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Pittsburgh's Technology Investment Landscape 2012-2016

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Pittsburgh's Technology Investment Landscape 2012-2016 A snapshot of Pittsburgh’s technology investment landscape Trends and highlights, 2012—16 Pittsburgh’s investment growth is shaped by regional and national trends Ernst & Young LLP and Innovation Works, Inc. are pleased to present our fifth annual review of investment trends and highlights for the Pittsburgh region’s technology sector. This report reviews the investment activity in our region from 2012 to 2016, analyzes the companies attracting capital and tracks the funding sources that support their growth — including venture capital firms (VCs), angel investors (angels), corporate/strategic investors, seed funds, accelerators, public offerings, and other sources. 2016 was a strong year for Pittsburgh in every investment category. Despite a retraction in venture capital nationally, the Pittsburgh region posted its second best year for investment since 2008. Nationally, venture investment dollars declined by 32.2% and deals declined by 12.4%, while Pittsburgh saw an 8.1% increase in dollars and a 11.4% increase in deals. Additionally, angel investment in the Pittsburgh region increased by 105.3% and corporate investment increased by 183.7%. Total overall investment dollars across all segments (VC, angel, corporate, etc.) was up by 34.6%, from $280 million in 2015 to $376 million in 2016. There are both positive trends and challenges shaping Pittsburgh’s technology investment landscape. Our advantages as a region are helping Pittsburgh pull ahead of similarly sized markets. However, some national trends exacerbate the gulf between a handful of regions and the rest of the country as venture continues to consolidate geographically and move disproportionately toward later- stage, larger deals. We’ve observed several factors impacting local investment levels: • Pittsburgh is increasingly attracting offices and research centers of major technology firms like Google, Uber, Facebook, Amazon, and others that are strengthening our region’s technology ecosystem. • Our world-class universities continue to differentiate Pittsburgh with cutting-edge research, talent and a growing focus on commercializing campus innovation. • The Pittsburgh region demonstrates deep sector diversity with software, robotics, medical devices, biotechnology, health care IT, and energy leading the way. As these sectors continue to attract attention, Pittsburgh is in a good position to capitalize on investment trends. • Because a majority of the nation’s venture investment is concentrated in a few markets (California, Massachusetts and New York attract more than 70% of the nation’s venture capital investment), regions like Pittsburgh must strive to garner national attention to avoid seeing a smaller share of investment, deals and resident venture capital. • Our region has seen growth in venture investment and exits, but Pittsburgh needs more companies to achieve significant commercial traction catalyzing larger growth investments and exits/IPOs that stimulate accelerated regional growth. Both EY and Innovation Works are committed to supporting entrepreneurial growth in the region. Tracking investment activity helps us begin conversations with new investors interested in regional deals, informs local investors about our status versus other communities, and chronicles what’s working and where we need to focus efforts. We hope this report provides you with useful insights into the state of the local technology community and venture capital ecosystem and inspires new ways to move it forward. Lynette Horrell Rich Lunak Pittsburgh Office Managing Partner, CEO, Innovation Works, Inc. Ernst & Young LLP Investment in Pittsburgh’s technology sector | Trends and highlights Strong year for VC investment in Pittsburgh Venture capital financing decreased 32.2% nationally, from $77.3 billion invested in 2015 to $52.3 billion in 2016. The number of investment rounds decreased 12.4% from 4,244 in 2015 to 3,718 in 2016. The decrease was driven largely by substantial reduction $376 million in later-stage “unicorn” financings amidst a cooling was invested in Pittsburgh technology IPO market and negative press surrounding several high-profile late-stage companies. companies in 2016. Pittsburgh area deals attracted $235.1 million in funding from venture capital firms in 2016, bucking the national trend with an 8.1% increase over the $217.4 million invested in 2015. The number of deals $235 million led by VCs increased 11.4% from 35 to 39. 