Cabinet for Economic Development
THREE CENTRAL KENTUCKY COMPANIES GRANTED FUNDING FROM CABINET’S HIGH-TECH INVESTMENT POOL
FRANKFORT, Ky. – At a meeting held earlier today, the Kentucky Economic Development Finance Authority (KEDFA) granted three central Kentucky companies a combined total of up to $1,055,000 in funding from the High-Tech Investment Pool administered by the Cabinet for Economic Development.
The projects located in Lexington and Georgetown will create a combined 63 new full-time, high-tech jobs in the region. “I’m pleased the Cabinet is able to support these unique and innovative companies, adding knowledge-based employment opportunities to our state,” said Economic Development Cabinet Secretary John Hindman. “These cutting-edge technologies represent the types of entrepreneurship we need to encourage and reward.”
Projects receiving funding include:
- Mersive Technologies, Inc. – Lexington; Formed in 2004 as a spin-off of the University of Kentucky Center for Visualization and Virtual Environments and a client of the Lexington Innovation and Commercialization Center (ICC), Mersive Technologies develops software technology enabling the creation, management and use of Ultra DefinitionTM displays. Ultra Definition is a brand developed by Mersive that describes any display with a resolution greater than High Definition (1920 x 1080 pixels).
The funds, awarded in the amount of up to $255,000, will be used to purchase computer hardware and software for the development of a software-based Display Operating System, currently dubbed StingrayTM. Funds will also be utilized for costs associated with securing intellectual property, purchasing prototype m-Series displays, and consulting/integration fees with video processing component partners.
Mersive anticipates adding 15 high-tech, full-time, Kentucky-based jobs by January 31, 2010, in addition to its current full-time workforce of eight. Average annual salaries for these positions will be approximately $82,000, exclusive of benefits.
- Expungement Assistance Services, Inc. (EAS)– Lexington; Founded in 2006, EAS is a leading provider of criminal records clearing assistance services in the U.S. and is a client of the Lexington ICC. EAS is developing a web-based business automation solution to navigate qualified clients through completing the forms needed for records expungement, clemency and pardon. EAS’s technology solutions will be aimed at easing a client’s ability to determine eligibility and, if eligible, to assist in the records clearing process.
The funds, awarded in the amount of up to $500,000, will be used to purchase the necessary infrastructure to support further development of the web-based application. This infrastructure includes computers, peripherals, servers, network equipment, software licensing, development tools, and testing environments needed to carry out the development effort.
EAS anticipates that in addition to the company’s existing workforce of 33 full-time, Kentucky-based jobs, by December 31, 2010, it will create a minimum of 30 high-tech and technical support jobs for Kentucky residents paying an average annual salary of approximately $70,500, exclusive of benefits.
- Corevalus Systems, LLC – Georgetown; Founded in January 2006, and a client of the Richmond ICC, Corevalus Systems has developed and is currently marketing a product named SamePage. SamePage is a complete digital music management and display system that replaces paper, file cabinets, and music stands in a live music performance environment. Currently, almost every piece of musical equipment is available digitally, but the actual paper sheet music from which musicians play is not. SamePage addresses this deficiency by providing a network of computer displays to manage and display music.
The funds, awarded in the amount of up to $300,000, will be used to build the necessary IT infrastructure, install a small business enterprise resource planner, integrate the phone system with customer relationship management software, set up a robust system integration test facility, purchase hardware and equipment for new feature/function development, purchase product demonstration units, and further intellectual property protection.
Corevalus Systems anticipates that, in addition to its current base of seven full-time employees, it will create 18 full-time, high-tech jobs for Kentucky residents by December 31, 2011, paying an average annual salary of $66,000, exclusive of benefits.
All company awards are funded through the Cabinet’s High-Tech Investment Pool. The program is used to build and promote technology-based and research-intensive companies and projects with the goal of creating clusters of innovation-driven industries in Kentucky.
# # #
The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2006 totaled more than $3.4 billion with the creation of over 18,500 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.