84.8 F
Mobile
85.9 F
Huntsville
86.6 F
Birmingham
87.2 F
Montgomery

Innovate Alabama awards millions to small businesses

Innovate Alabama awarded more than $2.1 million to 15 small businesses Wednesday in its third round of supplemental grants.

“This year, we’ve expanded our efforts to boost Alabama small businesses through the Supplemental Grant Program,” said Cynthia Crutchfield, CEO of Innovate Alabama. “Access to capital, one of Innovate Alabama’s core pillars, can make the difference in these small businesses bringing their research to market.

“We look forward to seeing the cascading effect these investments will have on these small businesses and the broader innovation ecosystem as we continue the program into 2024.”

Entrepreneurs who have received Phase I or Phase II SBIR or STTR grants received up to $250,000 of supplemental funding to support the growth of their small businesses.

The businesses that were selected in this round are in Auburn, Birmingham, Huntsville and Prattville.

The recipients are Alveolus Bio, Analytical AI, Archarithms, CFD Research Corp., EngeniusMicro, Fagan Consulting, IERUS Technologies, J-Tech, Outpost Technologies, Quadrus Advanced Manufacturing, Research in Flight, Summit Information Solutions, SemanticGuard, Xplosion Technology, and Zeus Research and Technology.

Since last August, Innovate Alabama has awarded more than $7.5 million to 45 small businesses in the first and second rounds of the program.

Austen Shipley is a staff writer for Yellowhammer News.

Don’t miss out!  Subscribe today to have Alabama’s leading headlines delivered to your inbox.