2016 also saw an increase in the number of large investment was invested by venture capital firms. rounds, with seven companies raising at least $15 million compared to only two in 2015. FundingFunding for for Pittsburgh Pittsburgh Companies companies from from Venture venture Capital capital Firmsfirms ($($ Millions)millions) 39 39 35 35 31 $227.2 $124.0 $332.9 $217.4 $235.1 2012 2013 2014 2015 2016 Amount Invested ($million) Number of Deals Source: Dow Jones VentureSource, Innovation Works, Pitchbook, and Thomson Reuters ThomsonOne Database March 2017 1 Increases from every investor category The $376.2 million of funding Funding for Pittsburgh companies by type of investor ($ millions) raised by Pittsburgh companies in Funding for Pittsburgh Companies by Type of Investor ($ Millions) 2016 is a 34.6% increase from the $437.8 $279.6 million reported in 2015. $3.8 Investments from venture capital $28.2 $376.2 $5.1 firms saw a slight increase, while $332.8 $72.9 the amount of investment from both $4.7 $66.4 $299.9 $279.6 $34.1 angels and corporate investors more $4.9 $95.4 than doubled from 2015 to 2016. $66.7 $23.4 $69.6 $33.9 Investment from seed funds and $4.7 accelerators was also up slightly. $21.6 $332.9 $54.2 $227.3 $217.4 $235.1 $124.0 2012 2013 2014 2015 2016 IPO Seed Funds and Accelerators Corporate and Other Angels VC Source: Dow Jones VentureSource, Innovation Works, Pitchbook, and Thomson Reuters ThomsonOne Database Angels comprised majority of funding rounds 188 funding rounds were Number of investment rounds by type of investor reported in 2016, a slight uptick 188 over the 179 rounds reported 177 179 165 in 2015. In 2016, 152 unique 148* 59 companies received funding 62 48 73 compared to 146 in 2015. For 12 59 the first time in six years, angel 23 15 16 investors accounted for the majority of funding rounds, a 19 78 61 59 55 position typically occupied by 38 seed funds and accelerators. 35 31 39 35 39 2012 2013 2014 2015 2016 * Includes IPO IPO Seed Funds and Accelerators Corporate and Other Angels VC Source: Source: Dow Jones VentureSource, Innovation Works, Pitchbook, and Thomson Reuters ThomsonOne Database 2 Investment in Pittsburgh’s technology sector | Trends and highlights Multiple tech sectors are thriving in Pittsburgh Companies representing a broad assortment of technology sectors are thriving in Pittsburgh. From 2012 to 2016, 318 unique companies attracted funding totaling roughly $1.7 billion. Software companies (consumer and enterprise) represented 40.3% of the companies, life science companies (biotech, medical device, health care IT and health care services) represented 23.0% and hardware (robotics and electronics) represented 14.8%. Pittsburgh companies receiving funding - by tech sector - 318 companies 2012-2016 Enterprise software 22.7% Consumer software 17.6% Medical devices Telecom 8.2% 0.3% IT infrastructure 1.9% Energy Health care services 6.9% 2.5% Robotics 6.0% Biotechnology 7.2% Consumer products Health care 7.2% IT Advanced 5.0% materials Electronics 5.7% 8.8% Dollars invested in Pittsburgh technology companies - by tech sector - $1.7b total 2012-2016 Energy Electronics 11.6% 9.8% Medical devices 16.1% Enterprise software 14.2% Telecom 0.9% Health care services 1.4% IT infrastructure Health care IT Consumer 3.6% 2.3% products 6.7% Advanced materials 7.0% Consumer software 9.3% Biotechnology 9.5% Robotics 7.6% Source: Source: Dow Jones VentureSource, Innovation Works, Pitchbook, and Thomson Reuters Thomson OneDatabase March 2017 3 The local supply of venture capital funding still growing The chart below estimates the annual supply of uncommitted funds at venture capital firms in the Pittsburgh region. This analysis considers the timing of new fund closings and assumes that a firm will commit 25% of a new fund’s capital during each of the first four years post-closing. If a fund is managed by partners who are located outside of the Pittsburgh region, the amount of the fund’s capital that is “located” in Pittsburgh is determined by multiplying by the percentage of the fund’s partners who are located in the region. The estimated supply of local venture capital funds increased for a fifth straight year, reaching a14-year high of $140.8 million. Several mainstays of the Pittsburgh VC community closed on additional funding in 2016 along with first closings on inaugural funds from The Robotics Hub, Ridgetop Health and Velocity Fund. SupplySupply of of Pittsburgh-based Pittsburgh-based ventureVenture Capitalcapital Estimate of Uncommitted Capital at Pittsburgh-based VC Firms ($ Million) Estimate of uncommitted capital at Pittsburgh-based VC firms ($ millions) $140.8 $126.6 $120.5 $88.2 $81.1 $65.9 $48.3 $29.3 $18.0 $7.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Innovation Works and Pittsburgh VCs 4 Investment in Pittsburgh’s technology sector | Trends and highlights Strong exit activity in Pittsburgh Proceeds from US venture capital-backed M&A deal values totaled $82.4 billion in 2016, a 41.8% increase over the $58.1 billion reported in 2015. 51 Pittsburgh companies exited in the past five years with total proceeds of over $7.4 billion. 54.9% of the companies were software Period 2012-2016: companies and yielded 67.7% of the disclosed proceeds. 25.5% of the companies were life science companies – including health care IT – and accounted for 24.6% of the proceeds. The remainder were 51 companies hardware, robotics and other technology sectors. Ten Pittsburgh companies were acquired in 2016 with total disclosed $7.4 billion values exceeding $275 million.
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