In 1997, Connecticut’s economy was heavily supported by the insurance industry and the defense/industrial industry. CiDRA began its prelaunch in 1997 and came to CI looking for capital.
CI was the founding investor in CiDRA, committing $750,000 in the first round, which sparked $2.25 million from other investors. In addition to the initial capital commitment, CI also supported CiDRA during the technology crash in 2000, where it emerged as a resilient and nimble organization, poised for growth in a post-dotcom era.
CiDRA has grown to more than 120 employees, experiencing success in natural resource industries including mining, oil sands, power generation, chemical management and pulp and paper applications.
CiDRA’s success has allowed it to sell or spin off divisions, including five businesses that employ hundreds of people in Connecticut.
For example, in 2001, CiDRA sold its optical sensing business to Weatherford International, a Wallingford, Connecticut-based company. And in 2009, CiDRA sold its oil and gas business to ExPro Meters Inc., and the offices remain in Connecticut.
CiDRA also launched Cyvera, a biotech instrumentation company, which was later sold to the leader in gene sequencing, Illumina.
CiDRA has plans to continue its growth through new technology, mergers and acquisitions, and potentially an IPO.
CiDRA is a process optimization company trusted by many of the largest companies in the world. CiDRA’s charter is to deliver process optimization equipment and services that improve the operating performance of processing plants on a global basis. The industries that the technology is used in include oil and gas, oil sands, pulp and paper, mining, biomedical (instrumentation) and industrial processes.
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