Mountain State Capital

Mountain State Capital is a venture capital firm founded in 2018 and based in Morgantown, West Virginia, with an additional office in Pittsburgh, Pennsylvania. The firm specializes in seed and early-stage investments, focusing on technology companies in the Greater Appalachia region, which includes West Virginia, Pennsylvania, Ohio, Maryland, Virginia, Kentucky, Tennessee, and North Carolina. Mountain State Capital typically invests between $250,000 and $500,000 in high-growth companies across various technology and industry sectors, providing essential early-stage risk capital to support their development.

Matt Harbaugh

Managing Director

31 past transactions

Nanochon

Seed Round in 2024
Nanochon is focused on creating innovative implantable medical devices designed to address cartilage damage in joints. Utilizing advanced 3D printing techniques and a unique nanomaterial, the company aims to develop solutions that not only replace lost and damaged cartilage but also promote the growth of new tissue. This approach allows medical practitioners to access cost-effective and on-demand devices that enhance treatment outcomes, particularly for young and active patients suffering from knee injuries and diseases. Through its technology, Nanochon seeks to improve the overall quality of care in orthopedics.

Aspinity

Series B in 2023
Aspinity, Inc. is a company based in Pittsburgh, Pennsylvania, that specializes in manufacturing reconfigurable analog modular processor (RAMP) chips designed for ultra-low-power electronics. These chips utilize neuromorphic all-analog integrated circuit technology to analyze raw, unstructured analog sensor data, identifying significant events while filtering out background noise before the data is digitized. By focusing on early cues, Aspinity's RAMP chips significantly reduce the need for higher power processing, optimizing power consumption in always-on, battery-operated sensing devices. This technology is applicable across various markets, including consumer, industrial, and biomedical sectors, enhancing functionalities such as voice activation, industrial machine health monitoring, and wearable health monitoring. Aspinity was incorporated in 2012 and aims to revolutionize the architecture of sensing devices through innovative power and data management solutions.

InspectionGo

Series A in 2023
InspectionGo is a home inspector company providing a variety of services to help inspection companies. It provides digital exhibition, and back-end services such as accounting, marketing, coaching, and inside sales to home inspectors across the nation. The company was founded in 2019 and is based in Morgantown, WV.

Avisi Technologies

Seed Round in 2022
Avisi Technologies Inc. is a company based in Philadelphia, Pennsylvania, that focuses on developing innovative solutions for glaucoma treatment. Founded in 2017, the company has created VisiPlate, a next-generation aqueous shunt that utilizes nanotechnology to provide a defense against blindness caused by glaucoma. This advanced technology aims to improve the effectiveness of glaucoma treatments and enhance patient outcomes.

Gridwise

Series A in 2022
Gridwise, Inc. develops and operates a mobile application designed for rideshare and delivery drivers, enabling them to enhance their earnings and manage their business operations efficiently. Launched in 2016 and based in Pittsburgh, Pennsylvania, the Gridwise app offers a range of features, including real-time alerts on traffic, weather, and local events, as well as tools for tracking mileage and analyzing earnings. The application also helps users prepare detailed tax reports and calculate deductions, thereby facilitating better financial management. With its focus on providing demand insights and performance tracking, Gridwise serves hundreds of thousands of gig economy drivers across the United States, offering a comprehensive platform to support their unique business needs.

Arieca

Series A in 2022
Arieca LLC, established in 2018 and based in Pittsburgh, Pennsylvania, specializes in the development and distribution of Thubber, a thermally conductive rubber composite. This innovative material merges the elasticity of soft silicone rubber with the thermal conductivity of metal, making it suitable for applications such as circuit wiring, sensors, and passive heat exchangers. Arieca's product addresses heat management challenges in various industries, enabling manufacturers to utilize an alternative rubber solution that enhances electronic performance while ensuring safe interaction with human users.

