Smaller deals in the third quarter led to less venture capital flowing to Connecticut companies, despite higher deal volume, according to the latest MoneyTree report from PwC and CB Insights.
Smaller deals in the third quarter led to less venture capital flowing to Connecticut companies, despite higher deal volume, according to the latest MoneyTree report from PwC and CB Insights.
There were 14 VC deals in Connecticut during the three months ended Sept. 30, totaling $42.6 million. That's down from $84.6 million in deals during the same quarter last year, spread across 11 transactions.
Ridgefield artificial intelligence tech company r4 Technologies recorded the biggest deal in the third quarter, raising $20 million.
Darien asset-management firm Alaia Capital ranked second raising $5.5 million. The third-largest deal was Glastonbury-based fintech Payrailz's $3.8 million fundraise, according to the MoneyTree report.
Payrailz, which launched last year, has an artificial intelligence platform for making digital payments. CEO Fran Duggan told the Hartford Business Journal earlier this year that the technology, offered through banks and credit unions, sends a push notification to end users when bills are coming due, allowing users to text a response that authorizes bill payment.
No other Hartford County companies raised venture funds during the recent quarter, the report said.
Venture funding in the state was much higher in the second quarter, when Connecticut companies raised a combined $119 million. That was the biggest second quarter since 2007, MoneyTree report data show.
