Connecticut Innovations (CI), the provider of investments and loans to Connecticut’s innovative companies, awarded support to 100 companies during 2014.
In details, it invested $20.2m in 44 startups in the areas of bioscience, information technology, clean energy technology, and financial technology, attracting $61.8m in additional capital from venture capitalists and angel investors. Of the 44 companies, 32 were existing portfolio companies that received additional growth capital, while 12 were newly identified opportunities.
CI also provided $15m in loans to 22 companies, attracting $37.4m in additional capital from Connecticut banks.
Other highlights of the year include:
– the Specialty Finance Group provided $32.4m in tax exempt financing to nine companies.
– the Connecticut Bioscience Innovation Fund (CBIF), one of two funds CI manages under BioInnovation Connecticut, has awarded nearly $4m to bioscience projects in 2014, which is intended to speed up the commercialization of bioscience breakthroughs. CBIF is a $200m fund that will make investments over the next 10 years in the form of grants, equity investments and loans.
CI also funded 18 projects totaling $9.9m through its other bio-innovation fund, the Regenerative Medicine Research Fund (RMRF), formerly the Connecticut Stem Cell Research Fund, and awarded $216k to 21 Connecticut startups through its Entrepreneur Innovation Awards (EIAs), a competitive pitch event held four times a year throughout the State.