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Economic Development News & Updates in
Greater New Haven
Hyperfine Raises $90 Million in Oversubscribed Series D Financing
Hyperfine Research has closed an oversubscribed $90 Million Series D financing round, with support from investors including GV (formerly Google Ventures), Nextrans (KClavis-Nextrans), Axiom Associates, Huami, Colle Capital, LSS, and Altium Capital.

The funds will be used to aggressively scale-up commercial expansion of the company’s category-defining Swoop™ portable MR imaging platform in the US and will immediately accelerate the company’s plans for multiple country launches. In addition, the funds will advance progress on new regulatory clearances, fast-track continued AI and deep learning developments in image accessibility, and expand the company’s ability to work with pioneering physicians to identify use cases that were never before thought possible. Read More
CT COVID hospitalizations fall to lowest point since Nov. 12
Connecticut’s coronavirus-related hospitalizations fell to the lowest point since Nov. 12 on Friday, continuing a weekslong downward trend.

A net decline of 57 patients hospitalized for the illness brought the state’s total down to 674, now the lowest it has been since before the state saw spiking infections around the holidays.

The daily positivity rate also remained low. A total of 838 new infections were reported, resulting in a 2.2 percent positivity rate out of 37,791 new tests.

New deaths continued to mount however, with 27 more fatalities attributed to the disease bringing the state’s death toll to 7,381. Read More
Will New PILOT Fly?
New Haveners will have an opportunity Tuesday to weigh in on whether or not the state should send more money to poor cities that can’t collect property taxes on land owned by tax-exempt hospitals and colleges.

On Tuesday at 11 a.m., the state legislature’s Joint Committee on Finance, Revenue and Bonding will host a live-streamed public hearing on Senate Bill No. 873: An Act Mitigating Adverse Tax Consequences Resulting From Employees Working Remotely During Covid-19, And Concerning The Removal Of Liens On The Property Of Public Assistance Beneficiaries And A Three-Tiered Grants in Lieu Of Taxes Program.

At the core of that proposed bill is one of the policy initiatives that New Haven State Sen. and President Pro Tem Martin Looney has identified as one of his top priorities this general session.

That is, to restructure the system by which municipalities with lots of college- and hospital-owned lands off the tax rolls (like New Haven) are reimbursed by the state, so that poorer communities (like New Haven) aren’t left holding the bag on properties they legally can’t tax. The current system is called Payment in Lieu of Taxes, better known as PILOT. Read More
It sat empty for more than a decade. Now senior housing at High Meadows could bring Hamden millions.
After years of discussion about what should become of High Meadows, a financial analysis suggests that using the 50-acre site for senior housing could generate between $2.5 million and $4 million of annual tax revenue for the town.

Located along Hartford Turnpike, the state-owned property’s squat brick buildings once comprised a boys’ residential treatment center.

But the facility shut down more than a decade ago, and while officials say the property occasionally has been put to temporary use over the years, a permanent use has not yet been found.

In fact, a “Department of Children” sign still borders the entrance to the facility.

Repurposing the site became more likely in 2019, when the state legislature passed a bill agreeing to convey High Meadows to Hamden for $1.7 million. At the time, the property was valued at around $6.5 million. Read More
More News & Events
Learn how to apply for a Paycheck Protection Program Loan Read More

Yale researchers develop injection to treat skin cancer Read More

As food to-go demand rises, Milford restaurateurs launch ‘green’ takeout container business Read More

High-speed rail through CT could finally happen Read More