Connecticut Innovations Banks $13 Million in Proceeds from Three Company Exits in Q1 FY 2024

Connecticut’s venture capital arm invests $8 million in Q1; deals leveraged $54.4 million in outside capital in the first quarter of the fiscal year

New Haven, Conn. – November 1, 2023 – Connecticut Innovations (CI), Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, today announced it secured $13 million in investment proceeds in the first quarter of its fiscal year, ending September 30, 2023. Company exits for the quarter included CoolIT Systems, DiA Imaging Analysis and Populi.

CI invested $8 million in early-stage companies across various industries, including $3 million in healthcare companies and $2 million across the consumer sector. The remaining industries, climate tech, technology and venture funds, each received $1 million in funding.

The investments leveraged an additional $54.4 million in outside capital. CI’s largest investments of the quarter went to H20 Farm Connecticut, Intellihealth and reThought Insurance.

“We had a surprisingly active quarter given the market environment,” said Matt Storeygard, senior managing director of investments. “Three of our companies were acquired over the quarter, which is a testament to the strength of the portfolio. In addition to the exit activity, we also deployed $8 million into new and existing portfolio companies during the first quarter.”

“While we can never forecast or guarantee exits from the portfolio, we do provide our companies with the resources and support that help them achieve their growth milestones and increase the number of high-quality jobs in Connecticut.”

Throughout the first quarter of FY24, CI had 17 angels invest $3 million across 10 qualified Connecticut businesses through the Angel Investor Tax Credit program.

About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit