Connecticut Innovations Invests $18 Million in Early-Stage Companies in Q2 FY 2024

Deals leveraged $443.4 million in outside capital in the second quarter of the fiscal year

New Haven, Conn. – February 6, 2024 – 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 that it invested approximately $18 million in early-stage companies and fund of funds during the second quarter of its fiscal year, ending December 31, 2023.

CI invested $7.5 million in climate tech companies over the quarter. Approximately $5 million was invested in healthcare, and another $3 million was invested in consumer-packaged goods (CPG). The remaining funds were allocated across the technology sector and CI’s portfolio of venture funds.

The investments leveraged an additional $443.4 million in outside capital. CI’s largest investments of the quarter were in Enertiv Inc., Perosphere Tech Inc. and Savant Systems.

“We have started to build a strong portfolio of climate tech companies in our portfolio since launching our fund last year,” said Konstantine Drakonakis, fund manager of the ClimateTech Fund (CT Fund) at Connecticut Innovations. “We are also seeing a strong pipeline, due to the launch of ClimateHaven and other climate-focused initiatives in the state.”

Throughout FY24, CI had 60 angels invest $6 million across 26 qualified Connecticut businesses through the Angel Investor Tax Credit Program.

CI has invested approximately $25.6 million and leveraged $505.9 million year to date.

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