New Investments Will Spur Technology and Innovation Across Pennsylvania
Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin announced that Bala Cynwyd-based firm Osage Venture Partners was approved for $2.5 million in funding to support early-stage technology companies across the commonwealth.
The funding was approved at a recent Ben Franklin Technology Development Authority (BFTDA) board meeting.
“Pennsylvania is emerging as a leader in innovation with exciting developments—from robotics to automation and medical advances–cropping up all across the state,” said Sec. Davin. “This funding will help the commonwealth capture new opportunities, and will help burgeoning companies gain a foothold in the industries that will define the future of technology.”
Osage invests in the business-to-business (“B2B”) software market, a market that holds ample potential and is growing more than 10 percent per year. This target universe encompasses roughly 48,000 companies nationwide. Investments are focused on business sectors such as application software, cloud computing, data analytics, security software, healthcare information technology, infrastructure management, education, and artificial intelligence.
“We are excited to work with BFTDA on this project. BFTDA’s support of PA-based firms such as ours has been a strong signal to the larger investor community that Pennsylvania has both world class start-ups and the venture community to support them,” said Robert Adelson, Managing Partner of Osage Venture Partners. “Pennsylvania has a thriving technology ecosystem, with great strength in our area of focus, business to business software, and we look forward to continuing to deploy capital in and partner with high-potential B2B startups in the commonwealth.”
Last week, Governor Tom Wolf announced an ambitious budget proposal to fuel innovation across Pennsylvania, making the commonwealth a national competitor in attracting and retaining entrepreneurs and startups through strategic funding and community support. Pennsylvania’s new innovation plan includes a $12.35 million funding increase to drive an evidence-based, statewide innovation strategy.
As part of that plan, an additional $5 million will be provided to the Ben Franklin Technology Development Authority (BFTDA) will be driven out competitively and tied to achieving new levels of innovation and collaboration with institutions of higher education.
As one of the largest state technology development programs in the nation, BFTDA was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.
The mission of BFTDA is to encourage and coordinate programs and investments, which advance the competitiveness of Pennsylvania companies and universities in the global economy. The Authority’s board consists of Pennsylvania leaders including elected officials and thought leaders in higher education, finance, technology and nonprofit economic development organizations. It is considered Pennsylvania’s leading source for the technology strategy and funding that leads to proven prosperity, jobs and economic development.
Osage Partners, was formed in 1990 by Robert Adelson. The firm manages two main product areas, Osage Ventures Partners and Osage University Partners.
For more information about the Wolf Administration’s commitment to technology and innovation or DCED, visit the DCED website, and be sure to stay up-to-date with all of our agency news on Facebook, Twitter, and LinkedIn.
J.J. Abbott, Governor’s Office, 717.783.1116
Casey Smith, DCED, 717.783.1132