State awards $280K in innovation vouchers to small businesses

PROVIDENCE – Gov. Gina M. Raimondo’s administration on March 27 awarded six companies a cumulative $280,000 in innovation vouchers, from a grant program to encourage research and development.

The grants are awarded to small businesses with fewer than 500 employees, and go toward R&D projects assisted by a Rhode Island university, research center or medical center, according to a press release.

This is the second round of grants awarded by R.I. Commerce Corp., an economic-development arm of state government, this fiscal year. The state has so far awarded 28 innovation vouchers with nine assisting partners.

The grants can be used for commercializing products, process or services, access to expertise and other reasons.

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Commerce Corp. awarded $50,000 grants to the following companies: BluSource Energy Inc. of Bristol; Medley Genomics Inc. of Providence; NanoDe Therapeutics Inc. of Barrington; PetTech LLC of Providence; and Vacuum Processing Systems LLC of East Greenwich. T-Time Productions LLC of Pawtucket will receive $30,000. •