Firms in Central New York and the Southern Tier are among the latest batch of companies to join the START-UP NY program as they continue their growth.
Snow Dragon Corp., i3Assemblies Inc., and 37 other startup companies are now part of the state’s business-development program.
START-UP NY stands for SUNY Tax-free Areas to Revitalize and Transform Upstate NY.
Under the program, which launched in October 2013, businesses that create net new jobs in New York have the chance to operate tax free for 10 years, paying no state income tax, business or corporate state or local taxes, sales tax, property tax, or franchise fees.
The companies also partner with the higher-education institutions that sponsor them, and have the ability to access industry experts and advanced-research laboratories, according to the office of New York Gov. Andrew Cuomo.
SUNY Oswego sponsors Snow Dragon, which currently operates at the Syracuse Technology Garden.
Binghamton University sponsors i3 Assemblies, according to Cuomo’s office. The firm operates at 100 Eldredge St. in Binghamton, its LinkedIn page says.
The latest 39 businesses have committed to create 817 new jobs and invest more than $30 million statewide over the next five years, Cuomo’s office said in an Oct. 28 news release.
START-UP NY now has commitments from 202 companies to create at least 4,490 new jobs and invest more than $251 million over the next three-to-five years throughout New York.
About the companies
Snow Dragon, “a new to New York” company, will be the U.S. branch of its parent company, Cein Biotechnology Ltd. Co. of China.
Cein has developed hardware and software technology to scan and analyze the vein structure of the human finger as an authentication technique with wide application opportunities in the banking, retail, education, medical, and security industries.
Cein created Snow Dragon to develop the second generation of the scanning and analysis technology so it can “access Western markets,” Cuomo’s office said.
The company plans to create seven new jobs and invest $80,000.
i3 Assemblies Inc. is a new manufacturing company that offers integration of advanced process and product development with “manufacturing solutions” to provide complete system builds and testing from prototype to volume production.
i3 Assemblies’ products will be the electronic components found in “life-saving” medical diagnostic/imaging devices; space exploration and satellite technology; and the electronics “will be installed in end-use products throughout the world,” Cuomo’s office said.
The company plans to create 140 new jobs and invest $8.2 million.
Contact Reinhardt at email@example.com