- Over $2.3B has been raised by Upstate New York startups during 2021 and 2022
- Over 1,100 funded companies are headquartered in Upstate New York
- Key sectors for startup investment for Upstate New York in the last five years are: Health ($873 million), Energy ($525 million), and Semiconductors ($462 million)
New Paltz, NY – More than $2.3 billion of investment was raised by tech startups in Upstate New York in 2021 and 2022, according to data provided by Dealroom.co. This is more investment than in the previous eight years combined.
While New York City has historically been the epicenter of tech activity in the state, Upstate New York, encompassing Buffalo, Rochester, and Albany, has emerged as a tech hub in its own right. These cities have successfully attracted substantial venture capital investments and witnessed the growth of key industries. Notably, the Health sector has seen $873 million invested since 2018, followed by Energy with $525 million and Semiconductors with $462 million.
A diverse frontier, the startup ecosystem
The region’s startups are operating at the frontiers of technology in a diverse range of fields. Some of the region’s startups that have recently raised investment include Blackbird.AI using Artificial Intelligence to fight disinformation and online threats, MyForestFoods aiming to create whole cut plant-based meats, biometric smart ring startup Token, Dandelion Energy, working on geothermal home energy, and Pallidus who are growing silicon carbide crystals and wafers for semiconductors.
While recent data reveals that Upstate New York’s tech ecosystem is still at a promising early stage, suggesting much growth potential. Almost all startup investment in Upstate New York is at early and breakout stage, and more than 90% of rounds are at Pre-Seed to Series A stages.
Leading intelligence platform for startup ecosystem
The new data has been surfaced via a new startup database by Dutch startup intelligence platform Dealroom, and Upstate Capital. The platform, investny.org, means that Upstate New York joins Austin, Atlanta, Las Vegas, London and Paris, and more than 70 other regions, as a startup ecosystem with a dedicated community data platform. The data platform tracks and shines light on the region’s most promising companies.
The platform investny.org is now accessible to everyone. It allows visitors to:
- Scout and discover companies based on specific filters and data points tracked
- Analyze and benchmark market trends based on aggregated data
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About Upstate Capital:
The Upstate Capital Association of NY is a non-profit organization dedicated to accelerating access to capital for companies and dealmakers in Upstate New York. With a vast network of investors, professionals, and entrepreneurs, Upstate Capital provides valuable resources and promotes collaboration to foster economic growth in the region.
About Dealroom.co:
Dealroom.co is a leading provider of data-driven intelligence and analytics for the global tech ecosystem. By connecting startups, investors, and corporates, Dealroom.co empowers decision-makers with the insights and tools necessary to navigate and succeed in the fast-paced world of tech innovation.
For more information, please contact:
Upstate Capital:
Press Contact: Bailey Burke
bailey@upstatecapital.org
(845) 204-8090
Dealroom.co:
Name: Orla Browne
Email: orla@dealroom.co
*Upstate New York data covers 8 regions of Capital District, Central New York, Finger Lakes, Hudson Valley, Mohawk Valley, North Country, Southern Tier and Western New York.