Cementing Pittsburgh as the Preeminent Destination for Startup Capital in Robotics
Robotics is widely recognized as one of the fastest growing sectors of technology. And Pittsburgh is widely recognized globally as the innovation and talent engine for robotics and AI. Due in large part to Carnegie Mellon, its Robotics Institute, and the National Robotic Engineering Center, with over $800 Million in commercial sales tied to its IP and inventions. Yet in 2021, startups in Pittsburgh received only one tenth of 1% of the $350 Billion of venture capital investment in the US. There is a geographic disconnect between the deployment of capital and the situs of robotics talent and innovation. We are poised to shift this paradigm with our novel approach, fresh business model and top-tier partnerships.
FILLING A CRITICAL NEED MUCH OF VENTURE CAPITAL AND PRIVATE EQUITY ISN’T…YET
Due to the challenges seeding startups in industrial robotics; US industry does not have the same pipeline of innovative software and direct to consumer startups. This dynamic has a stifling effect on U.S. global competitiveness. Traditional venture capital is often drawn to the founder’s ‘story’ and seeds software first businesses in familiar categories. Private equity is better positioned to understand start-ups in industry and the associated challenges, but they are drawn to ‘growth,’ and invest in companies with established revenue. This funding gap is the challenge faced by ‘hardware-driven,’ industrial automation startups in the U.S., and too few receive the seed funding they need to get off the ground. Carnegie Foundry was formed to fill this critical gap, seeding home-grown robotic startups that can subsequently attract outside capital investment in industries such as;
Warehouse, Fulfilment & Materials Handling
Commercial Autonomous Vehicles, Mobility
Agriculture & Food Robotics
Security & Safety
Healthcare & Public Health
Energy & Mining
Retail & Grocery Automation
Industrials & Manufacturing
Great Science Is Necessary, But Not Sufficient
Science is the search. Engineering is the practice. Commercialization is the outcome. Distinguishing between science and commercialization is a blurry line for some. Too many fund the potential of an idea - a never-ending science experiment often sourced by faculty researchers or grad students - absent the prospect for execution. Science needs scientists. Companies need leaders and teams with the vision to scale and integrate that great science with the operations know-how to execute. We provide the leadership, know-how and structure to turn great science into great companies.
HORIZONTAL APPLICATIONS. VERTICAL COMBINATIONS
Systems integration – the art of ensuring different hardware, software and systems seamlessly work together to solve a problem without adding new issues - is a unique skillset, entrenched in our methods from decades of experience in the field. That’s why we bring a unique focus to the full spectrum of assets needed to solve a problem; components, software, services, systems, and system of systems. It’s the same approach we bring to the application of our IP across verticals. So often, the same technologies that solve a problem in one field like agriculture or energy, have application in other fields such as healthcare or logistics. Our portfolio approach allows us to leverage our IP across valuable and distinctive cross-industry opportunities. A benefit rarely exploited in today’s startup ecosystem.