CAIRA Surgical

Seed Round in 2022
CAIRA Surgical is a medical technology company focused on enhancing orthopedic care through innovative software and surgical precision technologies. The company specializes in developing advanced joint replacement solutions, including a navigation system for knee replacements that assists surgeons in improving precision and patient outcomes. By investing in proprietary technologies and simplifying workflows, CAIRA Surgical aims to reduce costs and enhance the reliability of orthopedic procedures. Its commitment to intuitive design and global accessibility reflects its mission to empower surgeons and improve patient care in joint replacement surgeries.

Arieca

Convertible Note in 2021
Arieca LLC, established in 2018 and based in Pittsburgh, Pennsylvania, specializes in the development and distribution of Thubber, a thermally conductive rubber composite. This innovative material merges the elasticity of soft silicone rubber with the thermal conductivity of metal, making it suitable for applications such as circuit wiring, sensors, and passive heat exchangers. Arieca's product addresses heat management challenges in various industries, enabling manufacturers to utilize an alternative rubber solution that enhances electronic performance while ensuring safe interaction with human users.

UpContent

Convertible Note in 2021
UpContent, LLC is a technology company based in Pittsburgh, Pennsylvania, that specializes in content discovery solutions. Founded in 2015, it offers a software-as-a-service (SaaS) platform designed to enhance digital content curation for brands and improve audience engagement. The platform automates the process of discovering relevant news and blog articles, integrating with tools like Hootsuite and Buffer. Its features include the UpContent Gallery, which enables users to curate content, develop custom calls-to-action, and implement retargeting strategies to capture audience traffic. UpContent aims to simplify the search for quality content, empowering marketing, sales, and human resource teams to effectively share insights and foster meaningful conversations within their communities.

Meter Feeder

Convertible Note in 2020
Meter Feeder, Inc. is a company that offers affordable payment and enforcement solutions tailored for small to mid-sized governments. Founded in 2014 and based in Braddock, Pennsylvania, Meter Feeder has developed an application that allows users to locate and pay for parking through their mobile devices. This system integrates seamlessly with existing infrastructure, eliminating the need for new meters or kiosks, which encourages more users to opt for electronic payments. Additionally, Meter Feeder provides Meter Reader enforcement kits, which consist of a lightweight Android tablet and a Bluetooth printer, enabling parking enforcement officers to verify payments and issue citations when necessary. The company's goal is to enhance parking management efficiency while making the process more user-friendly for customers.

FluidForm Bio

Convertible Note in 2020
FluidForm Bio is a biotechnology company focused on creating living human tissue to enhance disease treatment. Utilizing its patented FRESH technology, the company specializes in 3D bioprinting, which enables the production of high-quality tissue that mimics real human tissue by integrating cells and proteins without additional materials. This innovative platform allows for the design and fabrication of complex tissue structures with embedded vasculature and multiple materials within a single print. Through collaborations with leading life science companies, FluidForm Bio's technology has been validated for various applications, paving the way for novel therapeutic programs in the healthcare sector. Founded in 2018 and headquartered in Waltham, Massachusetts, FluidForm Bio aims to provide better treatment options for patients through its transformational approach to tissue engineering.

InspectionGo

Convertible Note in 2020
InspectionGo is a home inspector company providing a variety of services to help inspection companies. It provides digital exhibition, and back-end services such as accounting, marketing, coaching, and inside sales to home inspectors across the nation. The company was founded in 2019 and is based in Morgantown, WV.

Aspinity

Series A in 2020
Aspinity, Inc. is a company based in Pittsburgh, Pennsylvania, that specializes in manufacturing reconfigurable analog modular processor (RAMP) chips designed for ultra-low-power electronics. These chips utilize neuromorphic all-analog integrated circuit technology to analyze raw, unstructured analog sensor data, identifying significant events while filtering out background noise before the data is digitized. By focusing on early cues, Aspinity's RAMP chips significantly reduce the need for higher power processing, optimizing power consumption in always-on, battery-operated sensing devices. This technology is applicable across various markets, including consumer, industrial, and biomedical sectors, enhancing functionalities such as voice activation, industrial machine health monitoring, and wearable health monitoring. Aspinity was incorporated in 2012 and aims to revolutionize the architecture of sensing devices through innovative power and data management solutions.

