond growth for growth’s sake, it’s important to remember the mission of the company: to help patients with chronic illnesses access their treatments without delays and uncertainty.

“It’s a complicated, complex, and fragmented experience when a loved one gets diagnosed with a condition like multiple sclerosis, or cancer, or some rare disease that requires a specialty drug,” Cardosi said then. “That is overwhelming and a burden. Then when you have to be a patient in this really complex specialty drug ecosystem, we’re delivering a solution to payers and pharmacies — but at the end it’s really for patients who just found out they need a specialty drug.”

BlastPoint raised more in seed funding

After an initial seed raise of $5.25 million this past summer, BlastPoint announced it had exceeded $8 million in seed funding total. The AI-aided data solutions company plans to use the funding to optimize customer engagement and generate new revenue.

A press release about the new funding did not specify how much BlastPoint raised since the initial $5.25 million, but an October SEC filing for the company notes a $3.6 million raise. BlastPoint CEO Alison Alvarez did not immediately respond to Technical.ly’s request for comment.

Alvarez said in the announcement that the company plans to stick to its original mission by expanding to help financial institutions grow revenue and retain customers with accessible, customized data.

“Since its inception, BlastPoint keeps raising the bar to deliver an AI platform that transforms customer data into meaningful insights that drive actions and deliver tangible business results,” she said.

Ascender awarded mini grants

In honor of Hispanic Heritage Month, Ascender opted to support Pittsburgh Latinx founders by launching the Mini-Becas, Acelera Tu Negocio Con Ascender Latinx Mini-Grants Program. In mid-September, Ascender Executive Director Nadyli Nuñez told Technical.ly the East Liberty-based organization would be awarding five mini-grants ranging from $1,000 to $5,000 to Latinx-owned businesses and startups, plus an additional $500 mini-grant to an aspiring youth Latinx entrepreneur.

According to the grant dispersal announcement, this marks the second initiative in 2023 where Ascender has supported marginalized founders with grant funding: In February, through the accelerator program’s partnership with Dollar Bank and Duolingo, Ascender awarded similar mini-grants to Black founders throughout the region.

These Latinx entrepreneurs won funding this fall:

• Jazmin Hernandez, Panadería Jazmin — $5,000
• Rainy Leonor-Lake, MINIMO — $4,000
• Jocelyn Avila, Clark Morelia — $2,000
• Ernesto Peroche, Cipax — $2,000
• Isaiah Rodgers, Clutch Car Management — $1,000
• Sara Eve Rivera, PMA Tattoo — $500
• Emanuel Quezada Garzon — $500 (Youth Grant Winner)

KEF Robotics secured a new Army contract

From Department of Defense grants to being awarded $1.5 million from the Army Applications Lab, KEF Robotics is no stranger to collaborations with the military. Now, the drone software developer has a new contract from the National Advanced Mobility Consortium, aka NAMC, to assist the Army Futures Command’s Robotic and Artificial Intelligence 10x Dismounted Infantry Platoon. This is a rapid integration and demonstration project intended to highlight the usefulness of robotic assets to soldiers.

During the duration of the contract, KEF will provide the company’s TailWind Software, which offers autonomous capabilities on aircrafts used for site reconnaissance, surveillance, sub-canopy aerial traverse and terrain mapping, and operator-assisted building entry and clearance. Additionally, KEF will work with other well-known participants such as Lockheed Martin, Dragonfly Pictures and Pittsburgh’s Neya Systems.

“As much as I’m excited to deploy our software during the 10X demos, I’m just as eager for the opportunity to receive feedback from soldiers on what doesn’t work,” KEF cofounder Eric Amoroso said. “We appreciate the focus on rapid deployment and on the risks and leadership role that Army Futures Command and NGCV are taking in trying to get robotics ‘right’ for the soldier.”

More Money Moves

• Gov. Josh Shapiro’s administration announced a $4 million investment in Pittsburgh space tech company Astrobotic on Tuesday afternoon. The funding will support Astrobotic in renovating its new facility at 1106 Reedsdale St., as it adds 283 jobs to an existing 174-member workforce.
• Koop Technologies, an insurance company for autonomous technology, received a strategic investment from Hyundai and Kia for a not-yet-disclosed amount.
• Inpleo, a B2B reverse auction SaaS platform, raised $3.5 million, according to a recent SEC filing.
• LyGenesis, a clinical-stage biotechnology company, raised $19 million in a Series A-2 financing round led by Prime Movers Lab, who are investors in breakthrough scientific startups. The funding will be used to fund the startup’s next clinical trial.
• Module won a $3 million prize in the Wells Fargo Affordable Housing Breakthrough Challenge for its Last Mile Network.