Bioscience Innovation Fund Aims to Invest in Connecticut Companies

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Connecticut Innovations (CI) will make investments from the $200 million Connecticut Bioscience Innovation Fund (CBIF) over the next 10 years in the form of grants, equity investments and loans to speed commercializable bioscience breakthroughs to market.

Startups and early-stage businesses may apply for secured convertible loans or equity. Accredited colleges and universities together with nonprofits (academics) may apply for royalty bearing grant funding up to $500,000.

CI is Connecticut’s strategic venture capital arm and the state’s leading source of financing and ongoing support for innovative, growing companies.

CI seeks technology-based companies based in Connecticut or willing to move to the state. They look for innovators with expertise in bioscience, and while they point out that they’re flexible when evaluating a potential partner, they specifically consider:

  • Primary Location: Majority of the company must have a Connecticut presence.

  • Focus on innovation: Companies currently developing a technology.

  • Financial status:  Non-recurring revenue from non-grant sources of less than $2 million.

Affiliates or subsidiaries of larger companies, or those that are controlled by common owners from larger companies, are not eligible for pre-seed funding. Meeting the requirements above does not guarantee funding, according to CI.

Businesses interested in submitting their pitch deck or business plan for review by CI staff can fill out a form on the CI website and attached their deck or business plan.

Connecticut Innovations’ 30+ member staff is led by Chief Executive Officer Matthew McCode.  Senior Investment Specialist Tamyra Davis is lead contact for the CBIF.

In addition to the CBIF, CI has a $100 million Climate Tech Fund that invests capital and strategic support in early stage and growth companies, and a $50 million Future Fund, launched in May, devoted to investments in new and diverse ideas, people and industries in Connecticut. 

CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit http://www.ctinnovations.com.  Offices are located at 470 James Street in New Haven.