Molecular Biologicals

Convertible Note in 2020
Molecular Biologicals is a biotechnology company based in Charlottesville, VA, founded in 2015. The company specializes in developing bioactive and prescription-only keratin products aimed at promoting healing for burns, acute, and chronic wounds. By harnessing the therapeutic properties of keratin proteins and peptides, Molecular Biologicals provides innovative solutions for skin and wound care. Their products are designed to assist the medical community and patients in managing various wound types, facilitating a more efficient recovery process. The company focuses on delivering effective wound healing solutions to those in need, emphasizing the role of keratin as a fundamental component in organic tissue repair.

Peca Labs

Series A in 2020
PECA Labs, Inc. is a medical device company based in Pittsburgh, Pennsylvania, focused on developing innovative solutions for pediatric cardiovascular care. Its primary product, the MASA Valve, is a synthetic heart valve designed for right ventricular outflow tract reconstruction in children. Utilizing advanced material properties of ePTFE, the MASA Valve addresses limitations associated with existing conduits, offering improved outcomes and reduced need for re-operation. This device has received Humanitarian Use Device designation from the FDA and has been successfully implanted in numerous patients. Additionally, PECA Labs offers exGraft, an ePTFE vascular graft marked for enhanced visibility during procedures. Founded as a spin-off from Carnegie Mellon University and UPMC, the company aims to enhance the quality of life for children with cardiac defects while minimizing the surgical interventions they face throughout their development.

Conservation Labs

Convertible Note in 2020
Conservation Labs, Inc., founded in 2016 and based in Brownsville, Pennsylvania, specializes in smart water management technology aimed at reducing water consumption and detecting leaks. The company offers a non-invasive water monitor that can be easily attached to existing water pipes. This device integrates with an application to provide real-time data on water usage, potential leaks, and appliance performance. By offering insights into water consumption, Conservation Labs enables property owners to identify opportunities for conservation, ultimately helping them save money and better manage this vital resource. The company addresses the significant issue of excessive water use in the U.S., which amounts to over 3 trillion gallons annually, costing billions in waste.

UpContent

Seed Round in 2020
UpContent, LLC is a technology company based in Pittsburgh, Pennsylvania, that specializes in content discovery solutions. Founded in 2015, it offers a software-as-a-service (SaaS) platform designed to enhance digital content curation for brands and improve audience engagement. The platform automates the process of discovering relevant news and blog articles, integrating with tools like Hootsuite and Buffer. Its features include the UpContent Gallery, which enables users to curate content, develop custom calls-to-action, and implement retargeting strategies to capture audience traffic. UpContent aims to simplify the search for quality content, empowering marketing, sales, and human resource teams to effectively share insights and foster meaningful conversations within their communities.

Gridwise

Seed Round in 2020
Gridwise, Inc. develops and operates a mobile application designed for rideshare and delivery drivers, enabling them to enhance their earnings and manage their business operations efficiently. Launched in 2016 and based in Pittsburgh, Pennsylvania, the Gridwise app offers a range of features, including real-time alerts on traffic, weather, and local events, as well as tools for tracking mileage and analyzing earnings. The application also helps users prepare detailed tax reports and calculate deductions, thereby facilitating better financial management. With its focus on providing demand insights and performance tracking, Gridwise serves hundreds of thousands of gig economy drivers across the United States, offering a comprehensive platform to support their unique business needs.

Anglr

Series A in 2020
Anglr is a company dedicated to enhancing the sportfishing experience through a vertical social app and a connected suite of IoT devices. Targeting the $50 billion sportfishing industry, Anglr offers an advanced fishing application that serves as a digital logbook for anglers. This application allows users to track essential details of their fishing trips, such as cast locations, bait used, weather conditions, and catch counts. By recording and reviewing these statistics, users can not only relive their fishing adventures but also improve their skills and share experiences with friends. The Anglr ecosystem combines technology and social interaction to create a comprehensive platform for fishing enthusiasts.

