Kentucky Grants Totaling Over $1 Million Awarded to Nine Local Companies
FRANKFORT, Ky. – In a significant boost to Kentucky’s technology sector, nine innovative companies in the state have been selected to receive over $1 million in state matching grants. These grants are part of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program, which has gained national recognition. The funds will support the creation of high-paying jobs and further advancements in various fields.
The total grant allocation amounts to $1,072,404 and will partially match the $7.45 million in federal grants that these companies collectively secured. The Kentucky State Department of Education’s Office of Entrepreneurship and Innovation, known as KY Innovation, plays a crucial role in supporting these companies and their federal investments. Monique Quarterman, the executive director of KY Innovation, expressed her enthusiasm for the program, stating, “The matching funds program works alongside the product development milestones to help the companies hire and retain these high-tech, high-paying jobs in Kentucky.”
The nine Kentucky-based businesses that have been awarded matching funds are utilizing technology to make advancements in various sectors, including healthcare, lithium-ion battery technology, and environmentally friendly hydrogen production. Let’s take a closer look at each recipient:
- Bioptics Technology LLC (Lexington): Developing a revolutionary noncontact optical brain imager for noninvasive imaging of cerebral blood flow and functional connectivity in small animals.
- Faradine Systems (Lexington): Collaborating with goTenna to create a device serving as a meshed networked node for situational awareness and visual/data communications on future battlefields.
- Degranin Therapeutics LLC (Louisville): Translating academic research into a drug that can significantly impact the severity and mortality rate of acute respiratory distress syndrome.
- DesiCorp Inc. (Louisville): Working on a solution to quickly restore advanced biomanufacturing plants in the event of mass contamination or cell death, reducing downtime and costs.
- FetalLife LLC (Louisville): Developing the myFetalTronics system for telehealth, enabling expectant mothers to monitor contractions and fetal heartbeat while accessing online medical services.
- Hexalayer LLC (Louisville): Focused on developing and commercializing high-performance lithium-ion battery technology to enhance energy density in consumer and military markets.
- Pascal Tags Inc. (Louisville): Continuously improving chip-less inventory tags that offer cost-effective radiofrequency identification functionality for various applications.
- PCC Hydrogen Inc. (Louisville): Utilizing a patented process to produce net negative CO2 green hydrogen through ethanol fuel reforming, with potential applications in battery electric vehicle recharging stations.
- The-Corps (Relocating from California): Providing smart, active cooling technology to combat heat stress and improve endurance training for military and athletic purposes.
Kentucky’s SBIR/STTR program, overseen by KY Innovation, offers non-dilutive capital to promising early-stage tech companies by matching federal awards. The program has been highly successful, with recipients leveraging state matching funds to secure additional federal or private capital. These companies have created well-paying jobs, generated significant sales and licensing revenue, and filed numerous patents.
The program has made a substantial impact on the state’s economy, with $158.5 million in federal funding flowing into Kentucky through 319 match awards to 152 unique companies. More information about Kentucky’s SBIR/STTR Matching Funds Program and the awarded companies can be found on the KY Innovation website.