.png){kind=small}
The State of Startups: Kentucky report is shared live each quarter during an online update from Kentucky’s six regional innovation hubs. Read below for highlights from Q4 FY24 and register online to hear the next report in real time.
Welcomes | Wins | ESO Updates | Exits | Capital | About the Innovation Hubs
Welcome to Kentucky
beingAI is a technology platform for creating AI beings. The company has committed its U.S. primary presence in Bowling Green. beingAI was also accepted as a top-tier member to the 2024 Google for Startups program.
Recent Wins
Black Business Boxes, a platform for streamlining purchases from Black-owned businesses, was accepted into the Builders + Backers accelerator.
Limitless Minds builds sustainable mindset habits to empower a company's people to optimize their performance and has earned acceptance into the national Endeavor program.
Amplify's Larry Horn was announced as one of 18 people across the country to take part in the inaugural cohort of the Make Startups Executive Fellowship (MSEF) Program.
OneUp provides video game wholesale software to video game resellers and vendors. They pitched in Awesome Inc’s April 5 Across pitch competition and won first place, which solidified their spot in December's FINALS event.
Airtrek Robotics won the June edition of 5 Across. They make autonomous robots to eliminate human error for the most safety-critical environments – the airport ramp. They also have punched their ticket for a spot in the December finals.
Awesome Inc Announces Fellowship Graduates:
C2 Keep – an inventory management platform that provides real-time inventory insight for independent pharmacies.
Feedcoyote – is taking loneliness out of freelance work with a powerful Collaboration Network Platform that fuels efficiency.
Smoove Creations - a custom sneaker business for you, your team, your business, and events.
The NKY Entrepreneur Fund, backed by Blue North, recently received a $30,000 grant from the Truist Foundation to further support startups across the region. In 2023 the fund awarded over $180,000 with additional support from Main Street Ventures.
Three Northern Kentucky startups, Inflow (AI design platform), Mimi's Macros (healthy meal prep), and Taste on Elm (cafe, wine shop, and market), all received Leap funding from Main Street Ventures. This $10,000 to $30,000 equity-free grant will fuel their growth and expansion.
MoneyBot is a financial literacy startup has been selected to work alongside Merrill Lynch Wealth Management Financial Solutions and Insights Strategy to help lead the Bowling Green Regional Technology Council's new Data Analytics Peer Group.
Cinesolo founder Boaz Burnett got into Launch Blue's Summer 2024 UAccel Cohort + I-Corps program. As a mechanical engineering student from Murray State, Cinesolo has been working on mirror camera technology for influencers to better capture their content.
Sunhouse Craft, Madison County, was one of the 500 awarded a $10,000 grant from Main Street America through the Backing Small Businesses presented by American Express.
Entrepreneurial Support Organization Updates
The fifth annual Render Capital Competition Showcase was on May 1. Twelve high-growth startups were selected and awarded $1.2M in investments, out of hundreds of applicants from all over the world, to bring their startups to the Louisville region.
The DAV Patriot Boot Camp, empowering veteran and military spouses to become entrepreneurs, returned to DAV HQ in Erlanger.
Following last year's success, the 2nd annual KY Backed event, hosted by KSTC’s Keyhorse Capital, brought together investors, founders, and innovation leaders to strengthen Kentucky's venture ecosystem.
Sprocket has partnered with AVIATRA Accelerators to bring a free half-day intensive to kickstart your business with step-by-step expert guidance through Sprocket's half-day Explore Your Business Idea workshop.
Thanks to the Kentucky Science & Engineering Foundation for their leadership in organizing the America’s Seed Fund Road Tour in Lexington this past April. The takeaways and especially the 1:1 meetings between startups and federal agency representatives was invaluable to their grant application knowledge.
Exits
Tailor Made Compounding, an operator of a compounding pharmacy intended for both men's and women's health, was acquired by Weller Equity Partners.
Triyam, a provider of data management services that helps healthcare facilities decommission legacy electronic health records, was acquired by Access Information Protected.
Vac2Go – an operator of a vacuum truck rental company intended to serve chemical plants, nuclear, manufacturing, petrochemical, and ethanol industries – was acquired by Argosy Private Equity and NewSpring Capital for $108 million in an LBO.
Capital
Since the start of the calendar year, Kentucky has had 39 startups funded with $88 million in early-stage investment.
Of note this last quarter, PayHOA in the Awesome Inc region, raised $27.5 million of Series A venture funding from Elephant Partners and other undisclosed investors.
Wilde Chips, in the SOAR region, raised $20 million of venture funding in a deal led by KarpReilly. Also participating in the round were The Family Fund, Miroma Ventures, Grey Space Group, Jack Harlow, Machine Gun Kelly and other undisclosed investors.
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.