Formerly in Shelton, CT
NeuVis Inc. was founded in 1999 as an e-business software development company and rapidly grew from five to over 350 employees in the course of 3 years.
Connecticut Innovations fueled that growth with a series of early investments totaling $8 million. That funding helped NeuVis raise another $75 million from investors such as Goldman Sachs, Lehman Brothers and GE.
NeuVis realized the power of its platform could best be leveraged within the existing framework of a more established software development company and Connecticut Innovations helped position the company for its eventual sale to Rational Software in 2002, at which time Connecticut Innovations made its investment back. Rational Software was later acquired by IBM in 2002.
“CI was the one investor that provided value-add beyond financing,” said Maneesh Sagar, a cofounder of NeuVis. At a time when capital was hard to raise, CI helped NeuVis take advantage of the Connecticut research & development tax credit, which led to a substantial refund to NeuVis. “Peter Longo, who was on our board of directors, was always accessible to management and never more than a phone call away,” continued Sagar “In fact, CI leveraged the power of its Connecticut network and introduced us to our first customer, Freshnex, another CI portfolio company. My positive interaction with CI and Peter was one of the main reasons I choose to join the CI investment team in 2006.