Science and technology
February 17, 2023
The New Jersey Commission on Science, Innovation and Technology (CSIT) has awarded matching grants totaling $2.43 million to more than 80 startups since 2020 through NJ Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Direct Financial. awarded to the company. support program. The program receives funding from a highly competitive federal research and development (R&D) grant program to support start-up companies working toward commercialization. The $2.43 million in funding includes her $525,000 awarded to 17 startups through the program’s recent fourth funding round.
Federal SBIR and STTR grant programs provide over $3 billion annually to small and medium-sized businesses in a variety of technology and life sciences sectors. These companies offer innovative ideas that meet specific federal research and development needs as they explore technological feasibility. Thirteen of the 17 awardees announced today are currently in Phase 1 of the Commonwealth’s SBIR/STTR program or have received Fast Track or Phase II designations. Each of these winners will receive up to $25,000 through the NJ SBIR/STTR Direct Financial Assistance Program. The grant is intended to help the awardees increase the intensity of their research, strengthen their commercialization plans, cover operating costs, and be more competitive with Phase II funding. These award winners are:
- Atux Iskay Group LLC (Princeton, Mercer County)
- AuresTech Incorporated (Bridgewater, County Somerset)
- Dina Pharma, Inc (Peapac Gladstone, County Somerset)
- Enalare Therapeutics (Princeton, Mercer County)
- Farm to Flame Energy Inc. (West Orange, Essex County)
- Innovative AI Technologies LLC (Newark, Essex)
- Malika Ashwin Maya Corporation (Bridgewater, County Somerset)
- Misram LLC (Holmdel, Monmouth County)
- Neutroelectric, LLC (Camden, County Camden)
- Paragon Flavor, Inc (Princeton, Mercer County)
- Regenosine Inc (Princeton, Mercer County)
- ShockTech (Mahwah, Bergen County)
- SingletO2 Therapeutics LLC (New Providence Borough of Union County)
The other four winners announced today have each completed Phase I or above of the federal government’s SBIR/STTR program and have applied for Phase II federal funding. Each of these winners will receive a bridge grant of up to $50,000 through CSIT’s Bridge Funding Program.
- Bezwada Biomedical, LLC. (Hillsboro, County Somerset)
- Impact Business Information Solutions, Inc (Princeton, Mercer County)
- Optimeos Life Sciences, Inc (Princeton, Mercer County)
- Venarum Medical, LLC (Etontown, Monmouth County)
“New Jersey startups are creating cutting-edge technologies that have broad and long-lasting impact on the world stage. “We are proud to be a part of this partnership,” said Judith Sheft, executive director of CSIT. is an attractive location for startups looking to expand their business, and the NJ SBIR/STTR Direct Financial Support Program is a perfect complement to these assets.”
Winners of the latest round of NJ SBIR/STTR Direct Financial Assistance Program funding range from clean tech start-ups to areas such as aerospace, gene therapy, drug discovery, and packaged food sustainability and nutritional content. It extends to focused companies. Sixteen of the 17 winners had fewer than 10 employees at the time of application. Twelve of the 17 winners had fewer than five employees.
“This grant program is specifically designed to support the smallest competitive startups in the global market,” said CSIT Chair Debbie Hart. “By helping our grantees make the most of federal funding, we enable them to grow their businesses and focus on commercializing their products. It will expand our presence and lead to the creation of high-paying jobs in the Garden State.”
State Senator Robert W. Singer and Representative P. Christopher Tully played a key role in securing the necessary funding to support the startup through the NJ SBIR/STTR Direct Financial Assistance Program.
“As our innovation ecosystem continues to emerge from COVID-19, it is more important than ever to give start-ups the tools they need to compete in the global economy,” said Senator Singer. “This is a big step for New Jersey to become a technology leader.”
“An economy fueled by innovation is not just about ideas and human ingenuity. It’s about fostering ecosystems that can turn those ideas into something concrete,” said Tully. said. “From our groundbreaking medical research to technological advances, these grants prove that New Jersey is home to growth and prosperity for small start-ups.”
To access additional business news, please visit: NJB News Now.