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Venture capital funding in Pittsburgh plunged to a record low last quarter, marking the smallest total in more than a decade.
Local companies raised just $19.4 million across 16 deals in Q3, according to the latest Venture Monitor report from PitchBook and the National Venture Capital Association (NVCA). The steep drop contrasts sharply with the previous quarter, when local startups raised nearly $1 billion combined.
Despite the slowdown, AI companies once again dominated local deal flow, mirroring national trends that favor AI investments. Still, more than half of the total raised in Q3 was carried by a single deal, showing that investors are still favoring fewer, larger deals with later-stage startups.
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