$3.4M granted to small technology-focused businesses in VA

RICHMOND, Va. (WDBJ/GOVERNOR’S OFFICE RELEASE) - Thirty-four small technology-focused businesses in Virginia will receive more than $3 million in funds to commercialize research in a variety of sectors, Governor Ralph Northam announced Monday.

A total of $3.4 million will be granted through the Commonwealth Commercialization Fund. Sectors which may benefit include agricultural and environmental technologies, autonomous systems, clean energy, cybersecurity, data analytics, life sciences and space and satellites. These awards are part of the inaugural funding round for CCF, which was created through the Virginia Innovation Partnership Authority.

“Facilitating research breakthroughs and getting new technologies out of the lab and into the hands of consumers is key to driving economic growth and creating jobs in the Commonwealth,” said Governor Northam. “I am confident this first round of CCF awards will produce far-reaching benefits and congratulate these innovators and entrepreneurs on their success in developing transformative solutions to improve lives and address some of the most pressing challenges we face.”

Some of the recipients include: Lynchburg’s 3 Ridge Technologies Inc.; Roanoke’s BEAM Diagnostics, Inc., and Itus Digital; Blacksburg’s Li Industries, Inc.; and Pulaski’s MOVA Technologies, Inc.

“The new Commonwealth Commercialization Fund signals Virginia’s commitment to increasing commercialization outcomes for small Virginia businesses across many industries,” said Secretary of Commerce and Trade Brian Ball. “Early funding is essential in bringing new products and innovations to market and we look forward to watching the awardees’ innovations thrive in the Commonwealth.”