Gov. Andy Beshear announced that eight Kentucky technology companies will receive $862,479 in state matching grants to support research, commercialization, and high-wage job creation across the commonwealth.

The awards are part of Kentucky's Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Matching Funds Program, administered by KY Innovation. The state funds will partially match $6.6 million in federal SBIR/STTR awards the companies will collectively receive.

The eight recipient companies work in diverse fields including cancer therapy, postpartum recovery, battery technology, and healthcare screening improvements. "Investing in innovative companies now creates high-wage jobs of the future for Kentuckians all across the state," Beshear said.

Since its inception, Kentucky's matching program has proven effective in leveraging federal investment. To date, SBIR/STTR-awarded companies have leveraged the state's matching program to receive $7.50 in federal or private capital for every $1 in state funds. The program has awarded 345 matches to 157 unique companies.

"Kentucky sets itself apart with its commitment to supporting high-potential startups at critical stages of development," said David Brock, Executive Director of KY Innovation. "The result is more innovation, more high-skill jobs, and more investment flowing into our economy."