Albany Business Review | February 24, 2014

Venture capital investments more than double in upstate NY

albbizCompanies across upstate New York attracted more than $104 million from venture capitalists last year, a $56 million increase over 2012.

According to data from PriceWaterhouseCoopers and the National Venture Capital Association, the majority of upstate investments came in the fourth quarter when a total of $46 million was awarded to 10 companies.

Three of those companies are located in New York’s Capital Region.

Software developer Apprenda from Clifton Park received more than $16 million from Safeguard Scientifics, Ignition Partners and New Enterprise Associates. (More on that here)

Another company that attracted a seven figure investment was Ecovative Design, a Green Island company that uses mushroom technology to make packaging materials. Ecovative received $14 million.

And local technology company, Free Form Fibers of Saratoga Springs, was awarded $248,000. That company makes ceramic fibers that can then be woven into durable parts for the military, aerospace and automotive sectors.