Empire State Development Awards $4M to New York Startups
Deal News | Nov 15, 2024 | New York Ventures Inc
Empire State Development's Division of Science, Technology, and Innovation (NYSTAR) has awarded over $4 million to 35 small businesses across various regions of New York State. This funding, part of the Innovation Matching Grants program, aims to supplement federal grant programs like the SBIR and STTR by offering additional commercialization support such as marketing and legal assistance. The initiative, launched in May 2024, is designed to support cutting-edge technology development and boost economic growth across New York’s diverse tech landscape. Companies involved are active in various fields, including artificial intelligence and biotechnology, and have been selected to help turn research into market-ready products, fostering job creation and regional economic strength.
Sectors
- Technology
- Economic Development
Geography
- United States - New York – The entire initiative and its beneficiaries are within New York State, highlighting the local economic focus of this development project.
Industry
- Technology – The initiatives focus on supporting cutting-edge technology development across various tech areas such as AI, energy storage, and biotechnology.
- Economic Development – Empire State Development's role in promoting business growth and job creation reflects the economic development industry.
Financials
- $4,637,226 – Total amount awarded in Rounds 1 & 2 of the Innovation Matching Grants program to various businesses.
- $200,000 – Maximum amount of NYSTAR matching grants given to companies contingent upon federal support.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Empire State Development | Administrator of the Innovation Matching Grants Program | Government | Empire State Development is New York State's chief economic development agency. |
| NYSTAR | Implementer of the Innovation Matching Grants Program | Government | A division of Empire State Development focused on advancing technology innovation. |
| Aincobio LLC | Grant Recipient | Company | Located in Central NY, involved in early-stage technology development. |
| Alpha-En Corporation | Grant Recipient | Company | Based in Mid-Hudson, involved in tech innovation. |
| Carbon To Stone, Inc | Grant Recipient | Company | A Finger Lakes-based company working on technology advancement. |
| DataCicda LLC | Grant Recipient | Company | A technology-focused company located in the Finger Lakes. |
| Graphenix Development, Inc | Grant Recipient | Company | A Western NY company supporting technological growth. |
| Hope Knight | President & CEO of Empire State Development | Person | Leads the agency responsible for economic growth in New York. |
| Ben Verschueren | Executive Director of NYSTAR | Person | Runs NYSTAR, focusing on innovation support across the state. |