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New York State


When measured by venture capital investment and value creation, New York is the 2nd largest state ecosystem in the US, after California.

More than 200 unicorns have been built in New York. Many global technology firms call the state home, including one of the most important technological innovators in the last 100 years, with IBM.

New York City is the #2 hub for VC activity globally, trailing only the Bay Area, and raising more investment in the last five years than London, Bengaluru and Beijing.

This guide runs through the need-to-know stats and trends in technology, innovation and entrepreneurship for Upstate New York.

Venture Capital

Venture capital investment in the state of New York reached $30B in 2022, a 40% drop from 2021.

New York City continues to make up the largest share of the VC investment across the state, accounting for 93% of total investment in 2022.

However, Upstate VC investment has been growing at a faster rate than NYC investment in the last five years.

NYC vs New York State

The landscape of venture capital investment in New York City versus the rest of the State is quite varied.

New York City, a global centre of finance and media, over-indexes for investment into startups operating in both industries.

25% of all New York City VC investment goes to fintech startups, compared to ~16% globally.

In 2022, Media was the fourth most funded sector in New York City, while it was eighth globally.

In the rest of the State, Health is by the far the most funded startup sector. In addition, some more capital intensive and infrastructure-leaning industries including Energy, Telecoms and Transportation find their place outside the metropolis.

By city

Startup ecosystems in cities and towns like North Hempstead, Rochester, Schenectady and Ithaca have been emerging with high levels of venture capital in recent years.

By industry

Health, Fintech and Energy startups raised the most VC investment in 2022 in Upstate New York.

Learn more about the VC investment trends by industry and sub-industry in Upstate New York on the platform here.

By Stage

Early stage
Access early-stage funding rounds into Upstate New York startups on the platform here.

Breakout stage
Access breakout-stage funding rounds into Upstate New York startups on the platform here.

Scaleup stage
Access scaleup-stage funding rounds into Upstate New York startups on the platform here.


Most active investors
Of all of the investors headquartered in New York, Tiger Global, Insight Partners and FJ Labs have been the most active in the last five years.

Tiger Global also tops the list of investors (based anywhere) for the most investments in New York based startups, followed by Bessemer, Gaingels and BoxGroup.

Leading Universities

New York State is home to several prestigious universities that have established themselves as leaders in science, technology, and entrepreneurship, including big name universities of NYU, Cornell and Columbia.

Discover these leading education institutions driving innovation in the Upstate New York ecosystem here on the platform


By size

Below are the top categories by the number of patents granted in 2021 per superclass and subclass by companies based in New York State.

By growth

In the last decade, some of the fastest growing areas of innovation and patent filing in New York have included Machine Learning, Blockchain and Immunogenics.

NYC vs New York State

The most prolific patent areas for New York are in the classes of Information and Semiconductors. This can be easily explained by who is doing the filing, considering IBM is headquartered in Westchester County.

Subclass patents


Top companies by patents

IBM - the Colossus of Armonk - has filed over for over 100k patents since 1990, by far the most of any company based in New York State.

Related Content

US Guide: Venture Capital in the USA
Dealroom Global Ecobenchmarking Report: View how NY and the US compares globally
Invest New York State platform Discover innovative startups in the state of New York