Connecticut Innovations (CI), the state’s strategic venture capital arm, has announced a record-breaking fiscal year, generating $66.5 million in cash proceeds from a series of landmark portfolio exits.
The organization reported a combined $76.1 million from all investment activities during the fiscal year ending June 30, 2026, marking its strongest performance to date.
CI invested $59.3 million across 75 early-stage companies and venture funds throughout the year, with those deals attracting an additional $1.2 billion in outside capital.
The record proceeds were driven by several high-profile exits, headlined by the acquisition of Halda Therapeutics by Johnson & Johnson (JNJ) for $3.05 billion.
That transaction was recognized as the largest private biotech merger and acquisition deal on record at the time it closed, underscoring Connecticut’s growing prominence in life sciences.
Quantum Circuits Inc. was acquired by D-Wave Quantum (QBTS) for $550 million, delivering another major return for CI’s portfolio during the fiscal year.
Veradermics also completed a successful NYSE initial public offering, raising $256.3 million and earning recognition as the best-performing biotech IPO in the market at the time.
“This was a landmark year for Connecticut Innovations and for the state’s innovation economy,” said Matt McCooe, CEO of Connecticut Innovations.
McCooe added that the success of Halda Therapeutics and Veradermics “demonstrates the trajectory New Haven and Connecticut are on as they continue to emerge as global leaders in life sciences innovation.”
Beyond exits, CI continued to expand its role as a catalyst for the state’s venture ecosystem through several initiatives during the fiscal year.
Those programs included the third annual Tour de Connecticut, a statewide bike ride showcasing innovation, and the second annual Talent Fair connecting job seekers with CI portfolio companies.
CI also launched its AI/Q Fund during the year, specifically targeting scalable commercial artificial intelligence and quantum computing ventures.
“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,” said Gwen Cheni, director of the AI/Q Fund.
Cheni expressed confidence in the sector’s future, stating, “We believe this is just the beginning of a new wave of innovation that will create lasting economic impact for the state.”
CI describes itself as the leading source of financing and ongoing support for innovative, growing companies in Connecticut, offering equity and debt investments alongside strategic guidance.
