One of Kentucky’s newest statewide nonprofit organizations is partnering with one of Louisville’s most well known venture capital firms.
The Metals Innovation Initiative (MI2) has put out another call for pilot-ready innovation submissions that might address challenges in the metals industry.
To help facilitate a global search for submissions, MI2 has joined forces with Render Capital, per a news release.
Render — which is also identified as a public benefit corporation and an innovation studio in the release — is known for its annual Render Capital Competition, which was moved up from the fall to Derby Week this year in the interest of attracting more investors from out of state. Render has invested approximately $4 million in 40-plus startups who are based or have moved to the Louisville metro area.
It has also deployed more than $3.6 million through its partnership in the Reconstruct Challenge, a joint venture with University of Louisville’s Health Equity Innovation Hub (HEIH), the Kentucky Department for Public Health’s Office of Health Equity and Louisville-based Access Ventures.
“We know startups because we invest in startups–we are literally invested in their success. This is a particularly enticing opportunity for founders because it focuses specifically on challenges facing an industry that has taken it upon themselves to come together and actively search for the solutions,” said Render Managing Partner Patrick Henshaw in the release. “There is no better money for a startup than revenue, and the MI2 Competition puts startups in front of the people that can make that happen.”
The finalists chosen will eventually give presentations at the second annual KY Industry Conference from Oct. 29-30 at Louisville Marriott Downtown. Note: I attended the inaugural conference, which was also in Louisville, but at Louisville Marriott East.
The priority areas that have been identified are:
- Automation,
- Digitalization
- Product inspection
- Energy management
- AI
- Materials management/waste reductions
- Predictive maintenance/equipment sustainment
- Emissions tracking/reduction
- Recycling.
Ideal applicants would be early-to-mid range startups that are equipped with pilot-ready, scalable solutions that can be deployed in an industry environment.
The deadline to apply is Aug. 15. Applications can be submitted here.
Finalists will be invited to pitch their solutions to conference attendees — and will be featured at a networking event at the conference.
The winner at the pitch competition at the first conference in 2023 was SeebackCell Technologies Inc., based out of Houston. The company “develops and manufactures the liquid-based thermoelectric cell that directly converts industrial waste heat into electricity and provides it for on-site electrical instruments,” according to its LinkedIn profile.
MI2 was launched in 2022 in Bowling Green as a way to both unite the many metal companies either headquartered in or with major presences in Kentucky — as well as attract and promote advanced research, sustainability, commercialization and talent development.
The organization currently has 12 members from the metal industry (primarily in aluminum, copper and steel) and seven “value provider partners.” MI2’s members collectively represent more than $34.2 billion in revenue, per the release.
“MI2’s mission is to bring our ecosystem together to make Kentucky the destination for metals innovation,” said Vijay Kamineni, CEO of MI2. “We want to attract the best innovations from entrepreneurs and researchers nationally to find opportunities and resources to pilot their innovations here in Kentucky, at the heart of the U.S. metals industry.”
I first spoke with Kamineni when I visited Bowling Green in July 2023 for a cover story about the growing tech scene in the city. He also serves as the chief technology and innovation officer at Logan Aluminum, located in Russellville, Kentucky. Logan Aluminum is one of the original founding members of MI2.
