Mountain State Capital

Mountain State Capital, established in 2018, is a venture capital firm headquartered in Morgantown, West Virginia, with an additional office in Pittsburgh, Pennsylvania. The company specializes in seed and early-stage investments, focusing on technology companies based in the Greater Appalachia region of the United States. It typically invests between $250,000 and $500,000 in companies, targeting information technology and healthcare sectors. Mountain State Capital operates as a Small Business Investment Company, providing early-stage risk capital to high-growth companies in the region.

Matthew Harbaugh JD

Co-Founder and Managing Director

31 past transactions

Nanochon

Seed Round in 2024
Nanochon is developing an implantable, 3D-printed cartilage implant designed to replace damaged cartilage and promote new tissue growth in joints, with a focus on knee damage. The device combines 3D printing and a novel nanomaterial to enable on-demand, cost-effective solutions intended to restore joint function and improve outcomes for young and active patients.

Aspinity

Series B in 2023
Aspinity, Inc. is a technology company based in Pittsburgh, Pennsylvania, specializing in the development of reconfigurable analog modular processor (RAMP) chips for ultra-low-power electronics. These compact, analog machine learning chips analyze raw, unstructured sensor data to identify significant events while filtering out background noise before the data is digitized. By directly processing analog signals, Aspinity's technology reduces the need for higher-power processing and optimizes power consumption in always-on, battery-powered devices. Their products are suited for various applications, including voice recognition, industrial machine health monitoring, and wearable health devices in consumer, industrial, and biomedical markets. Since its incorporation in 2012, Aspinity has aimed to transform the architecture of sensing devices through neuromorphic all-analog integrated circuit technology, significantly lowering power requirements and enhancing efficiency in continuous sensing applications.

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 Philadelphia-based company founded in 2017 that specializes in developing innovative solutions for glaucoma treatment. Its primary product, VisiPlate, is a next-generation, nanotechnology-enabled aqueous shunt designed to prevent blindness caused by glaucoma. Through its advanced technology, Avisi Technologies aims to enhance the effectiveness of glaucoma management and improve patient outcomes.

Gridwise

Series A in 2022
Gridwise, Inc. is a technology company based in Pittsburgh, Pennsylvania, that specializes in developing a mobile application designed for rideshare and delivery drivers. Founded in 2016, Gridwise offers a comprehensive platform that assists gig economy drivers in maximizing their earnings and enhancing their business operations. The application provides real-time insights on passenger demand, traffic, and weather, as well as alerts for nearby opportunities. Additionally, it features tools for tracking mileage, calculating tax deductions, and generating detailed tax reports. With its focus on performance tracking and earnings analysis, Gridwise empowers hundreds of thousands of drivers across the United States to effectively manage their gig work.

Arieca

Series A in 2022
Arieca LLC, founded 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 compliance and elasticity of soft silicone rubber with the thermal conductivity of metal, making it suitable for various applications such as circuit wiring, sensors, and passive heat exchangers. Arieca's product addresses heat management challenges in the electronics industry, enhancing performance while ensuring safe interactions between devices and users. By providing an alternative to traditional rubber, Arieca aims to improve the efficiency of electronic components across multiple sectors.

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, founded 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 compliance and elasticity of soft silicone rubber with the thermal conductivity of metal, making it suitable for various applications such as circuit wiring, sensors, and passive heat exchangers. Arieca's product addresses heat management challenges in the electronics industry, enhancing performance while ensuring safe interactions between devices and users. By providing an alternative to traditional rubber, Arieca aims to improve the efficiency of electronic components across multiple sectors.

UpContent

Convertible Note in 2021
UpContent develops a SaaS platform that discovers brand mentions and curates digital content from various sources like news articles, blogs, and social media. Its tool automates the content discovery process, allowing users to engage audiences effectively. Founded in 2015, UpContent is headquartered in Pittsburgh, Pennsylvania.

