Connecticut Innovations (CI), Connecticut’s strategic venture capital arm, 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.
CI deployed $59.3 million across 75 early-stage companies and venture funds throughout the fiscal year, with those investments leveraging an additional $1.2 billion in outside capital.
The record proceeds were driven by several high-profile portfolio exits, headlined by the acquisition of Halda Therapeutics by Johnson and Johnson (NYSE: JNJ) in a $3.05 billion transaction.
That deal marked the largest private biotech merger and acquisition transaction on record, cementing Connecticut’s growing reputation as a serious life sciences hub.
Quantum Circuits Inc. was acquired by D-Wave Quantum (NYSE: QBTS) for $550 million, representing a major milestone for the state’s emerging quantum computing sector.
Portfolio company Veradermics also completed a New York Stock Exchange IPO during the fiscal year, raising $256.3 million and becoming 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 portfolio exits, CI advanced its broader ecosystem role through the third annual Tour de Connecticut, a statewide bike ride designed to showcase innovation across the state.
The organization also hosted its second annual Talent Fair, connecting the next generation of innovators with CI portfolio companies actively seeking to hire.
CI launched its AI/Q Fund during the fiscal year, targeting scalable commercial artificial intelligence and quantum ventures in what the organization views as a high-growth frontier.
“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 added that “we believe this is just the beginning of a new wave of innovation that will create lasting economic impact for the state,” signaling continued ambitions in the AI and quantum space.
