Four winners receive combined $1.4 million in funding
With these latest awards, the Foundation now has invested more
than $17 million in 60 social-mission for-profit companies through its
Social-Impact Investment Program
PITTSBURGH (Aug. 20, 2024) – The Richard King Mellon Foundation today announced the winners of its third Social-Impact Pitch Competition.
“Each of these four Pittsburgh-area companies is driven to use their businesses to make a positive difference,” said Sam Reiman, Director of the Richard King Mellon Foundation. “The Foundation is investing in their success because our communities will be the beneficiaries.”
The winners of this Pitch Competition, and the Foundation’s investment in each company, are:
First place: People’s Energy Analytics ($500,000 investment) – People’s Energy Analytics helps to identify and reach at-risk energy customers, connecting them with assistance programs before they default on their bills.
“Winning the SII Pitch competition is such a validating experience and one that will allow my business to scale its impact to reach the 33 million American households who experience energy insecurity,” said Dr. Destinie Nock, Founder and CEO. “At Peoples Energy Analytics we have shown that helping people pay their energy bills is good for business in the energy utility sector. While we have gained traction in Pittsburgh and the Southeast, this investment will be integral in scaling our impact across the nation.”
Second place: Marinus Analytics ($400,000 investment) – Marinus Analytics is an artificial intelligence company developing technology to help public-safety professionals to disrupt human trafficking, child abuse and cyber fraud.
“Receiving this investment from the Richard King Mellon Foundation is an incredible honor. This funding will allow us to expand our software for the benefit of child welfare organizations and broaden our positive impact on the fight against human trafficking and online harm,” said Cara Jones, CEO. “We are proud to partner with the Richard King Mellon Foundation in our shared goal to protect our most vulnerable populations.”.
Third place: Troutwood, Inc. ($300,000 investment) – Troutwood seeks to empower individuals and institutions with conflict-free financial education and planning tools.
“100% of institutional investors have a financial plan, 1% of individuals do. At Troutwood, we believe that if you own your financial plan, you own your financial future. 100% of individuals should, and now can, have a financial plan.”
Fourth place: Korion Health ($200,000 investment) – Korion Health is developing accessible medical devices, starting with an electronic stethoscope that empowers people to do their own heart and lung screenings at home.
“We are honored to accept this award and will put it directly back into the community, working to get our home health monitoring pilot study on the ground and publish the results so we can learn how to meet people where they are through healthcare, rather than making people jump through all the hoops of the current system,” said Anna Li, CEO and Founder. “We are incredibly grateful to the Richard King Mellon Foundation for helping to make this dream possible.”
The Foundation’s Social-Impact Investment Program (SII) focuses on early-stage investments, to help new companies to develop and launch products or services to advance one or more of the Foundation’s philanthropic program areas – either environmental conservation; economic development; economic mobility; or health and well-being.
Since the SII program launched in 2021, the Foundation so far has invested more than $17 million in 60 companies.
This is the Foundation’s third SII Pitch Competition. Previous pitch competitions were held in 2021 and 2022. This latest competition was announced in 2023 and the winners were identified earlier this year. The Foundation received 66 submissions in this third Pitch Competition. Once again, the winners were selected by the Foundation in consultation with a panel of 25 expert national and local judges.
Unlike most pitch competitions, where the goal is to make money for investors, the Foundation’s primary goal with its SII investments is to generate positive social impact.
Companies applying for an SII investment can be located anywhere in the United States – but the positive impact generated by the Foundation’s investment must accrue to the benefit of communities in Allegheny and/or Westmoreland counties. The one exception is businesses aligned with the Foundation’s conservation program, which is national in scope. The positive impacts from conservation-focused businesses can be anywhere in the United States.
The Foundation prioritizes startups ranging from pre-seed to Series A. In all instances, the proposed positive social impact should be clear and central to the business plan. Investments are in the form of convertible debt.
“Our philanthropic goals are ambitious, and we need great ideas from the private sector, along with our traditional nonprofit grantmaking, to achieve our goals at scale,” said Reiman. “There is a new generation of compassionate entrepreneurs who are using their talents to create businesses designed to improve our communities. Too often they are unable to obtain the financial support they need to make their dreams a reality. Our SII program is affirming that their ideas are worthwhile – and that Pittsburgh is an ideal city to launch and grow such companies.”
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About the Richard King Mellon Foundation: Founded in 1947, the Richard King Mellon Foundation is the largest foundation in Southwestern Pennsylvania, and one of the 50 largest in the world. The Foundation’s 2023 year-end net assets were $2.9 billion, and its Trustees in 2023 disbursed more than $176 million in grants and program-related investments. The Foundation focuses its funding on six primary program areas, delineated in its 2021-2030 Strategic Plan.