Novitas Capital

Novitas focuses on seed and Series A rounds with initial check sizes between $2 million and $8 million, reserving follow-on capital for subsequent rounds. The firm targets early-stage companies with demonstrated intellectual property, often those emerging from university research labs, corporate R&D spinouts, and federal grant programs rather than consumer internet startups.

Novitas has historically avoided consumer internet, social media, and ad-supported business models, concentrating instead on enterprise technology, industrial applications, and healthcare services. The firm's investment memos emphasize defensible intellectual property and long development cycles, which effectively screen out asset-light consumer startups and platforms dependent on network effects.

The firm sources through relationships with university technology transfer offices, federal research agencies, and corporate R&D departments concentrated along the Mid-Atlantic corridor. Its participation in Pennsylvania's Keystone Innovation Zone program — which allowed portfolio companies to monetize tax credits — created a sourcing funnel for startups choosing to incorporate in Pennsylvania to access that incentive.