Deals leverage more than $1 billion in outside capital; CI generates $35 million in proceeds through company exits
New Haven, CT – August 14, 2024 – Connecticut Innovations (CI), the state’s strategic venture capital arm, today announced it invested $48.6 million in 70 companies and venture funds in the fiscal year ending June 30, 2024. CI’s investments also attracted an additional $1.1 billion in outside capital into its portfolio companies.
This fiscal year generated $35 million in cash proceeds through company exits, including acquisitions and IPOs, which will allow CI to invest in more early-stage companies in the future.
“CI had an extremely active year, with three successful exits very early in the year, including CoolIT Systems, DiA Imaging Analysis and Populi,” said Peter Longo, senior managing director of investments at Connecticut Innovations. “These exits secured $13 million in proceeds in the first quarter alone, starting the year off strong.”
Throughout the fiscal year, CI continued deploying funds from its $100 million ClimateTech Fund, $50 million Future Fund and $200 million Connecticut Bioscience Innovation Fund. CI also launched five pilots through its Governor’s Innovation Lab, including the launch of a 12-month pilot between CI portfolio company Budderfly and UConn Health, and a partnership between CI portfolio company Intellihealth and Connecticut Comptroller Sean Scanlon, which was recently renewed and expanded.
“In addition to deploying dollars and creating new partnerships in the state, CI also prioritized our talent and recruitment efforts within our portfolio,” said Matt Storeygard, senior managing director of investments at Connecticut Innovations. “This year, we added two full-time team members dedicated to helping our companies hire top-tier talent and grow in the state. They helped 24 of our portfolio companies hire 123 people, with 66 percent of the hires being Connecticut residents.”
Throughout FY24, CI had 202 angels invest $18.6 million in 47 qualified Connecticut businesses through the Angel Investor Tax Credit Program.
About Connecticut Innovations
Connecticut Innovations (CI) is the state’s strategic venture capital arm and the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. CI provides access to capital and its network of talent and partners to help companies grow. For more information, please visit http://www.ctinnovations.com.