BRANFORD — A desire to maintain and build upon Connecticut’s growing software industry has prompted the state to chip in $3 million to let a Branford company expand.
Core Informatics, which creates Web-based data management software for the biotech sector as well as for research and development in many others, is embarking on a $8.4 million expansion to its headquarters that the company says will create or retain 84 jobs through 2019. The company currently has 25 employees.
The state’s $3 million investment in the project comes from the Department of Economic & Community Development (DECD) in the form of a $2.75 million loan (at two-percent interest for ten years), and a $250,000 grant. The company may benefit from $1 million in loan forgiveness if it reaches its jobs goal over the next five years.
Gov. Dannel P. Malloy said in a statement that software companies attracted the most venture capital dollars of any industry in Connecticut last year.