Mountain State Capital

Mountain State Capital is a venture capital firm focused on seed and early-stage investments in technology companies located in the Greater Appalachia region of the United States, which includes West Virginia, Pennsylvania, Ohio, Maryland, Virginia, Kentucky, Tennessee, and North Carolina. Operating as a Small Business Investment Company, the firm typically invests between $250,000 and $500,000 in high-growth companies across various technology and industry sectors. Headquartered in Morgantown, West Virginia, Mountain State Capital also maintains an office in Pittsburgh, Pennsylvania, and aims to provide essential early-stage risk capital to foster innovation and growth in the Appalachian region.

Mike Green

Co-Founder and Managing Director

Matthew Harbaugh

Co-Founder and Managing Director

28 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 manufactures and distributes a thermally conductive rubber composite. Arieca's composite is a stretchable, thermally conductive rubber that combines elasticity of soft silicone with the thermal of metal to be used as circuit wiring, sensors, and passive heat exchangers, allowing manufacturers to deploy an alternative form of rubber that improve the performance electronics and help them to safely interact with humans.

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 manufactures and distributes a thermally conductive rubber composite. Arieca's composite is a stretchable, thermally conductive rubber that combines elasticity of soft silicone with the thermal of metal to be used as circuit wiring, sensors, and passive heat exchangers, allowing manufacturers to deploy an alternative form of rubber that improve the performance electronics and help them to safely interact with humans.

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.

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. 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. develops and delivers MASA Valve, a synthetic valved conduit for pediatric right ventricular outflow tract reconstruction (RVOTR). It provides exGraft, an ePTFE vascular graft with radiopaque markings. The company designs MASA Valve that utilizes the material properties of ePTFE and RVOTR-specific valve design to alleviate the problems with currently available conduits. PECA Labs, Inc. was incorporated in 2012 and is based in Pittsburgh, Pennsylvania.

Conservation Labs

Convertible Note in 2020
Conservation Labs, Inc., founded in 2016 and based in Brownsville, Pennsylvania, specializes in smart water metering technology designed to reduce water consumption and identify leaks. The company aims to address significant water wastage in the United States, where over 3 trillion gallons are lost annually, resulting in an economic impact of approximately $70 billion. By utilizing its H2know system, Conservation Labs provides users with valuable insights that promote better water management and cost savings. The company is also part of the Amazon Alexa Fund portfolio, highlighting its innovative approach to sustainability and resource conservation.

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 metering technology designed to reduce water consumption and identify leaks. The company aims to address significant water wastage in the United States, where over 3 trillion gallons are lost annually, resulting in an economic impact of approximately $70 billion. By utilizing its H2know system, Conservation Labs provides users with valuable insights that promote better water management and cost savings. The company is also part of the Amazon Alexa Fund portfolio, highlighting its innovative approach to sustainability and resource conservation.

Coeo Space

Convertible Note in 2019
Coeo Space, LLC offers flexible and ready-to-use workspaces tailored for a diverse clientele, including entrepreneurs, freelancers, startups, artists, small businesses, and corporate divisions. Founded in 2019 and based in Warrendale, Pennsylvania, the company specializes in co-working spaces, sublease options, and landlord specifications. Utilizing an innovative open data technology platform, Coeo Space employs advanced algorithms to quickly match users with suitable spaces based on factors such as team size, budget, and desired amenities. The platform features comprehensive listings, scheduling capabilities, verification processes, user reviews, and live chat support. Coeo Space serves over 188 markets across the United States and is recognized for its participation in the National Association of Realtors' 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 provides skincare products with KFS, Hyaluronic Acid, Vitamin A, Vitamin C, and Vitamin E. The company focused on the essential connection between their skin's inner health and outer beauty. Its patented KFS Cellular Protein Complex delivers cutting-edge intra-cellular skincare solutions.

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.

Valtari Bio

Seed Round in 2019
Advancing the treatment of stroke and stroke detection, through the development of next-generation precision diagnostics and therapeutics.

PECA Labs

Series A in 2019
PECA Labs, Inc. develops and delivers MASA Valve, a synthetic valved conduit for pediatric right ventricular outflow tract reconstruction (RVOTR). It provides exGraft, an ePTFE vascular graft with radiopaque markings. The company designs MASA Valve that utilizes the material properties of ePTFE and RVOTR-specific valve design to alleviate the problems with currently available conduits. PECA Labs, Inc. was incorporated in 2012 and is based in Pittsburgh, Pennsylvania.