Landmark exits, including the largest private biotech M&A deal on record, drove returns that CI will reinvest in Connecticut’s innovation economy
New Haven, Conn. – July 22, 2026 – Connecticut Innovations (CI), the state’s strategic venture capital arm, today announced a record-breaking fiscal year, generating $66.5 million in cash proceeds from a series of landmark portfolio exits and a combined $76.1 million from all investment activities. CI invested $59.3 million in 75 early-stage companies and venture funds during the fiscal year ending June 30, 2026, with those deals leveraging an additional $1.2 billion in outside capital.
This fiscal year’s proceeds were driven by several significant portfolio exits, including but not limited to:
- Halda Therapeutics (Acquired by Johnson & Johnson for $3.05 billion)
- Quantum Circuits Inc. (Acquired by D-Wave Quantum for $550 million)
- Veradermics (NYSE IPO; raised $256.3 million)
“This was a landmark year for Connecticut Innovations and for the state’s innovation economy,” said Matt McCooe, CEO of Connecticut Innovations. “The success of Halda Therapeutics and Veradermics—respectively becoming the largest private biotech M&A transaction and the best-performing biotech IPO in the market at the time—demonstrates the trajectory New Haven and Connecticut are on as they continue to emerge as global leaders in life sciences innovation.”
Throughout the fiscal year, CI continued to build on its role as a catalyst for Connecticut’s venture ecosystem through initiatives including the third annual Tour de Connecticut, a statewide bike ride showcasing innovation across the state; the second annual Talent Fair, connecting the next generation of innovators with CI portfolio companies eager to hire; and the launch of its AI/Q Fund, targeting scalable commercial AI and quantum ventures.
“The acquisition of Quantum Circuits Inc. marks an exciting milestone for Connecticut’s quantum ecosystem and reinforces the opportunity we see every day through our AI/Q Fund,” said Gwen Cheni, director of the AI/Q Fund. “We’re already investing in exceptional founders building AI and quantum companies, and we believe this is just the beginning of a new wave of innovation that will create lasting economic impact for the state.”
About Connecticut Innovations
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies. By offering equity and debt investments, strategic guidance and introductions to valuable partners, CI helps promising businesses thrive. For more information, visit http://www.ctinnovations.com.