Three Companies Granted Funding From Cabinet's High-Tech Investment Pool
The Kentucky Economic Development Finance Authority (KEDFA) granted three Jefferson County companies a combined total of up to $891,000 in funding from the High-Tech Investment Pool administered by the Kentucky Cabinet for Economic Development (KCED). These projects will create a combined 43 full-time, high-tech jobs.
“These three companies received grants for a wide range of new technologies, from biotech to content management software to Internet services, which demonstrates the tremendous diversity of innovation and entrepreneurship that exists within Kentucky’s high-tech community,” said KCED Secretary John Hindman. “The cabinet is pleased to invest in such innovative and promising Kentucky companies.”
Projects that received funding, all of which are clients of the Louisville Innovation and Commercialization Center, include:
- Advanced Genomic Technology, LLC – Louisville; Founded in 2005, Advance Genomic Technology is a biotechnology company that has developed a line of microRNA microarrays (MMChips) for the research and, ultimately, the medical diagnostic markets. MicroRNAs are genetic “dimmer switches” capable of suppressing gene expressions, serving to dim or shut down groups of target genes. MMChips will allow researchers to identify which microRNAs are present or absent in cells or tissues and to quantitatively assess the relative level of expression of their target genes without a large up-front investment in specialized detection equipment. Additionally, Advanced Genomic Technology will provide access to its microRNA target identification database as well as e-MMChip and e-microRNA analysis services on a fee-for-service basis.
The funds, awarded in the amount of up to $153,000, will be used to purchase equipment necessary for further development and commercialization of MMChips, as well as for regulatory and certification costs associated with the production of a medical device.
Advanced Genomic Technology anticipates creating nine full-time, high-tech Kentucky-based jobs by Dec. 31, 2010. Average annual salaries for these positions will be approximately $60,000, exclusive of benefits.
- Conexxus, LLC – Louisville; Founded in 2006, Conexxus is a software development company that provides information management and technology solutions for both public and private companies. Best classified in the Compliance Content Management marketplace, Conexxus’ patent pending solutions are unlike any other in the market. The initial software product is Conexxus One, an interactive, computer-based financial workflow automation and monitoring platform. The program allows users to define internal policies and eliminate paper from the finance department. Its second product offering, Conexxus OneX, adds an auditor’s documentation tool to the Conexxus One platform, enabling continuous auditing for manual processes and allowing auditors expedited access to evidence without interrupting operations. It is this continuous monitoring and auditing capability for manual internal controls and compliance processes that makes the Conexxus solution stand out in the marketplace.
The funds, awarded in the amount of up to $238,000, will be used to purchase hardware, software and other technology needed for further development and commercialization of Conexxus’ software solution as well as for costs related to securing intellectual property.
Conexxus anticipates that in addition to the company’s existing workforce of four, it will create a minimum of 14 full-time, high-tech and technical support jobs for Kentucky residents by Dec. 31, 2010, paying an average annual salary of approximately $58,000, exclusive of benefits.
- Smoothstone IP Communications Corporation – Louisville; Founded in 2000, Smoothstone IP Communications Corporation is a managed Internet protocol (IP) services company. Smoothstone provides fully managed IP communications solutions for mid-size enterprises and is among the first movers in the emerging trend toward IP communications and convergence. Smoothstone’s consultative approach and customized, client and industry-specific applications are changing the way businesses collaborate through the use of a “Smart Network.” The network enables a variety of applications and services to be initiated within the network itself rather than through intelligence in the actual communications equipment or hardware.
The funds, awarded in the amount of up to $500,000, will be used to invest in equipment to upgrade Smoothstone’s infrastructure, providing better disaster recovery characteristics for its data center.
Smoothstone anticipates that, in addition to its current workforce of 73 full-time employees, it will create a minimum of 20 full-time, high-tech and technical jobs for Kentucky residents by Dec. 31, 2009, paying an average annual salary of $67,000, exclusive of benefits.
All company awards are funded through the cabinet’s High-Tech Investment Pool. The program is used to build and promote technology-based and research-intensive companies and projects with the goal of creating clusters of innovation-driven industries in Kentucky.
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2007 totaled nearly $2 billion with the creation of over 13,400 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources are available at ThinkKentucky.com.