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November 1, 2023

CT Innovations earns $13M in returns from recent M&A deals

Matthew McCooe, CEO of Connecticut Innovations

Connecticut Innovations (CI), the state’s quasi-public venture capital arm, said it earned a $13 million return on investment during its first quarter of fiscal year 2024, from the sale of three portfolio companies.

The returns were generated, CI said, from M&A deals involving: 

  • CoolIT Systems, a Canadian-based company that makes liquid-cooling products for data centers. It was acquired by New York investment firm KKR for an undisclosed sum.
  • DiA Imaging Analysis, an Israeli company that specializes in AI-based ultrasound image technology. It was acquired by technology giant Philips.
  • Populi, a Farmington-based healthcare analytics startup founded by serial entrepreneur Bill Moschella. It was acquired for $52 million by Massachusetts-based Definitive Healthcare. 

CI said during its first quarter, which ended Sept. 30, it also invested $8 million in early-stage companies across various industries, including $3 million in healthcare companies and $2 million across the consumer sector. 

The remaining industries, climate tech, technology and venture funds, each received $1 million in funding.

Those investments leveraged an additional $54.4 million in outside capital, CI said. CI said its largest investments of the quarter went to H20 Farm Connecticut, Intellihealth and reThought Insurance.

“We had a surprisingly active quarter given the market environment,” said Matt Storeygard, CI’s senior managing director of investments. 

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