Local startup investing nonprofit Innovation Works announced Thursday that its former chief investment officer, Ven Raju, has become president and CEO of the organization.
Raju ascended to the post following a national search that drew 135 candidates, according to a statement from Innovation Works. He succeeds Rich Lunak, who retired this summer after serving as CEO for 17 years.
“Rich and the team have brought to bear the necessary resources to support regional startups and have been a seminal force in developing that entrepreneurial ecosystem and advancing the regional innovation economy,” Raju said in the statement. “I look forward to continuing to strengthen our support and help take our entrepreneurial ecosystem to the next level.”
Raju joined Innovation Works as its chief investment officer in July 2021. He had also served as managing director of Riverfront Ventures, which finances later-stage companies in Innovation Works’ portfolio.
His career in venture capital and private equity spans 25 years. Prior to joining Innovation Works, he served as vice president and managing director of Northwell Ventures, the corporate venture arm of New York’s largest health care provider, Northwell Health. Earlier in his career, he was a partner at Choate Capital Partners and Chestnut Street Ventures.
Since 1999, Innovation Works has invested nearly $120 million in more than 600 southwestern Pennsylvania companies, making it the most active pre- and seed-stage investor for tech startups in the region, according to the press release Thursday.
The nonprofit organization also runs three startup accelerators in Pittsburgh. AlphaLab supports early-stage software companies, while AlphaLab Gear works with hardware startups and AlphaLab Health specializes in health care and life sciences technologies.
Innovation Works is part of Pennsylvania's Ben Franklin Technology Partners network. With four hubs statewide, the 40-year-old initiative seeks to promote entrepreneurship, innovation and tech readiness in the state.
