Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, in an e-mail to state legislators April 22 called on them to defeat a proposal to transfer $9.5 million of funding out of CI.

"Connecticut Innovations invests in emerging technology companies for the purpose of growing the state’s technology economy, creating a technology industry and creating high-quality jobs in Connecticut," the e-mail stated. "Since 2007, CI has invested $25.3 million in 26 technology companies, nine of which came from other states and countries to Connecticut because of CI’s investment in them.

"If this proposed transfer of $9.5 million passes, CI will have to curtail all investing in new technology companies and preserve its capital for follow-on investments in its current portfolio companies. CI would not be able to invest in any of the 22 promising technology companies currently in our pipeline.

"Technology-based economic development must continue during this downturn so that Connecticut will be well-positioned for growth when the economy does turn around.”

View complete text of e-mail, including list of technology companies currently in the CI pipeline.

CI provides strategic capital and operational insight to push the frontiers of high-tech industries such as energy, biotechnology, information technology, and photonics.

Over the years, CI says, it has helped over 100 emerging companies research, develop, and market new products and services. CI estimates this activity has attracted over $1 billion dollars in additional investments from private equity providers, has brought the State of Connecticut over $510 million in gross state profit, and over 5,000 additional job-years.

CI was created by the Connecticut Legislature in 1989. Since 1995, returns from its own investments – not state money – have supported operations and new funding programs, CI maintains.