April 30, 2018
Startups & Entrepreneurs

Wallingford med device firm leads CT’s 1Q VC deals

Matt Pilon

A Wallingford medical device developer booked Connecticut's largest venture deal during the first quarter of this year, according to the latest PwC/CB Insights MoneyTree report.

Summit Street Medical, which is developing an emergency auto-injection device, raised $1.9 million from Connecticut Innovations (which kicked in $500,000) and others.

That was the largest deal of the quarter, followed by $1.6 million raised by Stamford's Landsdowne Labs, which is developing biocompatible coatings and medical adhesives.

Connecticut Innovations was involved in all five of the largest first quarter in-state deals.

Farmington's Shoreline Biome raised $1.1 million for its development of microbiome processing technology.

Venture capital dollars raised during the first quarter in Connecticut totaled $7.1 million, which was well under the $69.3 million raised in the prior year's first quarter, but higher than the $2.9 million raised in the first three months of 2016, according to MoneyTree Report data.

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