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April 30, 2024

CT Innovations invested $12.6M in early-stage companies during first 3 months of 2024

Contributed
By David Krechevsky

Connecticut Innovations (CI), the state’s venture capital investment arm, said Tuesday it invested about $12.6 million in 24 companies and venture funds during the third quarter of its fiscal year, which ended March 31.

CI said it invested $5.5 million in consumer companies, $2.5 million in technology companies and the remaining $4.6 million in healthcare companies and venture funds. The investments leveraged $148 million in outside capital, it said.

“We are actively seeking opportunities in the venture debt space and finding opportunities in the marketplace,” said Kevin Crowley, senior managing director of investments. “As we move forward, we expect to increase our deployment in this area.”

Peter Longo, senior managing director of investments, said CI continues to find “strong investment prospects in Connecticut’s growing ecosystem.”

One third-quarter investment from CI’s ClimateTech Fund was in Noteworthy AI, a New Haven–based company that uses machine learning and artificial intelligence to make it easier for utility companies to inspect and analyze their infrastructure. CI did not say how much it  invested.

CI also said it had 130 angel investors provide $11.6 million to 38 qualified Connecticut businesses through the Angel Investor Tax Credit Program. The program provides qualified investors with a 25% credit against Connecticut’s state income tax when they invest at least $25,000 in qualifying businesses.

Through the first three quarters of its fiscal year, CI said, it has invested $38.5 million in 79 companies and leveraged $660.9 million. The agency’s fiscal year matches the state’s, which runs from July 1 through June 30.

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