Launch Tennessee awards $4.5 Million in SBIR/STTR Matching Funds to 30 small businesses
Each company received an initial competitive federal grant to accelerate innovation
For immediate release
Sept. 15, 2023
NASHVILLE, TN – Launch Tennessee announced $4.5 million in funding to 30 innovative companies to advance their research and business development efforts in Tennessee.
The investments were made through LaunchTN’s SBIR/STTR Matching Fund program for fiscal year 2024.
This year’s achievements reflect the steady growth and maturation of Tennessee’s SBIR/STTR ecosystem. For the second year in a row, Tennessee has received more than 60 applications and $12.5 million in demand for the program, positioning the state as a hub for technology innovation and entrepreneurship.
“The continued growth and consistent demand for the SBIR/STTR Matching Fund program signifies its importance to our entrepreneurial community, and we are excited to witness the long-lasting impact it will have on Tennessee’s innovation landscape,” LaunchTN Innovation Manager Charles Layne said.
Since the SBIR/STTR Matching Fund was created in 2017, SBIR/STTR grants received by Tennessee companies have grown from $13 million in 2016 to $35 million in 2022, demonstrating the program’s consistent contribution to Tennessee’s technology sector.
SBIR/STTR Matching Fund fast facts
- The FY24 program supported 15 first-time applicants, 11 of which received support preparing their applications through the LaunchTN microgrant program.
- Companies participating in the program have collectively generated 939 jobs.
- Beneficiaries of the program have secured $310 million in grants and raised an additional $301 million in capital.
- Sixty percent of these companies have achieved post-revenue status, collectively generating more than $127 million in annual revenue.
SBIR/STTR Grant Recipients (confirmed companies receiving the award so far this year):
East Tennessee
Addiguru, LLC
American Nanotechnologies, Inc.
Branch Technology
Captis Aire LLC
Covert Defenses LLC
CrossLink Composites, Inc.
DayLyte Batteries
Endeavor Composites, Inc.
FC Renew, LLC
Holocene
Neutroelectric, LLC
Orion Therapeutics, Inc.
Perseus Materials, Inc.
Safire Technology Group, Inc.
Sentinel Devices LLC
Serious Healthcare
SkyNano
Ultrasonic Technology Solutions
Veracity Nuclear, LLC
Middle Tennessee
AgriCapture
Amalgamated Vision, LLC
Finally Skincare
HeroWear, LLC
Innerworld
MetaMorph Inc.
PreTeL, Inc.
Silvis Materials
Statheros LLC
West Tennessee
Hera Health Solutions
OculoTherapy, LLC
For questions about our SBIR/STTR Programs, contact chuck@launchtn.org or visit https://launchtn.org/commercialization/.
About Launch Tennessee
Launch Tennessee (LaunchTN) is a public-private partnership uniquely positioned to cultivate and support collaboration among founders, investors, the private sector, institutions, and government. We support Tennessee’s entrepreneurial ecosystem by coordinating resources, advancing capital access, and empowering our Network Partners and multiple stakeholders throughout the state to activate inclusive and sustainable economic growth in Tennessee.