BRANFORD -- A small Branford-based biotech company specializing in scientific data management software credits at least some of its success to a roughly $3 million state investment.
Core Informatics received the state support last year, and it allowed the company to triple its work force from 17 people to over 60.
"It gives us confidence to hire more people to invest in larger office space like this. But it also sends a powerful signal to other investors that we're growing quickly and we have a solid foundation,” said CEO Josh Geballe.
On Wednesday, Gov. Dan Malloy went to visit the company, which recently expanded to a bigger office space. Malloy said Core is just one example of how state investments are contributing to establishing a leading bioscience corridor in Connecticut.
"A number of companies and hospital operations have moved to Branford and have used the tools that we gave ourselves to attract them,” he said.
Nearly 1,300 businesses have received state investments in recent years, but some have drawn negative headlines. In 2013, Hartford broker Hybrid Insurance Agency closed after receiving thousands in state loans and grants. And the Back9Network, a golf television station, “indefinitely suspended” its operations in February after receiving more than $300,000 in state investments.
"Our rate, success rate, is substantially better than the Federal Government, the Commerce Department, the Small Business Administration. We're really doing very well,” Malloy countered.
As for Core, Josh Geballe says his company’s success is helping to save lives.
"We have clients who are after cures for every type of cancer you've ever heard of, or are working on cures for Alzheimer’s or Ebola. We're really honored to support them in their research efforts,” Geballe said.