NYConvergence.com » Connecticut Innovations

Connecticut Innovations Invests $650K in CT #Startups

NYConvergence — Mon, 04 Feb 2013 13:13:03 +0000

Through its Pre-Seed Fund, Connecticut Innovations (CI) is funding four startups. CI, a quasi-public corporation, is investing a total of $650,000 in digital media, mobile and information technology companies. Stamford-based eBrevia uses natural language processing to assist law firms. MedAdherence, a Norwalk healthcare startup, uses cloud and mobile technology to create an automated communication system to monitor patients remotely. Another Stamford startup, Media Crossing, is developing a platform to trade unsold ad inventory. NXT-ID Inc., based in Shelton, is creating a biometric secure access control product for mobile commerce and law enforcement. Claire Leonardi, CEO of Connecticut Innovations, said building a strong tech sector is a high priority of Gov. Dannel P. Malloy’s administration.

Investor Ideas

Nine Teams Chosen to Compete in Connecticut Startup Pilot

NYConvergence — Tue, 06 Mar 2012 14:37:41 +0000

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From 33 original applicants, nine teams have been chosen to participate in a 10-week startup accelerator program in Connecticut as part of an investment pilot. Each team will be given $25,000 from Connecticut Innovations Inc. to help develop the company, as well as mentorship from professional resources to guide each individual team.

Participants are mostly comprised of current or recent graduates from Connecticut universities; two of the groups are licensing technologies from Yale and Columbia, and one group includes a 14-year old entrepreneur. At the end of the program, teams are expected to be ready to launch and present their business plan to a group of potential investors.

Hartford Business

Connecticut Allocates $100 Million for Tech Startups

NYConvergence — Tue, 14 Feb 2012 14:22:11 +0000

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According to the Hartford Courant, Clair R. Leonardi’s appointment as CEO of Connecticut Innovations will shift the state’s commitment to developing its tech sector into overdrive.

Leonardi will oversee the investment of $100 million annually in tech startups. Up until now, the state has only invested in a few million in a handful of companies. Leonardi’s background is in venture capital and fund investing and has a Wharton MBA and also headed the UConn Health Center board.

She will not only head CI, but also the Connecticut Development Authority, which lends about $20 million a year to established companies and floats $30 million in bonds for economic development.

Hartford Courant

Connecticut Launches $1 Million Fund for Tech Startups

NYConvergence — Fri, 27 Jan 2012 19:21:18 +0000

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Connecticut’s technology investing arm has established a $1 million fund for high-tech startups. Connecticut Innovations Inc. said the fund is a 10-233k pilot to identify promising entrepreneurs and nurture them with capital, mentors and professional resources.

Participating teams should be ready to pitch investors and launch a company. The program will be directed by CTech@Science Park, located at Yale University in New Haven

The application deadline is Feb. 22 and the program starts in March.

Hartford Business Journal

CT Teams Up with CI to Create High Growth Startups

NYConvergence — Sun, 15 Jan 2012 21:26:07 +0000

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Connecticut has announced a joint five-year program with Connecticut Innovations Inc. promoting high-growth startups.

Half of the funding–$125 million–was included in a jobs bill signed into law last fall. CI says it plans to match state funds with its existing cash and its investment returns.

“CI’s capabilities are essential to the success of the technology sector in Connecticut,” Gov. Dannel P. Malloy said in a statement announcing the initiative. “Adding to their tool kit and providing more funding will allow the organization to accelerate its success in creating jobs and growing Connecticut’s economy.”

Both partners want to encourage in-state startups with high growth potential and recruit outside firms to Connecticut. CI will offer loans to support the new technology companies. It will also offer $22 million each year for seed stage and Series A investments. CI also plans on spending $6.5 million per year for a newly designed loan program for working capital.

In addition, Hartford Business reports that CI plans on working with Connecticut’s Department of Economic and Community Development and other state agencies to design a relocation incentive package. It will also work to secure more federal Small Business Innovation Research (SBIR) funds.

Hartford Business

LiveClips Receives $1M from Connecticut Innovations

NYConvergence — Wed, 17 Aug 2011 21:03:23 +0000

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Connecticut Innovations (CI) announced this week that it has invested $1 million in live sports internet broadcaster LiveClips. LiveClips delivers in-game video clips to Internet-enabled device for smartphones as well as “personalized socially-enabled video content” to fans. According to TMCnet, it’s been used by the MLB, ESPN, FIFA and is having talks with additional broadcasters and sports leagues.

