CT Innovations invested $19.4M in early-stage companies in FY25 1Q

HBJ PHOTO | STEVE LASCHEVER Connecticut Innovations CEO Matt McCooe.

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Connecticut Innovations (CI), the state’s venture capital unit based in New Haven, said Thursday it invested approximately $19.4 million in 29 companies and venture funds during the first quarter of the state’s 2025 fiscal year, which ended Sept. 30.

The investments leveraged $367.2 million in outside capital and generated $8 million in proceeds during the quarter, CI said.

The organization invested $8 million in climate technology, $4 million in the “consumer space,” and $3.6 million in healthcare companies, with the remaining $4 million “distributed between technology and venture funds,” it said.

Matt Storeygard, senior managing director of investments, said CI had a “very active” first quarter.

“We’ve been able to find new investment opportunities, and with the help of the State Small Business Credit Initiative (SSBCI) funding, we have invested in seven new companies during the quarter,” he said.

The seven new companies to receive investments were Air Company Holdings Inc., Canaan XIII Healthcare Fund, Canaan XIII LP, Mizzen Capital, Nimbus Power Systems, Oxylus Energy and Swanston Labs Inc.

Konstantine Drakonakis, managing director of investments, said climate technology continues to be an “important area of investment for CI.” He cited investments in new climate tech companies Nimbus Power Systems and Oxylus Energy as examples, as well as follow-on investments Bright Feeds and Budderfly.

In addition to the investments, CI had 39 angels invest $7.6 million in 16 qualified Connecticut businesses through the Angel Investor Tax Credit Program during the first quarter of fiscal 2025, it said.