Friday, December 19, 2008

Conn. agency funnels $100K to Retail Optimization

By Mass High Tech staff

Connecticut Innovations (CI), the quasi-public authority responsible for technology investing in Connecticut, has announced a follow-on investment of $100,000 in New Haven, Conn.-based Retail Optimization Inc. (ROI), a merchandising optimization software provider. Financed through CI’s Eli Whitney Fund, the investment follows a November CI investment of $400,000 in the company, as part of a larger funding round of $1.2 million.

Elm Street Ventures has also invested $500,000 in Retail Optimization. ROI develops demand analytics software that helps retailers design a store’s layout based on customer preferences and ideal product positioning. CI made an initial investment in Retail Optimization in 2007 by assisting with the company’s relocation from Massachusetts to Connecticut. CI’s Maneesh Sagar and Matt Smith, both managing directors of investments, serve on ROI’s board. 

According to a report from CI, fiscal 2008 saw CI funding 19 companies, a 73 percent increase over fiscal 2007. Of the 19, 10 companies were new to the portfolio, the report stated. Investments, which are intended to support growth in Connecticut’s tech economy, totaled $11.5 million.