PITTSBURGH, April 28, 2015 /PRNewswire/ -- The Pittsburgh Venture Capital Association (PVCA) today announced the honorees for the association's annual awards luncheon, scheduled for May 5th at the Fairmont Hotel, Downtown. This year marks the 21st anniversary of the popular awards luncheon.
Joel Adams, Founder and General Partner of Adams Capital Management, will receive the Lifetime Achievement Award, the organization's most prestigious award. Adams founded the venture capital firm in 1994 and raised $815 million since then, making it among the top venture capital firms in the city. Before establishing Adams Capital, a firm that specializes in early-stage applied technology investments, he served as Vice President and General Partner of Fostin Capital Corporation, a Pittsburgh-based, family owned investment firm.
Previously, Adams served as a nuclear test engineer for General Dynamics where he managed chemical, electrical, and mechanical engineering teams and directed nuclear power plant sea trials. He is a member of several charitable organizations, a Life Trustee of Carnegie Mellon University and a frequently requested speaker on the topic of venture capital. He received an M.S. in Industrial Administration from Carnegie Mellon University and a B.S. in Nuclear Engineering from the State University of New York at Buffalo.
"As a venture capitalist, Joel's imprint on our business landscape is vast, having invested in Pittsburgh companies, including Dynamics, First Insight, Roadrunner, Snap Retail, TEN, Tiversa, and too many others to name. But beyond that, he gives back to the community coaching countless entrepreneurs and is a generous supporter and champion of many organizations such as ours. We are honored to bestow this award to Joel," said Kelly Szejko, PVCA President.
Additionally, a team from one of Pittsburgh's hottest companies will share the 2015 Outstanding Entrepreneur Award. Henry Thorne, co-founder and Chief Technology Officer of 4moms, along with Rob Daley, the company's co-founder and CEO, will be recognized for their groundbreaking products that have literally redefined the juvenile products industry. Together, Daley and Thorne founded 4moms in 2005 and the company's growth has been truly remarkable with sales doubling each of the last five years to $50 million in 2014.
The company's products, based on simple electronics and robotics technologies, are sold through more than 2,000 retailers across North America and in more than 52 different countries. The products have garnered prestigious awards for their innovative designs that make routine parenting tasks easier for parents and safer for children.
Daley, who has a degree in Finance from the University of Virginia and an M.B.A. from Northwestern University, spent nine years as a venture capitalist and three years in investment banking, prior to launching 4moms. His wide ranging talents enable him to lead product development, design, marketing, sales, and finance functions of 4moms.
Thorne was one of the first graduates of the Robotics Institute at Carnegie-Mellon University. He has been an entrepreneur for the past 25 years, and had founded local company Aethon prior to 4moms to commercialize a robotic hospital delivery system, the Tug, which he developed. Thorne is most proud of being an innovator creating products that are boldly different and dramatically better than their competition.
The Pittsburgh Venture Capital Association was founded in 1982 to serve as a catalyst for venture capital and entrepreneurship in western Pennsylvania. The group launched its Awards Program in 1994.
SOURCE Pittsburgh Venture Capital Association