PROVIDENCE – The R.I. Commerce Corp. is now accepting applications for its Innovation Voucher Program until April 28.
As part of the quasi-public agency’s Innovation Initiatives Portfolio, the Innovation Voucher Program funds investments in local businesses to foster growth through research and development, allowing grants for up to $75,000 in funding.
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Gov. Daniel J. McKee said the program reflects his administration’s “commitment to creating good-paying jobs and growing our economy.”
“These supported projects attract private investment and create vibrant places where businesses and Rhode Islanders can thrive,” McKee added.
There are two types of Innovation Vouchers available: the Knowledge Provider vouchers, which support partnerships between small businesses and local research institutions such as colleges, universities, or hospitals; and Manufacturing vouchers, which fund in-house research and development by manufacturing businesses.
Since the program’s inception, 153 projects across 117 companies have received support, representing an investment of more than $8.1 million and helping to generate $9.1 million in follow-on funding from the Small Business Innovation Research Program and $47.1 million in additional new investment.
“The Innovation Voucher Program is helping our companies turn promising ideas into real-world solutions,” said Commerce Secretary Stefan Pryor. “By supporting R&D [research and development], we are fostering innovation, helping businesses grow and further positioning Rhode Island as a place where entrepreneurs can thrive.”
The latest application round follows the R.I. Commerce board’s approval of three Innovation Vouchers on April 1:
Liseva Bio Inc., Providence $75,000 Knowledge Provider: The company is developing technology that enables immune cell therapy to treat solid tumors using its Cellular Armor technology. Voucher funds will support experiments with Brown University to validate Liseva’s treatment approach in preclinical models, generating data needed to advance to clinical trials for patients with limited treatment options.
Shellf Life LLC, Providence $75,000 Manufacturing: The funds will support American Society for Testing and Materials certification testing required for commercial sales of the company’s tiles, validating protective sealant systems and conducting necessary fire rating, slip resistance and durability tests.
Trace Sensing Technologies Inc., $74,760 Knowledge Provider: The company will use the funds to conduct a preclinical study on TRACE-E, a noninvasive, breath-based medical device, optimizing thermodynamic sensors to detect biomarkers for chronic kidney disease. The study aims to establish a relationship between breath biomarkers and kidney function through comparisons with estimated glomerular filtration rate to help set a new standard of care.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