Lizard Tail

Seed Round in 2019
Lizard Tail is an accessories company that sells and manufactures quality belts constructed from climbing rope. The company's LT SOLO provides optimum comfort by giving the right fit instead of a tight fit. Its patent-pending buckle makes the SOLO easy on, easy off, and easy to adjust. Lizard Tail founded in 2019 by Justin and Ephraim in Morgantown, WV.

UpContent

Corporate Round in 2019
UpContent, LLC is a technology company based in Pittsburgh, Pennsylvania, that specializes in content discovery solutions. Founded in 2015, it offers a software-as-a-service (SaaS) platform designed to enhance digital content curation for brands and improve audience engagement. The platform automates the process of discovering relevant news and blog articles, integrating with tools like Hootsuite and Buffer. Its features include the UpContent Gallery, which enables users to curate content, develop custom calls-to-action, and implement retargeting strategies to capture audience traffic. UpContent aims to simplify the search for quality content, empowering marketing, sales, and human resource teams to effectively share insights and foster meaningful conversations within their communities.

Conservation Labs

Seed Round in 2019
Conservation Labs, Inc., founded in 2016 and based in Brownsville, Pennsylvania, specializes in smart water management technology aimed at reducing water consumption and detecting leaks. The company offers a non-invasive water monitor that can be easily attached to existing water pipes. This device integrates with an application to provide real-time data on water usage, potential leaks, and appliance performance. By offering insights into water consumption, Conservation Labs enables property owners to identify opportunities for conservation, ultimately helping them save money and better manage this vital resource. The company addresses the significant issue of excessive water use in the U.S., which amounts to over 3 trillion gallons annually, costing billions in waste.

Coeo Space

Convertible Note in 2019
Coeo Space, LLC offers move-in ready workspaces tailored for a diverse clientele, including entrepreneurs, freelancers, startups, artists, small businesses, and corporate divisions. Founded in 2019 and headquartered in Warrendale, Pennsylvania, the company provides a range of options such as co-working spaces, sublease spaces, and landlord specifications. Coeo Space utilizes advanced data technology and algorithms to efficiently match users with suitable workspaces based on factors like team size, budget, and desired amenities. The platform features listings, search capabilities, scheduling, verification, reviews, and live chat support, enhancing the user experience. Operating in over 188 markets across the United States, Coeo Space is also a participant in the National Association of Realtors' inaugural REach Commercial Accelerator Program.

Anglr

Series A in 2019
Anglr is a company dedicated to enhancing the sportfishing experience through a vertical social app and a connected suite of IoT devices. Targeting the $50 billion sportfishing industry, Anglr offers an advanced fishing application that serves as a digital logbook for anglers. This application allows users to track essential details of their fishing trips, such as cast locations, bait used, weather conditions, and catch counts. By recording and reviewing these statistics, users can not only relive their fishing adventures but also improve their skills and share experiences with friends. The Anglr ecosystem combines technology and social interaction to create a comprehensive platform for fishing enthusiasts.

FluidForm Bio

Seed Round in 2019
FluidForm Bio is a biotechnology company focused on creating living human tissue to enhance disease treatment. Utilizing its patented FRESH technology, the company specializes in 3D bioprinting, which enables the production of high-quality tissue that mimics real human tissue by integrating cells and proteins without additional materials. This innovative platform allows for the design and fabrication of complex tissue structures with embedded vasculature and multiple materials within a single print. Through collaborations with leading life science companies, FluidForm Bio's technology has been validated for various applications, paving the way for novel therapeutic programs in the healthcare sector. Founded in 2018 and headquartered in Waltham, Massachusetts, FluidForm Bio aims to provide better treatment options for patients through its transformational approach to tissue engineering.

