Connecticut Innovations Hits $66.5 Million Record in Portfolio Exits

The fiscal year ending June 30 saw the organization invest $59.3 million across 75 early-stage companies and venture funds. These investments acted as a magnet for broader market interest, drawing an additional $1.2 billion in outside capital into the state. The financial performance was anchored by the acquisition of Halda Therapeutics by Johnson & Johnson for $3.05 billion, currently noted as the largest private biotech M&A deal on record.

Beyond the biotech sector, the quantum computing landscape also provided significant momentum. The acquisition of Quantum Circuits Inc. by D-Wave Quantum for $550 million signaled a maturing market for local hardware developers. Alongside these exits, the firm’s public market activity included the Veradermics IPO, which raised $256.3 million. CEO Matt McCooe credited these results to the evolving status of New Haven and the broader state as a competitive hub for life sciences and high-tech development. To sustain this momentum, the organization has pivoted toward its newly launched AI/Q Fund, which focuses on scaling commercial AI and quantum ventures, while continuing to host statewide networking initiatives like the Talent Fair to bridge the gap between emerging companies and the local workforce.