Connecticut Innovations (CI), the state’s quasi-public venture capital arm, said Wednesday it generated about $41 million in returns during the second quarter of its fiscal year, which ended Dec. 31 — a sharp increase from $7 million in the first quarter.
Connecticut Innovations (CI), the state’s quasi-public venture capital arm, said Wednesday it generated about $41 million in returns during the second quarter of its fiscal year, which ended Dec. 31 — a sharp increase from $7 million in the first quarter.
The windfall came as one of CI’s portfolio companies, Halda Therapeutics, was acquired by Johnson & Johnson for $3.05 billion.
CI declined to say how much of the quarterly returns were tied to the Halda deal, which closed in late December. Since 2019, it has invested $2.5 million in the bioscience company. Halda is developing a novel class of cancer therapies designed to selectively target and destroy cancer cells.
Matt Storeygard, CI’s senior managing director of investments, said the returns will allow CI to recycle capital into other early-stage companies.
To date in fiscal 2026, the New Haven-based organization has generated $48 million in returns, officials said.
During the second quarter, CI also invested approximately $16.2 million across 23 companies and venture funds, leveraging $253.2 million in outside capital. For the fiscal year so far, CI has invested $27.5 million, leveraging $340.1 million.
Second-quarter investments included roughly $5.6 million in health care, $4.8 million in technology and $3 million in climate tech. The remaining funding went to venture funds and consumer companies.
Separately, Bo Bradstreet, CI’s talent acquisition director, said the organization will hold its second annual talent fair Feb. 19 at District New Haven, aimed at connecting more than 30 CI-backed companies with students and graduates from Connecticut colleges and universities.
