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Three Covington Companies Among 26 to Receive $6 Million in State Funds

Three companies in Covington are among the twenty-six across Kentucky to share in $6 million in state funds as part of a program to support and attract technology-based small businesses to the Commonwealth.

CitiLogics, Okeanos Technologies, and Tier One Performance Solutions are the Covington companies receiving funds, and are three of just five put of twenty-six outside of Louisville or Lexington.

The companies are receiving funding through the state’s competitive Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds program. Kentucky’s program matches all or part of federal SBIR-STTR awards received by Kentucky-based companies. It also provides a match to out-of-state companies, should they be willing to relocate to the Commonwealth.

“These companies are developing some of the nation’s most promising new technologies, as recognized by experts on both the federal and state levels,” Gov. Steve Beshear said in a news release. “From developing improved mobile communications platforms for first responders to creating 3-D cameras to treating the side effects of radiation therapy, Kentucky is proud to support these innovators and entrepreneurs creating high-tech businesses and high-paying jobs throughout the Commonwealth.”

Since its inception in 2006, Kentucky’s SBIR-STTR program has awarded nearly $43 million to support 90 companies. These 90 businesses have leveraged an additional $76 million in federal funds and created nearly 400 jobs. A total of 28 companies relocated their businesses to Kentucky for the program. Last year, of the 26 grant recipients, nine are relocating to Kentucky from as far away as Oregon.

On Tuesday, a total of six Covington companies will be celebrated during a happy hour at bioLOGIC sponsored by UpTech. In addition to the three mentioned previously, Wave Tech, which works on bringing more effective materials to the biorenewables industry; Balterial Robotics; and Bexion Pharmaceuticals, which is working on a cure for cancer, will be recognizing for achieving state funding for their projects.

The party will be held at the bioLogic building in Covington at 32 Russell St. from 5:30 to 7:30 p.m. There is no cost and the public is invited.

Kentucky’s program has grown substantially in the past eight years. Currently, Kentucky ranks 27th in the nation, based on the amount of federal funding received (SBIRSource.com). In 2006, Kentucky’s program was ranked 42nd.

“The fact that dozens of high-tech companies are bringing their operations to Kentucky shows that our incentive programs are gaining national attention,” said Cabinet for Economic Development Secretary Larry Hayes in a news release. “It’s also further proof that Kentucky’s entrepreneurial spirit runs deep and we’re doing a good job of creating a small business climate built on innovation.”

Photo: bioLOGIC/RCN file