Financing from CI’s New Pre-Seed Fund
Today, CI announced the first client, NovaTract Surgical LLC, under the new Pre-Seed Fund which was established through Public Act 10-75 ”An Act Concerning the Recommendations of the Majority Leaders’ Job Growth Roundtable.” The Act directed Connecticut Innovations to establish a new pre-seed financing program for early- stage Connecticut technology ventures.
Financing will be made available for development of proof of concepts, support services and other specified assistance. Technology businesses must:
- be principally located in Connecticut;
- have not less than seventy-five per cent of their employees working in Connecticut; and
demonstrate private investment dollars of not less than fifty cents for every dollar of financial assistance sought from the program.
Under the new Pre-Seed Fund, CI is broadening its objectives to include opportunities that will have the potential to create viable technology businesses with local jobs but in areas that may not currently fit CI’s other investment funds. The Pre-Seed Fund supports Connecticut Innovations’ mission to assist the entrepreneurial community by making risk capital investments in people, technologies and emerging companies.
For more information about the program, visit CI’s site.