Pittsburgh’s technology sector’s total investment value may have decreased from 2023 to 2024, but it saw its highest year on record for venture capital investments.
An annual report from local accelerator Innovation Works and Ernst & Young LLP found that while the total value of deals in Pittsburgh went down from $3.12 billion in 2023 to $1.89 billion in 2024, Pittsburgh’s overall deal count increased to 182, up from 166 in 2023. This matches with national trends, where total deals rose from 12,749 to 15,260.
Lack of access to venture capital has historically been cited by Pittsburgh entrepreneurs and ecosystem developers, but 2024 saw its highest year on record for VC funding. The report found that venture capital investments increased from $644 million in 2023 to $999 million in 2024. These include a $300 million Series A round for robotics firm Skild AI and a $150 million Series C for health-tech startup Abridge. Next year’s report will surely show Abridge again, which raised a $250 million Series D in February.
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