Elevate Ventures Announces $649K to Indiana Companies

Mary Roberts, Writer/Reporter, Inside Indiana Business

NIIC residential client Engine Research Associates Inc., has received Indiana SBIR / STTR funding

INDIANAPOLIS – Twelve Indiana businesses are receiving $649,000 as part of Phase I and Phase II matching awards from the state’s Small Business Innovation Research and Small Business Technology Transfer program during the first half of 2022. The SBIR/STTR program is managed by Indianapolis-based Elevate Ventures and the Indiana Economic Development Corp.

Elevate Ventures matches 50% up to $50,000 for Phase I and up to $75,000 for Phase II. In total, Elevate says the companies are receiving $5.4 million in federal awards.

Phase I of the program focuses on assessing the feasibility and potential for research and development projects, while Phase II focuses on continuing product development and commercialization.

“The matching funds program gives Ateios better control on the timeline and allows us to keep a better relationship with our program managers as we can turn work around fairly quickly, leading to a more fruitful relationship,” said Carlos Munoz, chief operating officer at Ateios. “Without the funds, we would need to wait 45 days or more to order the necessary supplies resulting in at least a two-month delay before starting the project.”

The companies receiving funding are below:

  • Ateios, Newberry: Developing technology for customizable and flexible batteries used in electronics manufacturing.
  • BCI Solutions Inc., Bremen: Provides complete manufactured solutions.
  • Carbon Solutions LLC, Bloomington: Focuses on energy applications such as CO2 capture, geothermal, wind and hydrogen.
  • Compact Medical Inc., Indianapolis: Developing the Butterfly BVM as a safer, more effective choice for manual resuscitation.
  • Engine Research Associates Inc., Fort Wayne: Develops and manufactures engines for drones.
  • Explore Interactive Inc., West Lafayette: Offers augmented reality experiences for STEM education through digital apps paired with physical game sets.
  • GeniPhys Inc., Zionsville: Developing and commercializing polymerizable collagen and engineered collagen materials for accelerated and improved tissue restoration and regeneration.
  • Independence Science LLC, West Lafayette: Empowers blind students in hands-on STEM lab learning by developing new text-to-speech tools.
  • Kovina Therapeutics Inc., Indianapolis: Developing first-in-class antiviral therapeutics to treat HPV cancers and premalignant infections.
  • Neurodon Corp., Crown Point: Developing disease-modifying drugs for diabetes, neurodegeneration and other life-threatening diseases.
  • TayCo Brace Inc., South Bend: Offers a lightweight, functional alternative to the walking boot.
  • ZS Instruments, Lafayette: Specializes in research, development and manufacturing of precision measurement tools.

Elevate says SBIR/STTR programs are the largest source of early-stage technology financing in the U.S. The funding is available from 11 participating agencies throughout the country, focused on a range of technological fields.


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