Today, Governor Andy Beshear announced that eight Kentucky companies will receive $750,000 in state matching grants to support high-paying jobs and further develop the state's technology sector. The grants are part of Kentucky's Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) matching funds program. These funds will partially match $6.4 million in federal grants awarded to these businesses.
Governor Beshear emphasized the importance of fostering a business-friendly environment for startup technology companies in Kentucky. "Creating a business-friendly environment that allows for startup technology companies to thrive is a key step in making Kentucky a hub for innovation and high-wage job opportunities," he said.
The recipient companies are involved in various fields such as cancer therapy, postpartum recovery, battery technology, and healthcare screening improvements. Among them are B.A. Maze Inc., BumptUp Labs Inc., Caza Innovations LLC, Creosalus Inc., HeXalayer LLC, Lagrange Scientific LLC, PGXL Technologies LLC, and Space Tango LLC.
HeXalayer CEO Harut Vardanyan expressed gratitude for the support from the SBIR/STTR program: "Thanks to this invaluable support, we’ve been able to streamline our product development cycle and strengthen our intellectual property portfolio by building world-class, in-house capabilities at our Louisville facility."
David Brock, executive director of KY Innovation, praised the competitiveness of this funding round: “This was another highly competitive SBIR/STTR matching funds round made up of exceptional startups developing a wide array of promising technologies.”
Since its inception, Kentucky's SBIR/STTR program has helped businesses leverage significant federal or private capital and create numerous well-paying jobs. The program has awarded 345 matches to 157 unique companies.
More information about the SBIR/STTR matching funds program can be found at kyinnovation.com/sbir.
Governor Beshear also highlighted significant economic growth during his administration with over $36 billion in investments announced since he took office. This includes major projects like Ford Motor Co.'s BlueOval SK Battery Park and Toyota's investment in Scott County.