07 Jan Connecticut Innovations funded 100 companies in 2014
Early-stage investment fund Connecticut Innovations (CI) has announced that it supported 100 tech startups throughout the state during the 2014 calendar year, providing tens of millions of dollars to companies in various areas. CI was created in 1989 by the Connecticut General Assembly to boost the development of the state's private IT sector. The agency provides capital and loans to businesses that show promise.
In 2014, CI directly invested $20.2 million in 44 bioscience, clean energy, financial tech and IT startups, helping them attract an additional $61.8 million in angel investments and venture capital from other sources. Thirty-two of them had previously received funding from CI and were selected for their potential for future growth. Twenty-two others received $15 million in loans from CI and $37.4 million more from banks.
The agency also provided $32.4 million in tax-exempt funding to nine companies through its Specialty Finance Group, nearly $4 million to bioscience projects, $2.4 million to funding partners and $216,000 to 21 startups through the Entrepreneur Innovation Awards.
"The agency provides capital and loans to businesses that show promise."
"Increased CI investment levels and entrepreneurial community building efforts of the past several years have created incredible momentum, spurring the growth and development of young companies in Connecticut," said CEO Claire Leonardi. "In particular, we look forward to more commercialization and company spinouts from our universities, which has been a focus here at CI."
Initiatives like CI that bring together private and public funding to promote innovation are the best way to ensure that Connecticut is able to hold its own in America's tech scene in the years to come. Biosciences, energy and software developing companies can all benefit from the opportunities that these funds provide.