CT Innovations, LLC Company Profile
Background
Overview
CT Innovations, LLC is a venture capital firm dedicated to fostering innovation and supporting the growth of emerging companies within Connecticut. Established in 1995, it has become a pivotal force in Connecticut's entrepreneurial ecosystem. The firm offers a comprehensive suite of services designed to propel startups and established businesses toward success.
Mission and Vision
CT Innovations' mission is to be the leading source of financing and ongoing support for Connecticut's innovative, growing companies. By offering equity and debt investments, strategic guidance, and introductions to valuable partners, the firm helps promising businesses thrive.
Primary Area of Focus
The firm focuses on high-tech industries such as energy, biotechnology, information technology, and photonics. Its investments span various sectors, including biotechnology, information technology, energy, and photonics.
Industry Significance
Over the years, CT Innovations has played a crucial role in advancing Connecticut's economy. Its investments have attracted over $1 billion in additional private equity, contributing more than $510 million in Gross State Profit and generating over 5,000 job-years.
Key Strategic Focus
Core Objectives
CT Innovations aims to stimulate and encourage the research and development of new technologies, businesses, and products; assist existing businesses in adopting current and innovative technological processes; and promote science, engineering, mathematics, and other disciplines essential to the development and application of technology within Connecticut.
Specific Areas of Specialization
The firm specializes in providing flexible financing solutions tailored to each stage of a company's development, offering strategic guidance, and facilitating introductions to valuable partners. Its investment portfolio spans various sectors, including biotechnology, information technology, energy, and photonics.
Key Technologies Utilized
CT Innovations leverages its extensive network and expertise to support companies in adopting innovative technological processes, particularly in high-tech industries such as energy, biotechnology, information technology, and photonics.
Primary Markets or Conditions Targeted
The firm primarily targets emerging companies within Connecticut, focusing on high-tech industries and sectors that contribute to the state's economic growth and technological advancement.
Financials and Funding
Funding History
CT Innovations has a history of substantial investments in Connecticut-based startups. In the fiscal year 2023, the firm invested over $42 million in 71 companies, attracting an additional $454.5 million in outside capital. In the first quarter of fiscal year 2025, it invested approximately $19.4 million in 29 companies and venture funds, leveraging $367.2 million in outside capital.
Total Funds Raised
While specific figures for total funds raised are not publicly disclosed, CT Innovations' investments have attracted over $1 billion in additional private equity, contributing significantly to Connecticut's economic development.
Notable Investors
CT Innovations collaborates with a diverse range of investors, including angel investors and venture capital firms, to support its portfolio companies. In the first quarter of fiscal year 2025, 122 angel investors contributed $15.6 million to 44 qualified businesses through its Angel Investor Tax Credit Program.
Intended Utilization of Capital
The capital raised is utilized to provide flexible financing solutions, strategic guidance, and introductions to valuable partners for emerging companies in Connecticut, fostering innovation and economic growth within the state.
Pipeline Development
Key Pipeline Candidates
CT Innovations has invested in a diverse range of companies across various sectors, including:
- Climate Technology: Investments in companies like Oxylus Energy, which focuses on carbon utilization technology for e-fuel production.
- Healthcare Technology: Investments in companies such as Perosphere Tech Inc., a private medical technologies company.
- Consumer Technology: Investments in companies like Enertiv Inc., an energy data and analytics company.
Stages of Clinical Trials or Product Development
Specific details regarding the stages of clinical trials or product development for individual portfolio companies are not publicly disclosed.
Target Conditions
The firm's investments target a wide range of conditions and industries, including climate change, healthcare, and consumer technology.
Relevant Timelines for Anticipated Milestones
While specific timelines for anticipated milestones are not publicly disclosed, CT Innovations continues to support its portfolio companies in achieving significant growth and development.
Technological Platform and Innovation
Proprietary Technologies
CT Innovations does not publicly disclose proprietary technologies but focuses on providing strategic capital and operational insight to companies in high-tech industries.
Significant Scientific Methods
The firm supports companies employing various scientific methods, including machine learning algorithms and advanced data analytics, particularly in sectors like climate technology and healthcare.
AI-Driven Capabilities
CT Innovations invests in companies that utilize AI-driven capabilities, such as Noteworthy AI, which uses machine learning and artificial intelligence to assist utility companies in inspecting and analyzing their infrastructure.
Leadership Team
Executive Profiles
- Matthew McCooe: Chief Executive Officer.
- Philip Siuta: Chief Operating Officer and Chief Financial Officer.
- Lauren Carmody: Chief Marketing Officer.
- Christopher Baisden: Chief Human Resources Officer.
- Kevin Crowley: Senior Managing Director, Investments.
- Peter Longo: Senior Managing Director, Investments.
- Alison Malloy: Managing Director, Investments.
- Daniel Wagner: Senior Managing Director, Investments.
- Douglas Roth: Managing Director, Investments.
- Matthew Storeygard: Senior Managing Director, Investments and Bio Team Director.
- Elizabeth Skrabl: Senior Investment Operations Analyst/Paralegal.
- Matt Panicali: Senior Associate, Investments.
- Tamyra Cote: Senior Investment Specialist.
- Colin Tedeschi: Senior Vice President, Lending and Credit Administration.
- Emma Twohill: Senior Marketing Coordinator.
- Gwen Cheni: Director, AI/Q Fund.
- Malik Okoro: Senior Associate, Investments.
- Megha Unhelkar: Director of Investments, Bioscience.
- Lisa Day: Manager of Office and Facilities.
- Konstantine Drakonakis: Managing Director, Investments.
- Lisa Nicoletti: Senior Accountant.
- Kimberly Wolfe: Director of Information Technology.
- Bo Bradstreet: Talent Acquisition Director.
- Tracey Tribuzio: Senior Accounting Manager.
- Brian Dowd: Director, Investments.
- Marina DeThomas: Talent Acquisition Partner.
- Kevin Fagan: VP of Finance.
- Cynthia Petruzzello: Vice President Compliance & SSO.
- Danny Qiao: Senior Associate, Investments.
Key Contributions or Roles Within the Company
Each executive plays a pivotal role in driving the firm's mission, from investment decisions and strategic guidance to operational management and talent acquisition.
Leadership Changes
Recent Significant Changes or Appointments
Specific details regarding recent leadership changes or appointments are not publicly disclosed.
Competitor Profile
Market Insights and Dynamics
The venture capital market in Connecticut is dynamic, with firms like CT Innovations playing a crucial role in supporting emerging companies across various sectors. The state's focus on innovation and technology-driven growth continues to shape the competitive landscape within the region.