LiveClips has recently moved its office from NY to Stamford, CT.

TMCnet

Stamford, CT Considers Opening Startup Center

NYConvergence — Tue, 26 Apr 2011 10:21:54 +0000

Stamford, CT is considering converting its Old Town Hall into a startup and entrepreneurship center. The hall was formerly a Clairol plant and has since been leased to NY’s Chelsea Piers as a sports and entertainment complex. Old Town Hall would join many other incubators that have recently opened in the tri-state area, including Connecticut Innovations in Bridgeport, CT and Y-Enterprise in Yonkers, NY.

The space would also assist the University of Connecticut‘s comprehensive digital media studies program, planned to open at their campus in Stamford. The program would involve connecting local businesses and professionals with students.

Westfair Online

>Survey Finds Concerns in Connecticut’s Tech Industry

Westport Tech Start-Up Receives $500,000 State Grant

NYConvergence — Wed, 21 Jul 2010 13:02:00 +0000

Weston Software, a Connecticut based provider of IT solutions for CIOs and CTOs that recently moved from Southport to Westport, ireceived a $500,000 grant from Connecticut Innovations, the
state's authority overseeing technology development.. The grant is designed to encourage growth in the state's tech startup sector.

CT Governor Jodi M. Rell made the announcement, adding that she hoped the grant would help to grow technology jobs "in Westport and throughout Connecticut."

Westport Now

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> Connecticut Innovations Funds IM@

> Study Finds CT Tech Investment Firm Pays Off

Connecticut Innovations Funds IM@

NYConvergence — Mon, 15 Mar 2010 08:14:00 +0000

High-tech investment company Connecticut Innovations , seeded by the State of Connecticut to invest in early-stage Connecticut technology
companies, has provided CT-based Interactive Mobile @dvertising (IM@) with $500,000 in its first funding round.

IM@ raised a total of $800,000 in the round, which will be used to strengthen relationships with strategic partners, provide technical support and marketing. The company offers GPS-enabled mobile destination guides in partnership with tourism
authorities at trade shows.

tnooz

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> Study Finds CT Tech Investment Firm Pays Off

Study Finds CT Tech Investment Firm Pays Off

NYConvergence — Mon, 01 Feb 2010 07:16:00 +0000

A study conducted by the Connecticut Department of Economic and Community Development has revealed that Connecticut Innovations, a somewhat public technology investment company that was created more than 20 years ago by lawmakers, has been beneficial for the State's economy.

The study analyzed the company's impact between 1995 – 2008 and found that in that period, 10 companies were brought into the state, an average of 1,610 jobs were created each year and the state made $209 million in net revenue. In addition, Connecticut Innovations cumulative investment of $106 million over the 13 years has brought in another $1 billion into the state from outside investors.

New Haven Register

Funding: Oberon, ZocDoc, Send Word Now, Execu, etc

NYConvergence — Wed, 08 Oct 2008 15:28:04 +0000

A periodic roundup of funding news from the NY-area tech media community:

Gaming company Oberon Media raised $20 million from Infinity Equity‘s I-China Fund for Chinese expansion (Mediapost’s Online Media Daily)
ZocDoc, a site that allows appointments to be made with New York City doctors, received funding from Jeff Bezo‘s Bezo’s Expeditions and Marc Benioff (Silicon Alley Insider)
On demand alerting and response services company Send Word Now raised $14 million in a funding round led by Palisade Capital Management (CenterNetworks)
Execu, developer of an information search platform for businesses, raised $2.2 million in its first round of funding led by Connecticut Innovations (Connecticut Innovations)
Telecom software developer Connectiva Systems raised $16.78 million in Series D Funding from NEA-IndoUS Ventures, SAP, International Finance Corp., Ovation Capital Partners and Carthage Capital Group (NYConvergence.com)
Proclivity Systems raised $5.5 million in Series B Funding led by Capital Fung USA Fund, with WPP and Pilot Group co-investing (MarketWatch)

In other related news, NYC-based Union Square Ventures invests in tech startups in exchange for a relativley small rate of five to twelve percent. (The New York Times)