Thirty-seven companies receive SBIR and STTR matching funds under Launch Tennessee-administered program
Thirty-seven companies have received funding thus far this year under the State of Tennessee’s matching program for recipients of federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) awards.
In an announcement yesterday, Launch Tennessee, which administers the program, said that 15 East Tennessee-based companies, 16 from Middle Tennessee, and six who call West Tennessee home received the matching funds. The 37 were selected from more than 60 applications received that showed more than $12 million in program demand, greatly outstripping the $7 million that was appropriated for the year. Applications were prioritized based on several criteria including: (1) if the company was a first time SBIR/STTR awardee or applicant to the SBIR/STTR Matching Fund; and (2) if the company was commercializing technology in one of Launch Tennessee’s priority industries that include biotech, advanced energy, agtech, and automotive. In addition, priority was given to companies located in Tier 3 and 4 counties or Opportunity Zones, and if the company was either female-owned, minority-owned, veteran-owned, or owned by those with disabilities as per FY22 SBIR Matching Fund Guidelines.
“We are thrilled to award this match funding to some of our most exciting Tennessee entrepreneurs and innovators” said Charles Layne, Innovation Manager at Launch Tennessee. “We thank Governor Lee and the Tennessee General Assembly for their continued investment in this vital program and look forward to the innovation and new technologies these companies will bring to our state that will benefit all Tennesseans.”
The grant program, now in its sixth year, has been a significant catalyst for the growth of many Tennessee early stage, high-tech, high-wage companies. To date, 56 percent of companies receiving SBIR/STTR matching funds have achieved post revenue status, a significant indicator of success for start-up companies. Collectively, these companies have generated more than $100 million in annual revenue, created more than 650 direct jobs and have leveraged matching funds to raise more than $127 million in follow-on investment capital while securing an additional $169 million in federal contracts.
The latest recipients by region are:
- East Tennessee – American Nanotechnologies Inc.; DayLyte Inc. (dba DayLyte Batteries); Neptune Fluid Flow Systems LLC; 4XTechnologies, LLC; HD CLEAN LLC; Cinco Research Corporation; FC Renew LLC; SkyNano; Eonix LLC; Neutroelectric LLC (dba Becq); Endeavor Composites; Addiguru LLC; Whisper Aero Inc.; CrossLink Composites Inc.; and RegScale.
- Middle Tennessee – BlueWonder Creative Inc.; Xtallized Intelligence Inc.; Infusense; 3RT Innovations; Reliable MicroSystems LLC; Patroness LLC (dba LUCI); Resilient Energy & Infrastructure LLC; VasaMetrix LLC; Statheros; TensorX Inc.; ARMS Cyber; International FemtoScience Inc.; EndoTheia Inc.; Non-Contact Technologies LLC; Aviation Resources and Consulting Services LLC (ARCS); and Enexor BioEnergy.
- West Tennessee – Secure Food Solutions Inc.; Diatech Diabetes Inc.; Dextrous Robotics; Preteckt Inc.; Foundation Instruments Inc.; and Avadain Inc.