Meter Feeder

Convertible Note in 2020
Meter Feeder, Inc. is a technology company based in Braddock, Pennsylvania, founded in 2014. It specializes in providing affordable payment and enforcement solutions for small to mid-sized governments. The company has developed a mobile application that allows users to locate and pay for parking conveniently through their devices. In addition to the app, Meter Feeder offers a parking enforcement tool known as Meter Reader, which includes an Android tablet and a Bluetooth printer, enabling enforcement officers to verify payments and issue citations efficiently. Meter Feeder's solutions integrate seamlessly with existing parking infrastructure, eliminating the need for municipalities to invest in new meters or kiosks, and promoting the adoption of electronic payment methods among users.

FluidForm Bio

Convertible Note in 2020
FluidForm Bio is a biotechnology company focused on creating living human tissue to improve disease treatment. Utilizing its patented FRESH technology, the company employs 3D printing to construct tissue using cells, proteins, and no other materials. This innovative platform has been validated through partnerships with leading life science companies, enabling the production of high-quality tissue for various applications. FluidForm Bio's advanced techniques integrate breakthroughs in 3D printing, computational and synthetic biology, artificial intelligence, and materials science to deliver human tissue that closely resembles natural tissue. Established in 2018 and headquartered in Waltham, Massachusetts, FluidForm Bio aims to provide transformative therapies that offer better treatment options for patients in need.

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 technology company based in Pittsburgh, Pennsylvania, specializing in the development of reconfigurable analog modular processor (RAMP) chips for ultra-low-power electronics. These compact, analog machine learning chips analyze raw, unstructured sensor data to identify significant events while filtering out background noise before the data is digitized. By directly processing analog signals, Aspinity's technology reduces the need for higher-power processing and optimizes power consumption in always-on, battery-powered devices. Their products are suited for various applications, including voice recognition, industrial machine health monitoring, and wearable health devices in consumer, industrial, and biomedical markets. Since its incorporation in 2012, Aspinity has aimed to transform the architecture of sensing devices through neuromorphic all-analog integrated circuit technology, significantly lowering power requirements and enhancing efficiency in continuous sensing applications.

Molecular Biologicals

Convertible Note in 2020
Molecular Biologicals is a biotechnology company based in Charlottesville, VA, established in 2015. It specializes in the development of bioactive and prescription-only keratin products aimed at enhancing the healing process for burns, acute wounds, and chronic wounds. By harnessing the therapeutic properties of keratin protein and peptides, the company focuses on improving skin and wound care. Molecular Biologicals is dedicated to exploring the benefits of the keratin molecule, which plays a critical role in organic tissue repair, and aims to deliver its innovative wound healing solutions to those in need. Through its products, the company seeks to support the medical community and patients in achieving faster recovery times for various wound types.

PECA Labs

Series A in 2020
PECA Labs is a Pittsburgh-based medical device company spun out of Carnegie Mellon University and UPMC that develops polymeric heart valves and vascular grafts for pediatric congenital heart disease. Its lead product, the MASA Valve, is a synthetic valved conduit intended for pediatric right ventricular outflow tract reconstruction, leveraging ePTFE material properties and radiopaque markings to improve durability and intraoperative configurability. The company also offers exGraft, an ePTFE vascular graft with radiopaque markers. PECA Labs focuses on orphan patient populations and aims to reduce the need for multiple surgeries in children, with the MASA Valve designed to address limitations of existing conduits. The MASA Valve has received FDA Humanitarian Use Device designation, and early intraoperative implants have demonstrated reduced re-operation rates compared with alternatives. Headquartered in Pittsburgh since its founding around 2011-2012, PECA Labs pursues pediatric cardiovascular solutions with an emphasis on improving long-term outcomes for congenital heart disease patients.

Conservation Labs

Convertible Note in 2020
Conservation Labs is a technology company based in Brownsville, Pennsylvania, founded in 2016. It develops smart water technology to help reduce water waste and detect leaks. Its non-invasive water monitor can be attached to any water pipe and integrates with an application to transmit data on water consumption, potential leaks, and appliance usage. This enables property owners and managers to monitor water use, identify conservation opportunities, and lower operating costs. The company's solutions focus on making water usage transparent and proactive, supporting efficient resource management and cost savings across residential and commercial built environments.

