HARRISBURG, PA — The Pennsylvania Department of Community and Economic Development (DCED) has announced a $2 million investment in Neovate Life Sciences GP I, LLC (Neovate), a venture capital firm dedicated to supporting early-stage life science companies in the MedTech and BioPharma sectors within the Commonwealth. The funding is part of the Ben Franklin Technology Development Authority (BFTDA)’s ongoing commitment to advancing technological innovation and bolstering the state’s economic competitiveness.
This strategic investment is aimed at strengthening Pennsylvania’s life sciences industry, which is valued at nearly $50 billion. The sector benefits from world-class research institutions such as the University of Pennsylvania, the University of Pittsburgh, and Pennsylvania State University, which collectively rank fourth in the nation for life sciences research and development spending. Over the past five years, Pennsylvania companies have secured more than 10,000 patents in the field, placing the Commonwealth among the country’s leaders in life sciences innovation.
“The Shapiro Administration is laser-focused on supporting our important life sciences industry, and this investment in Neovate underscores that commitment,” said DCED Secretary Rick Siger. “Neovate will finance start-up life sciences companies in the Commonwealth that will create opportunities for growth, innovation, and jobs in our communities. Governor Shapiro is doubling down on our commitment to life sciences even further by calling for a new, $50 million innovation fund in his proposed 2025-26 budget to support more businesses like those we’re investing in today.”
Founded by Mike Green and Matt Harbaugh, Neovate operates out of Pittsburgh and is expected to target emerging companies in the medical device sector. The investment is part of the BFTDA’s Venture Investment Program, one of the nation’s longest-standing initiatives to promote entrepreneurial development, workforce readiness, and technology-driven growth.
The announcement comes as Governor Josh Shapiro’s administration continues to prioritize economic development, with over $3.7 billion in private-sector investments secured across Pennsylvania since January 2023. The proposed 2025-26 budget includes significant funding for innovation, such as a new $50 million PA Innovation program focused on expanding life sciences jobs and $12.5 million for workforce training through WEDnetPA.
The Neovate funding aligns with broader state initiatives, such as the $1.72 million investment in First Ascent Biomedical’s expansion at Gannon University and the $21 million committed to GSK’s $800 million growth project in Marietta. Collectively, these efforts underscore the Shapiro Administration’s focus on fostering innovation and cementing Pennsylvania as a hub for life sciences excellence.
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