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.

Mike Green

Co-Founder and Managing Director

Matthew Harbaugh

Co-Founder and Managing Director

30 past transactions

Gridwise

Series A in 2022
Gridwise, Inc. develops and operates a peer-to-peer driver intelligence mobile application for rideshare drivers. The company's software solution enables drivers to receive events and end time updates, real-time alerts, airport demand data, and maintain driver taskbar. Its application also enables to get alerts about traffic, weather, events letting out, and other nearby opportunities; calculate tax deductions and prepare detailed tax reports; automatically track mileage; and get real-time passenger data. Gridwise, Inc. was founded in 2016 and is headquartered in Pittsburgh, Pennsylvania.

Arieca

Series A in 2022
Arieca LLC, based in Pittsburgh, Pennsylvania, specializes in the development and distribution of Thubber, a thermally conductive rubber composite. Founded in 2018, the company has created a unique product that merges the compliance and elasticity of soft silicone rubber with the thermal conductivity of metal. This innovative material is stretchable and can be utilized in various applications, including circuit wiring, sensors, and passive heat exchangers. By providing an alternative form of rubber, Arieca aims to enhance the performance of electronic devices while ensuring safe human interaction, effectively addressing heat management challenges across multiple industries.

CAIRA Surgical

Seed Round in 2022
CAIRA Surgical is a medical software and technology company on a mission to reduce costs and improve patient outcomes in orthopedic care. CAIRA Surgical develops advanced joint replacement software, scanning, and precision radar technologies designed for reliability, intuitive adoption, and global accessibility. CAIRA Surgical strives to empower surgeons by inventing and investing in new, proprietary technologies that simplify workflows and enable better patient outcomes in joint replacement.

Arieca

Convertible Note in 2021
Arieca LLC, based in Pittsburgh, Pennsylvania, specializes in the development and distribution of Thubber, a thermally conductive rubber composite. Founded in 2018, the company has created a unique product that merges the compliance and elasticity of soft silicone rubber with the thermal conductivity of metal. This innovative material is stretchable and can be utilized in various applications, including circuit wiring, sensors, and passive heat exchangers. By providing an alternative form of rubber, Arieca aims to enhance the performance of electronic devices while ensuring safe human interaction, effectively addressing heat management challenges across multiple industries.

UpContent

Convertible Note in 2021
Here at UpContent, they believe content is currency. The exchange of this powerful information establishes thought leaders, builds strong communities, and evokes change. Even though the internet is full of valuable and beautiful content worthy of sharing, traditional methods of searching have made finding the hidden gems difficult and time-consuming. That’s why they feel so passionate about their content discovery tool. UpContent gives users the power to spark conversations and gain insight on the topics they care about most.

Meter Feeder

Convertible Note in 2020
Meter Feeder's mission to provide a low cost payment and enforcement solution for small to mid-sized governments. A fast set up process and geolocation get new users paid and on their way fast. MeterFeeder works with customers' current infrastructure. Users don't need to purchase any new meters or kiosks, growing the base of people more willing to pay via electronic payments.

FluidForm Bio

Convertible Note in 2020
FluidForm is a provider of 3D bioprinting services to build the additive manufacturing platform for 3D printing silicone and 3D bioprinting. The company's FRESH technology enables the printing of silicones, urethanes, epoxies, liquid metals, biologic materials, and more, revolutionizing diverse fields, from aerospace to wearable sensors to regenerative medicine. FluidForm was founded in 2018 and is headquartered in, Acton, MA.

Locomation

Convertible Note in 2020
Locomation, Inc. is a technology company based in Pittsburgh, Pennsylvania, that specializes in developing advanced trucking solutions through artificial intelligence and driver augmentation. Founded in 2016, the company focuses on enhancing safety and efficiency in the trucking industry with its innovative platform. Locomation's technology utilizes relay convoying, where a human-driven lead truck is followed by an autonomous truck, allowing for improved operational efficiency and cost reduction for trucking companies. The platform aims to eliminate truck-involved accidents and is applicable to various sectors, including commercial and defense transportation.