UpContent

Seed Round in 2020
UpContent develops a SaaS platform that discovers brand mentions and curates digital content from various sources like news articles, blogs, and social media. Its tool automates the content discovery process, allowing users to engage audiences effectively. Founded in 2015, UpContent is headquartered in Pittsburgh, Pennsylvania.

Gridwise

Seed Round in 2020
Gridwise, Inc. is a technology company based in Pittsburgh, Pennsylvania, that specializes in developing a mobile application designed for rideshare and delivery drivers. Founded in 2016, Gridwise offers a comprehensive platform that assists gig economy drivers in maximizing their earnings and enhancing their business operations. The application provides real-time insights on passenger demand, traffic, and weather, as well as alerts for nearby opportunities. Additionally, it features tools for tracking mileage, calculating tax deductions, and generating detailed tax reports. With its focus on performance tracking and earnings analysis, Gridwise empowers hundreds of thousands of drivers across the United States to effectively manage their gig work.

Anglr

Series A in 2020
Anglr is a company that operates within the sportfishing industry, leveraging technology to enhance the fishing experience. It offers a comprehensive fishing application that serves as a digital logbook, allowing anglers to track and record vital details of their fishing adventures, such as cast locations, bait used, weather conditions, and the number of catches. Alongside this application, Anglr provides a suite of connected Internet of Things devices that complement the app, creating a seamless ecosystem for users. This platform not only enables anglers to document their fishing stats and memories but also fosters a social network where they can share experiences, compare results, and prepare for future outings. Overall, Anglr aims to enrich the enjoyment of fishing by combining technology with the tradition of the sport.

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 develops a SaaS platform that discovers brand mentions and curates digital content from various sources like news articles, blogs, and social media. Its tool automates the content discovery process, allowing users to engage audiences effectively. Founded in 2015, UpContent is headquartered in Pittsburgh, Pennsylvania.

Conservation Labs

Seed Round in 2019
Conservation Labs is a technology company based in Brownsville, Pennsylvania, founded in 2016. It develops smart water technology to help reduce water waste and detect leaks. Its non-invasive water monitor can be attached to any water pipe and integrates with an application to transmit data on water consumption, potential leaks, and appliance usage. This enables property owners and managers to monitor water use, identify conservation opportunities, and lower operating costs. The company's solutions focus on making water usage transparent and proactive, supporting efficient resource management and cost savings across residential and commercial built environments.

Coeo Space

Convertible Note in 2019
Coeo Space, LLC, founded in 2019 and based in Warrendale, Pennsylvania, offers move-in ready workspaces tailored for a diverse clientele including entrepreneurs, freelancers, startups, artists, small businesses, and large corporations. The company specializes in providing co-working spaces, sublease spaces, and landlord spec suits. Coeo Space utilizes an open data technology platform with scientific algorithms to quickly match users with suitable workspaces based on criteria such as team size, monthly budget, and property amenities. With a presence in over 188 US markets, the company is recognized for its innovative approach and is part of the National Association of Realtors' REach Commercial Accelerator Program.

Anglr

Series A in 2019
Anglr is a company that operates within the sportfishing industry, leveraging technology to enhance the fishing experience. It offers a comprehensive fishing application that serves as a digital logbook, allowing anglers to track and record vital details of their fishing adventures, such as cast locations, bait used, weather conditions, and the number of catches. Alongside this application, Anglr provides a suite of connected Internet of Things devices that complement the app, creating a seamless ecosystem for users. This platform not only enables anglers to document their fishing stats and memories but also fosters a social network where they can share experiences, compare results, and prepare for future outings. Overall, Anglr aims to enrich the enjoyment of fishing by combining technology with the tradition of the sport.

