Connecticut Innovations (CI), the state’s quasi-public venture capital arm based in New Haven, said Wednesday it invested approximately $6 million in 15 companies and venture funds during the third quarter of its fiscal year, which ended March 31.
Connecticut Innovations (CI), the state’s quasi-public venture capital arm based in New Haven, said Wednesday it invested approximately $6 million in 15 companies and venture funds during the third quarter of its fiscal year, which ended March 31.
About $3 million was invested in health care companies over the quarter, while another $2.5 million was invested in the technology sector, the organization said.
The remaining investments went to consumer companies and venture funds, it added.
Kevin Crowley, senior managing director of investments, said the quarter marked a major milestone for CI’s portfolio because of a “standout initial public offering” by New Haven-based Veradermics Inc. The company, which is developing an oral treatment for hair loss,
raised $256 million with its IPO as shares surged more than 122% in its trading debut.
“This outcome reflects Connecticut’s ability to support and grow successful companies from early innovation through public markets,” Crowley said.
Peter Longo, senior managing director of investments, said that while the third quarter saw a “lighter deployment” of investment funds, it reflects CI’s disciplined approach.
“We remain highly selective, prioritizing quality over pace and leaning in when we see truly differentiated opportunities,” Longo said.
CI also announced in April that it has
partnered with a global startup accelerator program aimed at supporting early-stage biotechnology companies.
The program is run by Mission BioCapital, a life sciences venture firm that launched its Platinum Program in 2022 to help biotech startups access funding, lab space and industry expertise.
Applications for the 2026 program are being accepted through May 15, with selected companies to be announced this summer.
Through the end of the third quarter of fiscal 2026, CI has invested $33.5 million in 51 companies or funds, leveraged $638.2 million in outside capital and generated $57.7 million in proceeds, the organization said.
