# Connecticut Innovations

> Connecticut Innovations is the state of Connecticut's venture capital arm, a quasi-public investor founded in 1989 to put public money behind private startups in biotech, IT, climate and quantum. Led by CEO Matt McCooe, it writes checks from seed to growth stage, runs themed funds like the $200M Bioscience Innovation Fund and $100M ClimateTech Fund, and has backed more than 200 companies with exits including Alexion, Biohaven, Halda Therapeutics and Quantum Circuits.

- **Founded:** 1989
- **Headquarters:** New Haven, Connecticut, United States
- **Founders:** State of Connecticut (General Assembly) (Founding legislature)
- **Team size:** 88 employees (LinkedIn/data); ~30+ core investment and operations staff
- **Products:** Connecticut Bioscience Innovation Fund, ClimateTech Fund, AI/Q Fund, Future Fund, VentureClash
- **Notable:** 35+ years of continuous state-run venture investing since 1989, More than 200 portfolio companies backed, 13 IPOs and 91 acquisitions across the portfolio

## Products & services

- **Connecticut Bioscience Innovation Fund** — A $200 million evergreen fund providing convertible loans and equity to accelerate commercialization of bioscience breakthroughs.
- **ClimateTech Fund** — A $100 million fund for early-stage and growth companies in clean energy, low-carbon manufacturing and climate resiliency.
- **AI/Q Fund** — A $50 million fund investing in high-potential companies at the intersection of artificial intelligence, quantum computing and deep tech.
- **Future Fund** — A $50 million fund backing new ideas, diverse founders and emerging industries.
- **VentureClash** — A global venture pitch competition, including a Climate Edition, awarding investment to disruptive early-stage companies willing to grow in Connecticut.
- **Angel Investor Tax Credit** — A state program offering tax credits to qualified angel investors who fund early-stage Connecticut businesses.
- **Technical Assistance & Talent Programs** — Advisory support, brain-trust connections, talent fairs and hiring help for portfolio companies.

## Achievements

- 35+ years of continuous state-run venture investing since 1989
- More than 200 portfolio companies backed
- 13 IPOs and 91 acquisitions across the portfolio
- Early backer of Alexion and Biohaven
- Record FY2026: $66.5M in cash proceeds and $76.1M combined from all investment activity
- Halda Therapeutics acquired by Johnson & Johnson for $3.05B - among the largest private biotech M&A on record
- Quantum Circuits acquired by D-Wave Quantum for $550M
- Veradermics NYSE IPO raising $256.3M
- $1.2B in outside capital leveraged on $59.3M invested in FY2026

## Latest updates

- **2026-07** — Reported a record FY2026 with $66.5M in cash proceeds and $76.1M combined, driven by the Halda Therapeutics ($3.05B) and Quantum Circuits ($550M) exits and the Veradermics IPO.
- **2025-10** — AI/Q Fund made frontier AI investments in Yuma Asset Management and Bexorg.
- **2025** — Launched the $50M AI/Q Fund for AI, quantum and deep-tech companies.
- **2022-08** — Launched VentureClash Climate Edition alongside a $100M clean-energy startup fund.

## Links

- Website: https://ctinnovations.com
- LinkedIn: https://www.linkedin.com/company/connecticut-innovations
- Twitter/X: https://twitter.com/CT_Innovate
- Facebook: https://facebook.com/pages/Connecticut-Innovations/635033196513749

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Profile page: https://yespress.io/connecticut-innovations
Published by YesPress — https://yespress.io
Last updated: 2026-08-16