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.

Locomation

Seed Round in 2020
Locomation, Inc. is a technology company based in Pittsburgh, Pennsylvania, that specializes in developing advanced trucking solutions through artificial intelligence and driver augmentation. Founded in 2016, the company focuses on enhancing safety and efficiency in the trucking industry with its innovative platform. Locomation's technology utilizes relay convoying, where a human-driven lead truck is followed by an autonomous truck, allowing for improved operational efficiency and cost reduction for trucking companies. The platform aims to eliminate truck-involved accidents and is applicable to various sectors, including commercial and defense transportation.

Aspinity

Series A in 2020
Aspinity, Inc. specializes in the manufacturing of reconfigurable analog modular processor (RAMP) chips designed for ultra-low-power electronics. These compact, analog machine learning chips analyze raw, unstructured sensor data, enabling them to identify important data early in the signal chain while filtering out background noise. By processing analog data directly, Aspinity's technology reduces the need for higher-power processing of insignificant information, optimizing power consumption for always-on, battery-operated devices. Their innovations are particularly valuable in applications such as voice activation, industrial machine health monitoring, and wearable health devices across consumer, industrial, and biomedical markets. Founded in 2015 and based in Pittsburgh, Pennsylvania, Aspinity aims to enhance battery life in sensing applications without compromising performance.

Molecular Biologicals

Convertible Note in 2020
Molecular Biologicals is a biotech company that offers bioactive and prescription-only keratin products for use in the healing of burns, acute and chronic wounds. The company is promoting healing in the field of skin and wound care through the benefits of keratin protein and peptide treatment. Their mission is to explore the therapeutic benefits of the keratin molecule as it is the foundation of organic tissue repair and provide their products to those who are in greatest need. Molecular Biologicals was founded in 2015 and is based in Charlottesville, VA.

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
Here at UpContent, they believe content is currency. The exchange of this powerful information establishes thought leaders, builds strong communities, and evokes change. Even though the internet is full of valuable and beautiful content worthy of sharing, traditional methods of searching have made finding the hidden gems difficult and time-consuming. That’s why they feel so passionate about their content discovery tool. UpContent gives users the power to spark conversations and gain insight on the topics they care about most.

Gridwise

Seed Round in 2020
Gridwise, Inc. develops and operates a peer-to-peer driver intelligence mobile application for rideshare drivers. The company's software solution enables drivers to receive events and end time updates, real-time alerts, airport demand data, and maintain driver taskbar. Its application also enables to get alerts about traffic, weather, events letting out, and other nearby opportunities; calculate tax deductions and prepare detailed tax reports; automatically track mileage; and get real-time passenger data. Gridwise, Inc. was founded in 2016 and is headquartered in Pittsburgh, Pennsylvania.

Anglr

Series A in 2020
Anglr is an online platform established in 2016 that connects the global sport fishing community. It offers free mobile applications, patented IoT technologies, and a website designed to enhance the fishing experience. Anglr allows users to track and record details of their fishing adventures, including cast locations, bait used, weather conditions, and catch statistics. This functionality enables fishermen and women to document, analyze, and share their activities, fostering competition and camaraderie among users. By facilitating connections within the fishing community, Anglr transforms fishing into a more social activity, providing additional motivation and engagement even for those fishing alone.

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
Here at UpContent, they believe content is currency. The exchange of this powerful information establishes thought leaders, builds strong communities, and evokes change. Even though the internet is full of valuable and beautiful content worthy of sharing, traditional methods of searching have made finding the hidden gems difficult and time-consuming. That’s why they feel so passionate about their content discovery tool. UpContent gives users the power to spark conversations and gain insight on the topics they care about most.

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.

