Home » Lexington entrepreneurs highlighted in annual ‘Who Got the Money’ survey

Lexington entrepreneurs highlighted in annual ‘Who Got the Money’ survey

Region’s entrepreneurial community created 110 new jobs, generated $77.5 million in revenue

LEXINGTON, Ky.Commerce Lexington Economic Development and the University of Kentucky Office of Technology Commercialization on Monday released new data collected from their annual survey on the area’s entrepreneurial economic impact for the fiscal year on the Who Got the Money? website, whogotthemoney.com. 

The survey continues to serve as a reminder of the strong ecosystem startups have built in the Lexington region. The 70 responding companies represented industry sectors in biotechnology, AgTech, advanced manufacturing, e-commerce, independent game development, IT and software development, energy technologies and business services. They reported an average salary of $64,000 for full-time jobs and employed 623 people in Lexington and Central Kentucky. The region’s entrepreneurial community created 110 new jobs, raised $52.1 million in capital, and generated $77.5 million in revenue. 

“Lexington is often known as one of the most entrepreneurial areas of the country, and was named among the Best Small Cities for Startups (#11), according to Fundera. Our community has a strong and improving support structure in place to help entrepreneurs turn their ideas into reality,” said Commerce Lexington President and CEO Bob Quick. “This year’s Who Got The Money? figures indicate that local startups are finding success thanks to an available and educated workforce, access to capital, and low startup costs, not to mention the connections and talent available at the University of Kentucky and other area colleges.” 

The startups from this year’s results persevered, survived, and, “indeed, thrived during this challenging year. The innovation sector remains a strong and vital component of the Central Kentucky economy and a significant driver for future growth,” said Eric Hartman, associate director for new ventures at the University of Kentucky Office of Technology Commercialization. 

Who Got the Money? also recognized 24 recipients of the eAchiever Award for excellence in entrepreneurship. These companies received at least $1 million dollars in funding and/or created five new full-time jobs during Fiscal Year 2020, based on self-reported data from July 1, 2020, through June 30, 2021. 

Who Got the Money? gave a Standout Performance award to PowerTech Water, a water purification technology company. The Standout Award recognizes the indomitable entrepreneurial spirit of a local startup that has had impressive revenue growth and success in raising capital. 

“Commerce Lexington has provided funding to incubators and programs like 5-Across which was critical in the founding of ElectraMet,” said Cameron Lippert, Co-founder and CEO at PowerTech Water. “We would not be here today without that event and the support provided by Commerce Lexington. Through its network, we were able to connect with advisors and investors that saw the potential of our technology early on and provided us with valuable resources along our path to commercialization. Our team has experienced incredible growth over the last year, and we have no plans to slow down.” 

The 2021 Female Founded Startup of the Year award went to Kate Van Pelt, co-founder and CEO of Synaptek, a concussion management platform. This award celebrates the ingenuity, entrepreneurship, and the successful venture funding efforts of one of the survey responder female-founded companies. Adam Brown, Creative Director and Founder of Marrow, the company sponsoring the award, said of Synaptek, “Frankly, this was the easiest award for Marrow to offer. Anyone who’s been paying attention to the startup scene in Lexington knows about Kate Van Pelt, her team, and their exceptional work in concussion management. Marrow is fortunate to be a part of Synaptek’s brand strategy at this crucial inflection point as they broaden awareness and grow their footprint in athletic departments across the country.” 

Seventy early-stage companies responded to the annual Who Got the Money? survey:

  • Active Therapy Systems
  • Advanced Semiconductor Processing Technology
  • Annulox Technologies
  • APAX Software Development
  • ATI
  • Atterogen
  • Avast Therapeutics
  • Aviation Safety Resources
  • Awesome Center for Entrepreneurship
  • Awesome U
  • Base Here Holdings
  • Biomedical Development Corp.
  • BlueFrame Technology
  • Carina Medical
  • Cellie Coping Co.
  • Cerelux
  • Colt Neck Labs
  • Connected Patients
  • CoPlex Therapeutics
  • Corrisoft
  • Cozyshoppe Productions
  • ECM Biosciences
  • Engi-Mat Co.
  • Equine Diagnostic Solutions
  • EZgig
  • Fishback Management & Research
  • FlyWire
  • Fooji
  • FreshEyes Solutions
  • Fusioncorp
  • GGI Corp.
  • Gismo Therapeutics
  • GreekTrack
  • Gun Interactive
  • Helios Aerosystems
  • Hitron Technologies
  • Hummingbird Nano
  • Identify3D
  • IMPI
  • IOPtic
  • Kitchen Automation Technologies
  • Lepidext
  • Lexcelon
  • Minerva Systems & Technologies
  • MosquitoMate
  • MyVocalHealth
  • Naprogenix
  • ORB Technologies
  • ParaTechs Corp.
  • PlanStreet
  • PowerTech Water
  • Rainmaker Ideas
  • RedLeaf Biologics
  • Scante
  • Signal Solutions
  • Smart Farm Systems
  • Space Tango
  • Summit Biosciences
  • Super Soul
  • Synaptek
  • Thynk Health
  • VerraGlo
  • VRTogether
  • W-Z Biotech
  • Whoo.ai
  • Wild Dog Physics
  • Xooker
  • Zeitness

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