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Three Firms Receive High-tech Funding from State

By wmadministrator

Three Jefferson County companies have been granted a total of $891,000 in funding from the state’s High-Tech Investment Pool.

The three companies include Advanced Genomic Technology LLC, Conexxus LLC, and Smoothstone IP Communications Corp.

Advanced Genomic Technology is a biotechnology company that has developed a line of microRNA microarrays (MMChips) for the research and medical diagnostic markets. The funds, awarded in the amount of up to $153,000, will be used to purchase equipment necessary for further development and commercialization of MMChips, as well as for regulatory and certification costs associated with the production of a medical device. The company expects to create nine full-time jobs with an average annual of approximately $60,000 by 2010.

Conexxus is a software development company that provides information management and technology solutions. Conexxus plans to use its grant, which has been awarded in the amount of up to $238,000, to purchase hardware, software and other technology as well as for costs related to securing intellectual property. Conexxus anticipates adding a minimum of 14 full-time jobs to its existing four-member staff by the end of 2010. The jobs will have an average annual salary of $58,000.

Smoothstone is a managed Internet protocol services company that provides IP communications solutions for mid-size enterprises. Smoothstone’s $500,000 grant will be invested in equipment to upgrade the company’s infrastructure. Smoothstone plans to add 20 full-time jobs to its current workforce of 73 by the end of 2009. The jobs will pay an average annual salary of $67,000.

The Kentucky Cabinet of Economic Development’s High-Tech Investment Pool program is used to build and promote technology-based and research-intensive companies and projects, with the goal of creating clusters of innovation-driven industries.

All three projects are clients of the Louisville Innovation and Commercialization Center.