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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 Q1 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
Welcome to Justin Brown, named the new managing director of Endeavor Midwest. They support high-impact entrepreneurs in Kentucky, Indiana and Ohio.
Recent Wins
Pebble graduated from the Built in Miami program this past quarter. Pebble received a certification of program completion in partnership with Venture Miami | Department of Economic Innovation and Development.
Congrats to Aurat Aroma named to the Nvidia Inception Program (Nasdaq: NVDA). Aurat is focused on the neuroscience behind use of certain fragrances from specialized candles, while adding components of machine learning/AI.
GoodMaps used artificial intelligence during the Olympics and Paralympics to help athletes improve performance and navigate venues and locations, especially those who are visually impaired.
The Inc. 5000 list was announced in September. Congratulations to these Kentucky companies that made the list:
No. 122 Cornbread Hemp (Louisville) — 2,797%
No. 127 TruDiagnostic (Lexington) — 2,707%
No. 338 OnPoint Warranty Solutions (Louisville) — 1,286%
No. 1,205 PayHOA (Lexington) — 426%
Sunflower Fuels is an Agtech startup focused on renewable energy through biofuel feedstock production and carbon capture. They were awarded a Bluegrass Agtech Development Corp. Challenge Grant of $100,000 to support their seed round.
Hempwood also received a $100,000 grant from the same program to develop their natural soy-based glue that binds the length of hemp fiber in a composite wood-like material.
Congrats to Akhil Suresh Nair who won a regional competition for the Startup World Cup in Cambridge, Massachusetts, out of eight finalists after initially being chosen out of approximately 600 applicants.
BumptUp Labs has launched a mobile maternity health app and received an NIH grant award for $300,000 for continued research for the app.
Complet3D is getting ready to move to their new space at the University of Kentucky. They recently toured the Innovation Center there and discussed how they will make a greater impact utilizing UK’s startup resources.
Melanated Healthcare, a network of distinguished melanated healthcare professionals for patients of color, has been selected to participate in the Techstars accelerator.
Entrepreneurial Support Organization Updates
The Community Foundation of Louisville announced the 24th year of the Vogt Awards tech accelerator with the addition of six startups in this year’s cohort: Besti, EchoJobs, Nori, RiverGuide, Sofab Inks, and Value Buddy! They each received $25,000 in non-dilutive grant funding and recently presented their companies at Demo Day.
Exits
Worldwide Technologies in the CREATE region was acquired for an undisclosed amount by Nashville-based Quad Capital Partners. They are a manufacturer of precision machined parts designed for industrial applications.
In the Amplify region, Venminder, developer of a vendor risk management platform designed to address the tactical challenges of vendor management tasks, was acquired for an undisclosed amount by Tennessee-based nContracts.
Capital
Since the start of the calendar year, Kentucky has had 58 startups funded with $95 million in early-stage investment.
In the Amplify region, AboutBit led by Stacy Griggs and, a provider of cryptocurrency mining energy services intended to reduce the carbon footprint, raised $3.2 million of venture funding from undisclosed investors.
Covington-based venture capital firm, eGateway Capital, closed on its $94 million Fund II, which it will use to invest in growth-stage tech companies in the e-commerce and supply chain space. More than two years in the making, this now stands as the region’s largest fund. eGateway Capital also won this year’s Cincy Inno Fire Award for Venture Capital Firm of the Year.
Kentucky Innovation Hub News
Congratulations to the western Kentucky region's Sprocket Innovation hub leader, Monica Morgan Bilak, on being recognized by KY Inno as category winner of the KY Inno Fire Awards' top ecosystem builder!
Amplify’s Larry Horn was elected to be on the national board of InBIA and is currently at his first board meeting during the e.Builders conference.
Congratulations to Dave Knox and the Blue North team on the groundbreaking of SparkHaus in Covington. This kicks off a $16.4 million construction project of their new entrepreneur center.
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.