CoeoSpace

Convertible Note in 2019
CoeoSpace, LLC specializes in providing flexible, move-in ready workspaces tailored for a diverse clientele, including entrepreneurs, freelancers, startups, and small businesses. Founded in 2019 and based in Warrendale, Pennsylvania, the company offers a variety of options such as co-working spaces, sublease spaces, and landlord spec suites. CoeoSpace employs advanced algorithms to facilitate quick and efficient matching of users to suitable spaces based on factors like team size, budget, and desired amenities. This technology-driven approach enhances the user experience by providing features such as listings, search capabilities, scheduling, verification, reviews, and live chat support. With a presence in over 188 U.S. markets, CoeoSpace is also affiliated with the National Association of Realtors, participating in its inaugural REach Commercial Accelerator Program.

FITT

Corporate Round in 2019
Fitt is a location-based platform that connects people to healthy living experiences across fitness, food, outdoors, and events. Available on the web, iOS, and Android, Fitt is live in 31 cities across the US, Canada, the UK, and Australia.

Anglr

Series A in 2019
Anglr is an online platform established in 2016 that connects the global sport fishing community. It offers free mobile applications, patented IoT technologies, and a website designed to enhance the fishing experience. Anglr allows users to track and record details of their fishing adventures, including cast locations, bait used, weather conditions, and catch statistics. This functionality enables fishermen and women to document, analyze, and share their activities, fostering competition and camaraderie among users. By facilitating connections within the fishing community, Anglr transforms fishing into a more social activity, providing additional motivation and engagement even for those fishing alone.

FluidForm Bio

Seed Round in 2019
FluidForm is a provider of 3D bioprinting services to build the additive manufacturing platform for 3D printing silicone and 3D bioprinting. The company's FRESH technology enables the printing of silicones, urethanes, epoxies, liquid metals, biologic materials, and more, revolutionizing diverse fields, from aerospace to wearable sensors to regenerative medicine. FluidForm was founded in 2018 and is headquartered in, Acton, MA.

FITT

Series A in 2019
Fitt is a location-based platform that connects people to healthy living experiences across fitness, food, outdoors, and events. Available on the web, iOS, and Android, Fitt is live in 31 cities across the US, Canada, the UK, and Australia.

Serucell

Seed Round in 2019
Serucell is a bio-cellular company that specializes in skincare products aimed at enhancing the connection between the skin's inner health and outer beauty. The company utilizes a patented KFS Cellular Protein Complex along with key ingredients such as Hyaluronic Acid, Vitamin A, Vitamin C, and Vitamin E to create advanced intra-cellular skincare solutions. These products are designed to protect the skin against free radicals while promoting the regeneration of youthful and resilient skin. Serucell's offerings are precisely formulated and scientifically tested to ensure their efficacy in improving overall skin health.

Gridwise

Seed Round in 2019
Gridwise, Inc. develops and operates a peer-to-peer driver intelligence mobile application for rideshare drivers. The company's software solution enables drivers to receive events and end time updates, real-time alerts, airport demand data, and maintain driver taskbar. Its application also enables to get alerts about traffic, weather, events letting out, and other nearby opportunities; calculate tax deductions and prepare detailed tax reports; automatically track mileage; and get real-time passenger data. Gridwise, Inc. was founded in 2016 and is headquartered in Pittsburgh, Pennsylvania.

Aspinity

Seed Round in 2019
Aspinity, Inc. specializes in the manufacturing of reconfigurable analog modular processor (RAMP) chips designed for ultra-low-power electronics. These compact, analog machine learning chips analyze raw, unstructured sensor data, enabling them to identify important data early in the signal chain while filtering out background noise. By processing analog data directly, Aspinity's technology reduces the need for higher-power processing of insignificant information, optimizing power consumption for always-on, battery-operated devices. Their innovations are particularly valuable in applications such as voice activation, industrial machine health monitoring, and wearable health devices across consumer, industrial, and biomedical markets. Founded in 2015 and based in Pittsburgh, Pennsylvania, Aspinity aims to enhance battery life in sensing applications without compromising performance.

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
Advancing the treatment of stroke and stroke detection, through the development of next-generation precision diagnostics and therapeutics.
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