PITTSBURGH, PA (February 2, 2023) – Robotics venture studio Carnegie Foundry announces the closing of a lead investor in Carnegie Capital Partners LLC., a recently launched, special purpose vehicle (SPV) designed to fast-track funding for the next generation of startups in robotics, automation and Industry 4.0 coming out of Carnegie Foundry.
Carnegie Foundry formed Carnegie Capital Partners at the behest of investors looking to participate in this strong growth sector via the innovative work and recent successes of Carnegie Foundry- albeit under a different structure than those most available today. Among the differences is that capital raised by Carnegie Capital Partners is not subject to any overhead or carried interest. Thus 100% of investor capital goes directly into Carnegie Foundry - joining anchor investments by U.S. Steel (NYSE: X) & Oshkosh Corporation (NYSE: OSK) in the venture studio, valued at nearly $100 million.
Carnegie Foundry develops and commercializes next-generation, industry specific solutions in autonomous robotics and AI with the National Robotics Engineering Center (“NREC”), a semi-autonomous applied research and development unit of Carnegie Mellon University’s world renown Robotics Institute.
“We are fortunate to find investors as passionate as we are about the Pittsburgh region and its pre-eminent position as a global leader in robotics and AI,” added Matthew B. Wachter, VP of Investment and Finance for Carnegie Foundry. “Investment opportunities like these - truly at the forefront of technological innovation - are largely the domain of the world’s largest institutional investors. Our goal is that Carnegie Capital Partners will open the door for a more diverse pool of investors, such as regional family offices, institutions and accredited investors interested in early stage, pioneering technologies from this region. When we look at what fueled the success of other technology corridors and regions, one common driver is how well they connect capital with opportunity, and the economic returns that such connections create for a community.”
“The Pittsburgh region is poised to revolutionize robotics and manufacturing, but only a very small fraction of venture capital firms and funds seriously invest, or have a presence, in this industrial community,” says Dr. Robert Szczerba, CEO of Carnegie Foundry. “Launching startups in industrial robotics and automation are inherently more expensive and more complex than launching software startups, which is where venture funds tend to operate. The scarcity of seed capital, despite the industrial automation and innovation expertise in our region, puts US companies - who depend on a robust pipeline of innovations - at a disadvantage relative to their global competitors. Carnegie Capital Partners, as the investment arm of Carnegie Foundry, aims to address that challenge by offering a straightforward vehicle for impact investment in Industry 4.0.”
About Carnegie Foundry: Carnegie Foundry is a unique Robotics and AI venture studio headquartered in Pittsburgh, PA and founded by a team with decades of experience in the successful development and commercialization of pioneering robotics and automation. In cooperation with the world leader in autonomous robotics and AI – the National Robotics Engineering Center (NREC) at Carnegie Mellon University – we develop, mature, and commercialize cutting-edge intellectual property and advanced prototypes, already market tested and primed for new and expanded applications.
To inquire about Carnegie Capital Partners, LLC., please contact Matthew B. Wachter, firstname.lastname@example.org. To learn more about Carnegie Foundry, please visit www.carnegiefoundry.com
The information contained in this press release is for informational purposes only. This press release does not constitute an offer to sell or a solicitation of an offer to buy any interests in Carnegie Foundry LLC, Carnegie Capital Partners, LLC or any other securities. Any such offering may only be made in accordance with the terms and conditions set forth in the offering documents provided by Carnegie Foundry LLC or Carnegie Capital Partners, LLC.