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Hello Rick,
As we wrap up another difficult year, I can’t help but feel hopeful. That’s because my team and I have the privilege of interacting daily with the brilliant entrepreneurs and partners who are keeping Connecticut at the forefront of innovation. Yes, like everyone else, we battled COVID, extreme weather, cybercrime and a host of other woes, but we also made some incredible strides.
Before we close out 2021, let’s look back at our state’s top achievements. I’m hoping you will let these remarkable successes inspire you as we enter a brand-new year.
Here they are, in no particular order:
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New Haven–based Arvinas, a
publicly traded company in CI’s portfolio founded by Yale’s Craig Crews and Canaan’s Tim Shannon, has a drug in clinical trials showing promise for people fighting breast and prostate cancer.
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Digital Currency Group, a cryptocurrency company valued at $10 billion, relocated to Stamford. Barry Silbert, CEO, vowed that Stamford will become the crypto capital of the world.
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Logicbroker, Rallybio, CGI, Payveris, SmartEquip, Sema4, Tantalus Systems and other CI portfolio companies led successful and lucrative IPOs, SPACs and M&A activities. CI will invest the significant returns these activities generated into hundreds of other promising businesses.
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IsoPlexis, a Branford-based company founded by Sean McKay, helps predict whether cancer patients will respond to cell therapy before treatment and helps doctors
understand the mechanisms of action of various illnesses at the single-cell level. The company went public this year, generating a healthy return for all stakeholders, including CI. More important, it raised additional capital to further build out its lifesaving technology platforms.
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Greenworks Lending, founded by Jessica Bailey and Ali Cooley to expand the impact of solar project financing, was acquired by Nuveen, a global asset
manager. This was a nine-figure exit for the stakeholders, including CI, and gave the company the balance sheet required to meet the rapidly growing demand for green energy financing.
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Tamarack Global, a Stamford-based VC founded by Jamie Lee and John McCormick, brought CI in to invest in a stealth electric vehicle company. Company
founder Jason Castriota, who lives in Stamford and served as chief designer of Ford’s Mach-E, has plans to introduce the next wave of electric vehicles, unlike any you have ever seen.
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Governor Ned Lamont and DECD Commissioner David Lehman announced up to $100M+ in U.S. Treasury funding for CI to support two key groups: (1) diverse and underrepresented founders, and (2) entrepreneurs fighting to support a cleaner, more efficient and greener Connecticut.
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Enko Chem, a company that is developing pest- and drought-resistant seeds to help fight climate change globally, moved to Mystic. Founder Dr. Jaqueline
Heard and her team recently raised a large round of capital from investors including the Gates Foundation and CI.
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Alison Malloy and Annie Lamont launched Tidal River, a network of accredited women investors. The group will, among other things, support Connecticut companies and make sure investors take advantage of the state’s popular and innovative angel tax credit program.
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The Governor’s Innovation Fellowship (GIF) program launched and completed its first cohort. This program helps retain top college graduates and places exceptional talent with growing Connecticut companies. The program is now a statewide initiative and is currently recruiting young talent for its next cohort, beginning this spring.
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So, bring it on, 2022 . . . we’re ready for whatever you have in store. Many thanks to all of you for your efforts and support. Happy New Year to you all.
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