FluidForm Bio

Seed Round in 2019
FluidForm Bio is a biotechnology company focused on creating living human tissue to improve disease treatment. Utilizing its patented FRESH technology, the company employs 3D printing to construct tissue using cells, proteins, and no other materials. This innovative platform has been validated through partnerships with leading life science companies, enabling the production of high-quality tissue for various applications. FluidForm Bio's advanced techniques integrate breakthroughs in 3D printing, computational and synthetic biology, artificial intelligence, and materials science to deliver human tissue that closely resembles natural tissue. Established in 2018 and headquartered in Waltham, Massachusetts, FluidForm Bio aims to provide transformative therapies that offer better treatment options for patients in need.

Gridwise

Seed Round in 2019
Gridwise, Inc. is a technology company based in Pittsburgh, Pennsylvania, that specializes in developing a mobile application designed for rideshare and delivery drivers. Founded in 2016, Gridwise offers a comprehensive platform that assists gig economy drivers in maximizing their earnings and enhancing their business operations. The application provides real-time insights on passenger demand, traffic, and weather, as well as alerts for nearby opportunities. Additionally, it features tools for tracking mileage, calculating tax deductions, and generating detailed tax reports. With its focus on performance tracking and earnings analysis, Gridwise empowers hundreds of thousands of drivers across the United States to effectively manage their gig work.

Serucell

Seed Round in 2019
Serucell is a skincare company focused on aligning skin’s inner health with outer beauty. It develops and markets products that leverage a patented KFS Cellular Protein Complex and ingredients such as Hyaluronic Acid and vitamins A, C, and E. The company also operates an online skincare retail platform and uses a patent-pending process to generate and harvest the building blocks and biological components associated with youthful skin, which are formulated and scientifically tested to protect against free radicals while enhancing the skin’s appearance.

Aspinity

Seed Round in 2019
Aspinity, Inc. is a technology company based in Pittsburgh, Pennsylvania, specializing in the development of reconfigurable analog modular processor (RAMP) chips for ultra-low-power electronics. These compact, analog machine learning chips analyze raw, unstructured sensor data to identify significant events while filtering out background noise before the data is digitized. By directly processing analog signals, Aspinity's technology reduces the need for higher-power processing and optimizes power consumption in always-on, battery-powered devices. Their products are suited for various applications, including voice recognition, industrial machine health monitoring, and wearable health devices in consumer, industrial, and biomedical markets. Since its incorporation in 2012, Aspinity has aimed to transform the architecture of sensing devices through neuromorphic all-analog integrated circuit technology, significantly lowering power requirements and enhancing efficiency in continuous sensing applications.

PECA Labs

Series A in 2019
PECA Labs is a Pittsburgh-based medical device company spun out of Carnegie Mellon University and UPMC that develops polymeric heart valves and vascular grafts for pediatric congenital heart disease. Its lead product, the MASA Valve, is a synthetic valved conduit intended for pediatric right ventricular outflow tract reconstruction, leveraging ePTFE material properties and radiopaque markings to improve durability and intraoperative configurability. The company also offers exGraft, an ePTFE vascular graft with radiopaque markers. PECA Labs focuses on orphan patient populations and aims to reduce the need for multiple surgeries in children, with the MASA Valve designed to address limitations of existing conduits. The MASA Valve has received FDA Humanitarian Use Device designation, and early intraoperative implants have demonstrated reduced re-operation rates compared with alternatives. Headquartered in Pittsburgh since its founding around 2011-2012, PECA Labs pursues pediatric cardiovascular solutions with an emphasis on improving long-term outcomes for congenital heart disease patients.

Valtari Bio

Seed Round in 2019
Valtari Bio is a molecular diagnostics company dedicated to enhancing the triage of suspected stroke patients through its innovative point-of-care blood testing platform. This technology is designed to assist healthcare professionals in making confident initial diagnoses, distinguishing between actual strokes and stroke mimics. By providing rapid and accurate diagnostic information, Valtari Bio aims to improve the quality of care that clinicians can offer during critical moments, ultimately leading to better patient outcomes.

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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