2020 Philadelphia Venture Report

Detailed analysis of key trends in the Philadelphia MSA from last year

Philadelphia, March 2, 2021 – The PACT 2020 Philadelphia Venture Report is now available, powered by PitchBook Data and breaking down all key trends in the Philly MSA from last year.

At $1.8 billion invested across 221 venture financings for the year, Philly’s VC and emerging tech ecosystem concluded a turbulent 2020 on a resilient note, helping to push the average disclosed round value to $8.1 million. Moreover, the region’s companies generated more liquidity for investors on an annual basis than ever before: $3.7 billion in aggregate value across 19 exits.

The 2020 Philadelphia Venture Report uncovers the underlying drivers of the robust Philly ecosystem, exploring datasets ranging from VC activity by sector to the sustained rise in the participation of outside investors.

Additional highlights include:

  • Analysis of the drivers behind Philly’s angel & seed VC deal activity
  • A deep dive on the impact of the COVID-19 pandemic on the region’s emerging tech community
  • Examination of the annual growth in funding for the life sciences over the past decade

“Philadelphians embody grittiness. In 2020, the MSA posted record seed and angel deal activity, signaling no slowdown to the startup scene and the rapid response its healthcare and biopharma communities had to COVID-19 and ongoing unmet patient needs,” shared PACT President and CEO Dean Miller. “We thank Pitchbook and our sponsors for their partnership and look forward to working with the region to continue to elevate Philadelphia together!”

Read the full 2020 Philadelphia Venture Report


About Philadelphia Alliance for Capital and Technologies (PACT)
PACT’s vision is to be the go-to resource for fast growing companies, and a driver of entrepreneurship and innovation in the Philadelphia region. PACT provides its members with valuable content and connections to capital, coaching, and customers that will accelerate their growth and success, and to collaborate with other organizations to drive innovation and entrepreneurship in the region. www.philadelphiapact.com

Media Contact:
Chris Cantz
[email protected]


Report Sponsors


Raising Capital in a Pandemic

 About this Event

Join our panel of investors and company executives as we discuss the existing capital environment (debt and equity), and share stories of raising capital virtually over the past year.

Note: attendance is limited to entrepreneurs, emerging company executives and investors. PACT reserves the right to audit attendee list.


Tristan Handy — CEO & Founder — Fishtown Analytics

Emily Foote – Principal – Osage Partners

Bob Moore — Co-founder and CEO — Crossbeam

Chris Busby — Partner — GreatHill Partners

Matthew Klinger — Senior Director, Technology Banking — Bridge Bank


Chad Williams — Partner — Saul Ewing


Bridge Bank

Saul Ewing Arnstein & Lehr

British Columbia, Canada

Jennifer Kurtz Named Chief Technology Officer of Infinite Blue

Infinite Blue, a leader in delivering extendable apps for organizational resiliency on their low-code platform, today announced the addition of Jennifer Kurtz, as Chief Technology Officer (CTO).  Jennifer brings profound experience leading software product development all the way from strategy through deployment and commercialization.

Most recently, Jennifer served as CTO at Vertex, Inc., where she oversaw all commercial software engineering and the architecture, design, development and support of a wide portfolio in both cloud-based and on-premises software products.  In this role she led the commercial technology organization through agile transformations that accelerated bringing to market new products and features.

“We are very excited to welcome Jennifer Kurtz to lead our talented engineering team,” said Frank Shultz, Chairman and CEO of Infinite Blue. “With Jennifer’s operational expertise and strategic leadership, we will accelerate our development of innovative solutions ahead of the market for our clients. We are thrilled to have a leader of Jennifer’s caliber join Infinite Blue at such a pivotal time in our history.”

“I am enthusiastic about the vision of what the Infinite Blue team is creating as part of its cloud platform solution for the market, in terms of the future of resiliency and critical event management software,” said Kurtz. “The opportunity to be part of a team that innovates for its clients’ is energizing and I’m eager to apply my expertise during this exciting period of growth.”

Prior to her CTO role, Jennifer was a senior member of the Vertex technology team where she developed technology strategy and led teams that delivered on new product solutions around the cloud and data management. Before joining Vertex, Jennifer worked for Verizon and Platinum Technology (now Broadcom).

About Infinite Blue

Infinite Blue provides a comprehensive low-code development platform and enterprise applications for the business continuity and disaster recovery industry. Infinite Blue is trusted by independent software vendors and enterprises across the globe. Infinite Blue Platform is at the heart of countless business applications running in a wide variety of industries worldwide.  The Company was started in 2013, has grown over 250% over the past three years and was recently named to the Inc. 5000 list of America’s fastest-growing companies and Deloitte’s 2020 Technology Fast 5000.

Applications built on Infinite Blue Platform can be hosted on-premises or in a public or private cloud. Infinite Blue customers use the platform to build custom applications quickly, and to extend existing applications, customizing them to meet their needs.

Infinite Blue also provides automated tools and services for building and maintaining effective business continuity and disaster recovery plans that streamline and simplify Continuity, Governance, and Risk Management programs. As an organization’s needs grow, the solution evolves to increase resiliency, mitigate risk, and adhere to deadlines. No other solution provider offers rapid speed-to-market and robust scalability in an all-in-one solution.

Infinite Blue is headquartered in Collegeville, PA.


