Connecticut Innovations announced it invested approximately $6 million across 15 companies and venture funds during the third quarter of its fiscal year, while helping attract $295.3 million in additional outside capital.
The investments were concentrated across key sectors, with roughly $3.0 million allocated to healthcare companies and $2.5 million directed toward technology investments. The remaining capital was deployed into consumer businesses and venture funds.
The quarter also marked a significant portfolio milestone with the initial public offering of Veradermics, which raised $256 million and saw its shares rise more than 122% on its trading debut, highlighting the state’s ability to scale companies from early-stage innovation to public markets.
Despite a lower level of capital deployment during the quarter, Connecticut Innovations emphasized its disciplined investment approach, focusing on high-quality opportunities rather than volume.
For fiscal year 2026 to date, the organization has invested $33.5 million, leveraged $638.2 million in outside capital, and generated $57.7 million in proceeds.
KEY QUOTES:
“This quarter marked a major milestone for our portfolio with Veradermics’ standout initial public offering. The company raised $256 million in its IPO, with shares surging more than 122 percent in its trading debut. This outcome reflects Connecticut’s ability to support and grow successful companies from early innovation through public markets.”
Kevin Crowley, Senior Managing Director Of Investments, Connecticut Innovations
“While this was a lighter deployment quarter, it is consistent with our disciplined approach to capital allocation. We remain highly selective, prioritizing quality over pace and leaning in when we see truly differentiated opportunities.”
Peter Longo, Senior Managing Director Of Investments, Connecticut Innovations
