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EXHIBIT 21.1
SUBSIDIARIES OF SAFEGUARD SCIENTIFICS, INC.
Exclusive of immaterial subsidiaries and companies in which the Registrant holds a minority interest, as of March 4, 2016, the Registrant had the following subsidiaries:
| NAME | PLACE OF INCORPORATION |
| Bonfield VII, Ltd. | British Virgin Islands |
| Novitas Capital Management, L.P. | Delaware |
| Novitas Capital II Management, L.P. | Pennsylvania |
| Safeguard Capital Management, Inc. | Delaware |
| Safeguard Delaware, Inc. | Delaware |
| Safeguard Delaware II, Inc. | Delaware |
| Safeguard Fund Management, Inc. | Delaware |
| Safeguard PM SPV, Inc. | Delaware |
| Safeguard Scientifics (Delaware), Inc. | Delaware |
| Safeguard Technologies, Inc. | Delaware |
| SFE Properties, Inc. | Delaware |
| SSI Management Company, Inc. | Delaware |
| SSI Partnership Holdings (Pennsylvania), Inc. | Pennsylvania |