Connecticut may be small in size, but it packs an outsized punch when it comes to its technology industry. Major innovation has originated from the Constitution State, which serves as headquarters for both longstanding corporations and promising upstarts alike. Let‘s take a deep dive into the tech giants and rising stars that make Connecticut a state to watch in the world of technology.
An Economic Engine for Innovation
Before exploring Connecticut‘s roster of tech titans, it helps to understand the broader economic context. This New England state of only 3.6 million residents has a diverse, high-income economy. Finance, insurance, scientific services, manufacturing, and information industries dominate the economic landscape.
With disposable income levels among the highest in the nation, Connecticut offers a strong foundation for growing and nurturing technology companies. The coastal cities of Stamford, New Haven and Bridgeport in particular have become hubs of startup activity.
Venture capital investment remains robust, with over $350 million deployed in Connecticut startups during the first half of 2022 alone. Software companies snagged over 40% of these funding dollars. Other top sectors receiving VC interest include biotech, advanced materials/manufacturing and financial technology.
While still overshadowed by neighboring tech hotspots like New York City and Boston, Connecticut punches above its weight in terms of producing advanced, specialized technologies for global markets. Now let‘s spotlight some of the biggest tech players with roots sunk deep in Connecticut soil.
Heavy Hitters: CT‘s Largest Tech Companies
Connecticut counts at least 15 technology companies with annual revenues over $1 billion. Spanning aerospace, telecom infrastructure, fintech software, electronics and more, these industry leaders represent the pinnacle of innovation happening across the state.
Charter Communications
With 2021 revenues exceeding $50 billion, Charter Communications stands tall as Connecticut‘s largest tech company. The Stamford-based telecommunications giant offers cable TV, broadband, phone and wireless services to more than 31 million customers nationally.
Originally founded in 1993 as a small cable operator, Charter has grown exponentially via acquisitions. The 2016 purchase of Time Warner Cable for $78 billion transformed Charter into one of America‘s preeminent connectivity providers.
Pratt & Whitney
This East Hartford-based subsidiary of Raytheon Technologies specializes in aircraft engines for commercial and military clients. Its 2021 sales of $16 billion makes Pratt & Whitney Connecticut‘s second largest tech company.
With roots tracing back to 1925, Pratt & Whitney equipment helps power many of the world‘s passenger airliners and fighter jets. The company manufactures a variety of engine components itself while outsourcing other sections to domestic and international partners.
Amphenol
Headquartered in Wallingford, Amphenol boasts 2021 revenues just shy of $11 billion. This publicly traded company produces specialized electronic, fiber optic and data communication components found in smartphones, laptops, networking gear, automotive electronics and advanced weapons systems.
Amphenol‘s connectors facilitate rapid data transmission for 5G wireless networks. Founded in 1932 as a manufacturer of radio tube sockets, Amphenol now employs over 90,000 workers in factories across the Americas and Asia.
Xerox
Founded in 1906 as The Haloid Photographic Company, Xerox made its bones as the inventor of xerographic photocopying machines. That stable of copying equipment fueled years of ample profits. However, growing competition and an inability to keep pace with digital document management trends plunged Xerox into decline starting in the late 1990s.
Fast forward to the present day, and new leadership has Xerox charting an ambitious comeback underpinned by software and services. Still based in Norwalk, Xerox currently posts about $7 billion in yearly revenue. While no longer Connecticut‘s bellwether tech company, Xerox seems reinvigorated by its strategic shift to high-end printers/copiers plus business process automation solutions driven by machine learning algorithms.
SSC Technologies
This Windsor-based financial software company trades on the Nasdaq under the ticker SSNC. Founder, Chairman and CEO William Stone started SS&C Technologies from humble beginnings in 1986. His vision to provide specialty computing solutions tailored for investment managers and financial services firms propelled rapid growth over subsequent decades.
Stone aggressively acquired companies to continually expand SS&C‘s capabilities spanning portfolio management, data analytics, fund administration and trading software. The 2018 purchase of DST Systems for $5.4 billion stands as SS&C‘s largest deal to date. Now generating annual sales of about $5 billion, Stone says he wants SS&C one day to become the "Microsoft of financial services."
More Tech Giants
rounding out Connecticut‘s largest tech companies in terms of annual revenue:
- Harman International, Stamford – $4.5 billion -Connected car infotainment systems, audio equipment
- FactSet, Norwalk – $1.8 billion Business investment data/analytics
- ASML, Wilton – $1.7 billion Semiconductor lithography equipment
- Silicon Labs, West Hartford – $1 billion – Wireless networking semiconductors
The State of Tech Startups
While legacy corporations anchor down Connecticut‘s technology landscape, the state simultaneously fosters a growing garden of early-stage startups.
Connecticut Innovations is a venture capital fund backed by the state government specifically focused on cultivating local startups. Since launching in 1989, they‘ve invested upwards of $900 million into building homegrown technology and biotech companies.
Some promising Connecticut tech startups that have achieved valuations over $100 million in recent years include:
- Arccos (Stamford) – Golf performance tracking & analytics
- Tempus Ex (Avon) – AI platform for property/casualty insurance
- Core Informatics (Branford) – Lab informatics software for pharmaceutical industry
- Biohaven Pharma (New Haven) – Biopharmaceuticals for neurological diseases
With Yale University anchoring New Haven along with the University of Connecticut fostering talent up north, Connecticut offers no shortage of sharp minds tinkering with innovative technologies. As these startups mature, they‘ll ensure Connecticut‘s high-tech economy continues humming for decades ahead.
Looking Ahead
On the back of industry leaders like Charter, Pratt & Whitney and Amphenol, Connecticut‘s technology sector will continue playing an integral role driving state economic activity. At the same time, determined entrepreneurs cooking up new innovations could birth the next wave of global tech giants.
From fintech and insurance technology leveraging big data and AI, to advancements in materials science, aerospace and 5G infrastructure, Connecticut offers fertile soil for nurturing the technologists and technologies of tomorrow.
