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The State of Startups: Kentucky report is a roundup of startup news throughout the commonwealth and is shared live each quarter during an online update from Kentucky’s six regional innovation hubs. Read below for highlights from Q2 FY25 and register online to hear the next report in real time.
Welcomes | Wins | ESO Updates | Exits | Capital | Hub News | About the Innovation Hubs
Welcome to Kentucky
Many new team members joined our Hubs in the last quarter. Welcome to:
Amplify -- Cynthia Lee, Director of Community Engagement
Amplify -- Amber Fields, new Entrepreneur in Residence
Amplify -- Ben Reno-Weber, new Entrepreneur in Residence
Awesome -- Mackenzie Hanes, Partnerships Manager
Blue North -- Reese Watson, Chief of Staff
CREATE -- Amanda Havard, new Entrepreneur in Residence
CREATE -- Penny Hughes, Event Manager
SOAR -- Joshua Ball, interim Director of Entrepreneurship
Sprocket -- Eric Goodman, new Entrepreneur in Residence
Sprocket -- John Truitt, new Entrepreneur in Residence
Curelytics is a biotechnology company that is innovating oncology solutions using the power of mathematics. Founder Emma Bunch recently left Harvard University to return home to South Central Kentucky.
Healthcare companies Datarovers, an AI-powered healthcare solution, and SmartMS3, an innovative technology hardware for physical therapists, moved to Paducah as part of their Next50K award program from Sprocket.
Recent Wins
Last quarter, Patrick Henshaw, Managing Director of Render Capital was named one of the Most Admired CEOs by Business First.
Congrats to these companies selected to Awesome Inc’s Fellowship program from around the state:
QuickFlips
HempWood is featured in a new exhibition at the University of Texas at Austin that focuses on sustainable alternatives to widely used building materials. The UT Materials Lab is the world's largest collection of architectural material samples. They also installed an accent wall showcasing Kentucky-grown hemp at Murray State, grown by Kentucky farmers, and manufactured and installed by Kentucky employees.
Maurice Cooper, founder of Doggy Eats, an organic bison, dog food and treat company, won the West Kentucky Innovation Challenge including a $1,000 cash prize and specialized business services.
Congrats to Brandon Young with Pascal Tags on his selection to the Forbes 30 Under 30!
Two Rivers Fisheries, located in Wickliffe, Kentucky, represented the state of Kentucky as an honoree on the U.S. Chamber of Commerce's Top 100 List.
Airtrek Robotics uses robotics and computer vision to keep the airport tarmac clean, addressing the $23 billion problem of airport ground debris. They have the distinction of winning Awesome’s 5 Across FINALS event for 2024.
Congratulations to EightTwenty on their selection to Endeavor from Louisville. Their purpose is to empower U.S. citizens, families and businesses to live solar as a vertically integrated solar developer and make solar more viable and accessible.
Endeavor Midwest is marking a significant milestone with 10 years of supporting later-stage, high-growth companies in Kentucky.
Entrepreneurial Support Organization Updates
Brand Fusion 2024, presented by Blue North, brought together marketers from 40 leading brands and innovative startups at TQL Stadium in Cincinnati on October 8. With 444 individual meetings scheduled, startups will showcase their technologies and solutions in 15 to 20 minute sessions with decision-makers from some of the world’s largest companies.
Rob Wilson, CEO of the Bowling Green Regional Tech Council, co-founded by CREATE, outlined goals to grow Warren County’s tech community and provide high quality technology-focused roundtables for members, including startups.
UK Innovate’s third annual Kentucky Innovator Challenge will be on April 15, 2025.
Exits
In the Blue North region, pac-IQ was acquired by Milwaukee-based Direct Supply.
In the CREATE region, Kentucky Thermal Inspection was acquired by MultiSensor AI Holdings, Inc. located in Beaumont TX.
In the Amplify region, QSR Automations was acquired by Battery Ventures.
All of these were for undisclosed amounts.
Capital
To close out the calendar year of 2024, Kentucky had 85 startups funded with $137,251,351 in early-stage investment.
Of note this past quarter, in the Awesome Inc region, ElectraMet raised $12.16 million of Series C venture funding from Keyhorse Capital, Veriten, and other undisclosed investors.
In the Blue North region, Erlanger-based Brightpick, a leading provider of warehouse automation solutions for order fulfillment, announced that they raised an additional $12 million in equity and debt from new investor EBRD Venture Capital, alongside existing investors.
Covington-based Connetic Ventures launched the Connetic Venture Capital Access Fund giving average investors the ability to put money in early-stage and growth-stage companies.
Kentucky Innovation Hub News
Dave Knox, Executive Director of Blue North, was named Mentor of the Year by the Kentucky Entrepreneurial Hall of Fame for his dedication to supporting startups and small businesses in Northern Kentucky. Congratulations!
About the Kentucky Innovation Hubs
The Kentucky Innovation Hubs, managed by KSTC and funded by KY Innovation at the Kentucky Cabinet for Economic Development, are a network of six regional centers across the state with the purpose of driving economic development through entrepreneurship and innovation. Each Hub acts as their region’s “front door” to deliver services — while leveraging local partnerships and regional organizations — and assists entrepreneurs across industries and stages of development as they advance their businesses.
Key Services Provided by the Hubs for Tech Startups
Startup Coaching:
Provide tailored, consultative coaching to numerous startups, helping founders refine their business models and strategies.
Facilitate access to essential resources such as capital, customers, mentors, and talent.
Access to Capital:
Assist startups in securing funding through various channels, contributing to their financial stability and growth.
Organize pitch events and investor meetings to connect startups with potential investors.
Customer Acquisition:
Support startups in identifying and reaching their target markets, leading to increased customer acquisition.
Provided strategic introductions to key industry players and potential clients.
Mentorship Programs:
Match startups with experienced mentors who provided guidance and support throughout their entrepreneurial journey.
Conduct regular mentorship sessions and workshops to enhance the skills and knowledge of founders.
Talent Development:
Help startups in sourcing and recruiting top talent to build strong, capable teams.
Offer training programs and workshops to improve the capabilities of startup teams.
Strategic Introductions and Networking:
Facilitate networking events and strategic introductions that encourage collaboration and partnerships within the ecosystem.
Enable startups to connect with industry experts, potential partners, and other key stakeholders.
Through these initiatives, the Kentucky Innovation Hubs have significantly contributed to the growth and success of startups, strengthening the state's tech economy and fostering a thriving entrepreneurial environment. We are committed to maintaining this momentum and continuing to support the innovators and entrepreneurs who drive Kentucky's vibrant startup ecosystem.