Connecticut Innovations, the state’s strategic venture capital arm, announced a record fiscal year, generating $66.5 million in cash proceeds from a series of portfolio exits and a combined $76.1 million from all investment activities. During the fiscal year ended June 30, 2026, CI invested $59.3 million across 75 early-stage companies and venture funds, with those deals leveraging an additional $1.2 billion in outside capital.
The fiscal year’s proceeds were driven in part by several significant exits, including the acquisition of Halda Therapeutics by Johnson & Johnson for $3.05 billion, the acquisition of Quantum Circuits Inc. by D-Wave Quantum for $550 million, and the initial public offering of Veradermics, which raised $256.3 million. CI described the Halda Therapeutics deal as the largest private biotech M&A transaction and the Veradermics IPO as the best-performing biotech IPO in the market at the time of pricing.
Throughout the fiscal year, CI also supported the state’s venture ecosystem through initiatives including its third annual Tour de Connecticut bike ride, its second annual Talent Fair connecting entrepreneurs with portfolio companies, and the launch of its AI/Q Fund, which targets scalable commercial AI and quantum ventures.
KEY QUOTES:
“This was a landmark year for Connecticut Innovations and for the state’s innovation economy. The success of Halda Therapeutics and Veradermics, respectively becoming the largest private biotech M&A transaction and the best-performing biotech IPO in the market at the time, demonstrates the trajectory New Haven and Connecticut are on as they continue to emerge as global leaders in life sciences innovation.”
Matt McCooe, CEO, Connecticut Innovations
“The acquisition of Quantum Circuits Inc. marks an exciting milestone for Connecticut’s quantum ecosystem and reinforces the opportunity we see every day through our AI/Q Fund. We’re already investing in exceptional founders building AI and quantum companies, and we believe this is just the beginning of a new wave of innovation that will create lasting economic impact for the state.”
Gwen Cheni, Director of the AI/Q Fund, Connecticut Innovations