Gridwise

Seed Round in 2019
Gridwise, Inc. develops and operates a mobile application designed for rideshare and delivery drivers, enabling them to enhance their earnings and manage their business operations efficiently. Launched in 2016 and based in Pittsburgh, Pennsylvania, the Gridwise app offers a range of features, including real-time alerts on traffic, weather, and local events, as well as tools for tracking mileage and analyzing earnings. The application also helps users prepare detailed tax reports and calculate deductions, thereby facilitating better financial management. With its focus on providing demand insights and performance tracking, Gridwise serves hundreds of thousands of gig economy drivers across the United States, offering a comprehensive platform to support their unique business needs.

Serucell

Seed Round in 2019
Serucell is a bio-cellular company that specializes in skincare products aimed at enhancing the connection between inner skin health and outer beauty. The company utilizes a patented KFS Cellular Protein Complex and a patent-pending process to develop its offerings, which include key ingredients such as Hyaluronic Acid, Vitamin A, Vitamin C, and Vitamin E. These products are scientifically formulated to provide intra-cellular skincare solutions that protect against free radicals and promote the resilience of youthful skin. By focusing on the biological components that contribute to skin vitality, Serucell aims to deliver effective solutions that amplify the skin's natural beauty.

Aspinity

Seed Round in 2019
Aspinity, Inc. is a company based in Pittsburgh, Pennsylvania, that specializes in manufacturing reconfigurable analog modular processor (RAMP) chips designed for ultra-low-power electronics. These chips utilize neuromorphic all-analog integrated circuit technology to analyze raw, unstructured analog sensor data, identifying significant events while filtering out background noise before the data is digitized. By focusing on early cues, Aspinity's RAMP chips significantly reduce the need for higher power processing, optimizing power consumption in always-on, battery-operated sensing devices. This technology is applicable across various markets, including consumer, industrial, and biomedical sectors, enhancing functionalities such as voice activation, industrial machine health monitoring, and wearable health monitoring. Aspinity was incorporated in 2012 and aims to revolutionize the architecture of sensing devices through innovative power and data management solutions.

Peca Labs

Series A in 2019
PECA Labs, Inc. is a medical device company based in Pittsburgh, Pennsylvania, focused on developing innovative solutions for pediatric cardiovascular care. Its primary product, the MASA Valve, is a synthetic heart valve designed for right ventricular outflow tract reconstruction in children. Utilizing advanced material properties of ePTFE, the MASA Valve addresses limitations associated with existing conduits, offering improved outcomes and reduced need for re-operation. This device has received Humanitarian Use Device designation from the FDA and has been successfully implanted in numerous patients. Additionally, PECA Labs offers exGraft, an ePTFE vascular graft marked for enhanced visibility during procedures. Founded as a spin-off from Carnegie Mellon University and UPMC, the company aims to enhance the quality of life for children with cardiac defects while minimizing the surgical interventions they face throughout their development.

Valtari Bio

Seed Round in 2019
Valtari Bio is a molecular diagnostics company dedicated to developing a point-of-care blood test aimed at assisting clinicians in the rapid triage of suspected stroke patients. The company's innovative platform enables healthcare professionals to distinguish between actual strokes and stroke mimics, thereby enhancing the accuracy of initial diagnoses. By providing timely and reliable diagnostic information, Valtari Bio aims to improve clinical decision-making and patient outcomes in emergency situations.

Americann

Venture Round in 2017
AmeriCann, Inc. is a specialized cannabis company based in Denver, Colorado, focused on the development and operation of cultivation, processing, and manufacturing facilities for licensed cannabis businesses across the United States. Founded in 2010 and rebranded from Nevada Health Scan, Inc. in 2014, AmeriCann aims to support the growth of the regulated cannabis industry by leveraging its expertise and resources to assist select cannabis entrepreneurs. The company's flagship project is the Massachusetts Cannabis Center, which serves as a hub for product manufacturing and greenhouse cultivation. AmeriCann generates revenue through lease agreements that include base rents and revenue sharing from products produced at its facilities, aligning its business model with the continued expansion of the regulated marijuana market.
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