Pittsburgh sees another record year of tech investment, spurred by autonomous vehicles, report finds

Pittsburgh tech companies raised just over $3 billion in funding last year, led by landmark investments in autonomous vehicle startups, a report published Wednesday by Ernst and Young and Innovation Works found.

The sector continues to suffer from a lack of local venture capital but attracted 57 new investors in 2023, contributing to the region’s second largest annual total since the groups started collecting data on local tech companies 12 years ago.

Autonomous vehicle startups Aurora and Stack AV dominated the year’s capital gains, which totaled $3.12 billion, a 203% increase from 2022 that occurred despite a nationwide decline in VC funding, the report found.

But even beyond those two companies, the tech economy appeared to do well.

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