For more information on Infinite Blue, please contact:

Courtney Eiceman

Vice President of Marketing

+1 (267) 930-0700

Email: [email protected]

Toyota Motor Corporation Australia Selects Cigniti Technologies as a Strategic Quality Engineering Partner

Cigniti Technologies, a global leader in independent quality engineering and software testing services, is now a strategic Quality Engineering panel vendor for Toyota Motor Corporation Australia (TMCA), a subsidiary of Toyota Motor Corporation, to help accelerate its Quality & Digital transformation journey over the next 3 years.

Speaking on the occasion, Srikanth Chakkilam, CEO at Cigniti Technologies, said: “It is exciting and a proud moment for all of us at Cigniti to serve a leading automobile company. In this IOT enabled future of connected and autonomous vehicles, Technology will disrupt the entire automobile value chain. Software is going to greatly influence the future of the automobile industry. Digital transformation in the automobile industry will take place in the future across the value chain from the connected supply chain and manufacturing, to providing a virtual experience in the car buying process, Car Mobility as a Service, and autonomous driving. It is very important to ensure that high-quality software will enhance the customer experience.”

Access the full coverage here

[email protected]

DGCX Selects Cigniti Technologies as Strategic Quality Assurance Service Provider

The Dubai Gold and Commodities Exchange (DGCX), has selected Cigniti Technologies – a global leader in independent quality engineering and software testing services – as its strategic Quality Assurance service provider as the Exchange seeks to upgrade its technology platform.

Cigniti will provide the DGCX Group with quality testing on a number of marketplace solutions that will replace applications currently used by DGCX. This will include functions such as real-time trading and clearing, pre-trade risk management, market intelligence, surveillance and quality assurance.

Cigniti’s testing services will enable the DGCX Group to ‘acceptance test’ the applications – covering both functional and non-functional testing – and reduce the amount of overall time and effort expended on testing.

Speaking on this occasion, Srikanth Chakkilam, CEO at Cigniti Technologies, said: “We are excited to partner with the UAE region’s largest commodity derivatives exchange – DGCX. This would further strengthen our position in the financial services market. The capital markets are based on real-time data and are increasingly complex. The introduction of digital technologies has brought in advanced practices and further encouraged new segment of investors and traders. Convenience, speed, reliability, security and efficiency are key to create a transparent and open environment. This requires an end-to-end testing of digital applications for the better performance and user experience.”

Les Male, CEO at DGCX Group, said: “Innovative digital solutions form a key part of the DGCX’s efforts to maintain operational excellence and continue to deliver unparalleled efficiencies. Nowhere is this more evident than in our technology agreement with Nasdaq Market Technology, which is ultimately aimed at enabling us to provide our members as well as their clients with increasingly sophisticated levels of service performance. Our most recent announcement of Cigniti as our strategic quality assurance provider reinforces these efforts. We are confident that these agreements and subsequent testing will ultimately provide an improved user experience for our members, which are at the heart of every decision that we make.”

Cigniti’s dedicated FinTech Domain Competency Group concentrates on testing complex real-time digital applications. Cigniti’s 90+ BFS clients include 3 Fortune 500 banks and is led by more than 300 domain and technology experts.

With these partnerships , DGCX continues to be the leading commodities derivatives exchange in the Middle East, serving both the Middle Eastern and the global capital markets.

About Cigniti:
Cigniti Technologies is a Global Leader in Independent Quality Engineering & Software Testing services. Cigniti’s 2,500+ experienced professionals are spread across UAE, USA, UK, Australia, Canada, India, and South Africa. We are a strategic quality engineering partner for leading global organizations and assist them in accelerating time-to-market by predicting and preventing unanticipated failures, leveraging AI-driven, proprietary Continuous Testing & Test Automation solutions, with customer-centricity at the core of the transformation. Our test offerings are Quality Engineering, Advisory & Transformation, Digital Assurance, and Quality Assurance solutions.

Access the full coverage here

[email protected]

PACT Spotlights: Wealth Advisory Group

As an advisor to corporate benefit plans (many who are members of the PACT), we help companies attract, reward and retain top talent through high performing benefit programs. We truly believe that the success of your company will be driven by the long-term health and financial wellness of your employees and we are here to help you implement the most optimized benefits arrangements for your organization.

Founded in 1993, Wealth Advisory Group (WAG) is a privately held Registered Investment Advisory firm enthusiastic about continuing to grow our footprint in the Greater Philadelphia Region.  As a fully independent firm, we are free from conflicts of interest and proprietary products and partner with leading industry providers to design, implement and manage programs that are best aligned with your needs.

  • We are committed to Enduring Relationships
  • Always placing our Client’s Interest First
  • Obsessive about Client Service
  • Dedicated to Positive Outcomes

We combine sophisticated technology, access to unique investment solutions with transparency and independence to provide customized financial solutions to our client’s unique financial goals. We are determined to help create a significant, positive impact on the lives of the participants in the retirement plans that we serve.

So, whether you are venture-backed, privately held, early-stage, or an established organization, your employees deserve the best platform to save for their long-term financial goals. Your success and their success are dependent upon it!  Wealth Advisory Group is your partner to guide you in fulfilling this corporate responsibility.

We look forward to beginning a conversation with you!

Primary Contact:

Bob Geiger

Financial Advisor

[email protected]

(610) 225-1000 x122