Connecticut’s technology investment agency invested $13.5 million in Q3

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Connecticut’s technology investment agency invested $13.5 million in 34 deals in the last quarter of its fiscal year.

Health care companies were the primary recipients of investments from New Haven-based Connecticut Innovations during the agency’s third quarter, which ended March 31. Companies in this sector have received $4.8 million in investments from Connecticut Innovations, according to agency officials.

An additional $4.1 million was invested in Connecticut companies in the technology sector. The remaining $4.6 million was invested in companies in sectors including climate tech, consumer and venture capital funds.


CI made fewer investments in the third quarter than in the previous three-month period, which ended December 31, 2021. In the second quarter of fiscal 2022, the agency invested 15, $1 million in 47 transactions.

CI’s second fiscal quarter investments included about $5.7 million directed to technology companies. Another $4.8 million was paid out to health care companies, according to agency officials.

The remaining funds were invested in other sectors, including climate technology and consumer goods.

CI’s investments in the second quarter raised an additional $112.6 million in external capital. Connecticut Innovations’ investments in the third quarter raised an additional $96.7 million in external capital.

Matthew Storeygard, the agency’s senior managing director of investments, said the venture capital market is “going through a resizing…which will affect our portfolio companies over the next few years.”

“However, we continue to see tremendous progress with our portfolio companies,” Storeygard said. “We look forward to helping them grow as we approach the end of the fiscal year.”

Peter Longo, senior managing director of investments at CI, said fiscal third quarter investments included nearly 10 new companies, “while continuing to make follow-on investments for growing businesses in the state.”

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