Gov. Beshear: Nearly $650,000 in Grants Awarded to 6 Kentucky Companies To Support Continued Job Growth

State matching fund program supports innovation, technology development in the commonwealth

FRANKFORT, Ky. (Aug. 8, 2024) - Today, Gov. Andy Beshear announced that six innovative Kentucky companies will receive nearly $650,000 in state matching grants to support high-paying jobs and further grow the state's thriving industries.

The grants are part of the commonwealth's nationally recognized Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds program. The funds will match, in part, $4.6 million in collective federal agency grants awarded to the businesses to develop innovative products and ideas.

"Innovative companies are growing at an impressive rate in Kentucky, and we must ensure that momentum continues by investing in the resources, people and small businesses that are energizing our communities," said Gov. Beshear. "Our SBIR/STTR Matching Funds program provides Kentucky companies an incredible opportunity to turn their game-changing ideas into cutting-edge products, while also creating quality jobs in some of our country's highest-paying fields. This year's recipients are a testament to the outstanding work being done in the commonwealth, and we congratulate this latest round of awardees."

David Brock, interim executive director of KY Innovation, the Kentucky Cabinet for Economic Development's Office of Entrepreneurship and Innovation, mentioned the impact the funding can have on the state: "The SBIR/STTR Matching Funds program sets Kentucky apart as a state that values talented entrepreneurs and recognizes the impact of supporting cutting-edge startups in our state. These are the kinds of technologies and companies that will help build our economy of the future. We are thrilled to award this impressive list of recipients and eager to see them grow in Kentucky."

The six Kentucky-based businesses awarded matching funds are using technology to advance multiple fields, from artificial intelligence and virtual reality to agriculture and food research. Recipient companies include:

InfoBeyond Technology
InfoBeyond develops SafeCBM (Nuclear Power Plant [NPP] Safety-constrained condition-based monitoring [CBM] Optimization & Diagnosis) to leverage AI-based process automation, machine intelligence and computer-aided decision making for NPP modernization that enhances both core operations and maintenance work activities. SafeCBM can enhance the plant's computerized maintenance management systems performance by minimizing overall maintenance cost while improving plant life management.

Faradine Systems
Faradine Systems is commercializing the development of a drop-and-go device to serve as a team awareness/tactical assault kit meshed networked node. This device will enable military personnel to create rapidly configurable, decentralized, distributed signaling devices to extend situational awareness and visual and data communications through overt/covert light devices.

GradEd Gaming
GradEd Gaming's goal is to revolutionize high school education in Kentucky and throughout the United States by introducing pioneering technologies tailored to career and technical education. By integrating virtual reality, AI and gaming into the curriculum, GradEd Gaming aims to significantly bolster workforce readiness among students. This initiative not only equips them with vital skills and competencies but also enhances their prospects for economic mobility, thereby fostering greater economic growth within our communities.

Invictus Informatics
Invictus Informatics is developing a solution to manage genetic data for agricultural animals that would provide a web-based data management system capable of inexpensively storing, managing and analyzing data. This technology will allow small farmers to produce, manage and use whole genome genotypes for their animals, aimed at improving production traits and efficiency.

Thermisoln
Thermisoln is developing a new post-combustion CO2 capture technology that could significantly improve energy efficiency of carbon capture from a coal-fired power plant. One of the key aspects of this project is to design and manufacture a novel gas-liquid impinging scrubber that could enhance CO2 absorption kinetics and carbon loading capacity.

VerraGlo
Collaborators at VerraGlo and the University of Kentucky have developed foundational technology for light-emitting metal-organic lumiphore (MOL) sensors that can be used to measure peroxide value (PV) in edible fats and oils. Throughout the food industry fats and oils must be continually tested to meet product specifications and assure quality. The industry standard for measuring PV requires laboratory glassware, the use of flammable and toxic solvents that are expensive to purchase and disposed after use and requires trained personnel. VerraGlo's method uses no laboratory glassware, no solvents and no cleanup; the sample vial is disposable.

The federal SBIR/STTR program, known as America's Seed Fund, funds a diverse portfolio of startups and small businesses across technology areas and markets to stimulate technological innovation, meet federal research and development (R&D) needs, and increase commercialization to transition R&D into impact.

Kentucky's SBIR/STTR program provides additional non-dilutive capital at a critical early stage for promising tech companies by matching all or part of federal SBIR/STTR awards received by Kentucky-based businesses or companies committed to relocating to the state. The program is overseen by KY Innovation.

Mark Harris, vice president of research and education at 1109 Bravo, which received SBIR/STTR funding in 2023, noted the opportunities provided by the program: "This grant provided us the ability to ease the burden of start-up costs, business expansion and, most of all, the ability to purchase a highly skilled person with experience in manufacturing, sales and marketing. This grant helped us to purchase new equipment and technology that we otherwise would not have been able to purchase, which helped us increase our business' efficiency and competitiveness."

To date, Kentucky SBIR/STTR-awarded companies have leveraged the state's matching program to receive $4.75 in federal or private capital for every $1 in state funds. These businesses also have created more than 737 well-paying jobs, 89% of which have annual salaries over $50,000. Match recipients have 235 patents and have generated more than $57.6 million in sales and licensing revenue. Kentucky has made 330 match awards to 152 unique companies since the program's inception, leveraging $162 million in federal funding coming into the state.

The SBIR/STTR-awarded companies build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth's history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On's transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC's $2 billion, 2,000-job gigafactory project in Warren County; Toyota's $1.3 billion investment in Scott County; and INFAC North America's $53 million investment in Taylor County, among others.

The Governor's administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody's Investors Service upgraded Kentucky's credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor's Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a "Supply Kentucky" initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

For more information on Kentucky's SBIR/STTR Matching Funds program and the companies receiving awards, visit KYInnovation.com/SBIR.

Information on Kentucky's economic development efforts and programs is available atCED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion atfacebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.

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