Governor Andy Beshear has announced that seven Kentucky companies will receive nearly $750,000 in state matching grants. These funds are intended to support high-paying jobs and boost the state's technology sector. The grants are part of Kentucky's Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, which aim to match federal grants received by businesses.
Governor Beshear stated, "Creating an economy that remains successful in the future starts with the initiatives we are taking today that will ensure Kentucky remains competitive in the innovation and technology sectors."
The companies receiving funding include 3P Technologies Inc., Covert Defenses LLC, WiLO Networks Inc., VRTogether, Wild Dog Physics LLC, New Global Systems for Intelligent Transportation Management Corp., and PCC Hydrogen Inc. These businesses focus on diverse fields such as healthcare technology, cybersecurity, sensor networks, virtual reality applications for delirium management, radiation therapy access improvement, ride-sharing solutions for individuals with disabilities, and hydrogen production.
Tim Fogarty from PCC Hydrogen Inc. commented on the significance of these funds: "The matching funds award is an important complement to federal funding that is largely limited to technical development activities."
Kentucky's SBIR/STTR program is managed by KY Innovation and provides vital capital to early-stage tech companies. David Brock from KY Innovation noted the competitiveness of this funding round: "This was one of the most competitive funding rounds in quite some time."
Since its inception, Kentucky's SBIR/STTR program has leveraged substantial federal or private capital and created numerous well-paying jobs. It also contributed significantly to patent generation and sales revenue.
Governor Beshear highlighted recent economic growth under his administration, including over $35 billion in investments leading to more than 60,000 new jobs. Major projects have established Kentucky as a leader in electric vehicle battery production.
More information about Kentucky’s SBIR/STTR matching funds program can be found at kyinnovation.com/sbir.