BINGHAMTON — Three startups that are member companies in the Koffman Southern Tier Incubator will use a total of $100,000 in funding from Broome County as they work to grow the firms. The allocation of funding for the firms includes $50,000 for Agri-Trak, $30,000 for LiBama, and $20,000 for Hub Controls. The incubator describes the […]
BINGHAMTON — Three startups that are member companies in the Koffman Southern Tier Incubator will use a total of $100,000 in funding from Broome County as they work to grow the firms.
The allocation of funding for the firms includes $50,000 for Agri-Trak, $30,000 for LiBama, and $20,000 for Hub Controls. The incubator describes the funding as an equity investment.
The money is part of Broome County’s “strategic efforts to foster entrepreneurship and boost the regional economy,” per the Sept. 18 announcement.
“Broome County is proud to collaborate with the Koffman Southern Tier Incubator to provide critical funding and support for these emerging startups” Broome County Executive Jason Garnar said in the news release. “By investing in these businesses, we are investing in the future of Broome County’s economy and ensuring long-term growth and job creation.”
“We are thrilled to see Broome County’s continued commitment to fostering innovation and supporting high-growth startups through this investment,” Bandhana Katoch, executive director of the Koffman Southern Tier Incubator, said. “This funding will provide critical resources to help Agri-Trak, LiBama, and Hub Controls scale their operations, accelerate product development, and make a lasting impact on their respective industries. By supporting these local startups, we are contributing to a more vibrant and sustainable regional economy, strengthening our entrepreneurial ecosystem.”
Established in 2017, the Koffman Southern Tier Incubator is a business incubator and start-up workspace located at 120 Hawley St. in Binghamton. Binghamton University’s Office of Entrepreneurship and Innovation Partnerships manages the Koffman facility, staff, and programming, per the Koffman website.
About the startups
Agri-Trak, which specializes in farm-management software, helps farmers streamline operations and make data-driven decisions.
“We’re honored that Broome County and the Koffman Southern Tier Incubator have invested in Agri-Trak,” Jamie Sonneville, company founder and CEO, said in the announcement. “Our platform gives farmers real-time insights into cost-saving opportunities and areas for growth, helping them reduce expenses and boost profits. This funding will accelerate our product development and allow us to serve more family farms across the U.S.”
LiBama, which specializes in battery-management systems for electric vehicles, focuses on improving battery performance and energy efficiency.
Wentao Li, founder and CTO of LiBama said the company is grateful for the investment from Broome County and the Koffman Incubator, noting that it “underscores their commitment” to supporting clean energy and sustainable technology in the region.
“This funding will enable us to advance intellectual property protection, accelerate prototype development, and drive our commercialization efforts,” Li added.
Hub Controls, a firm that works on smart home energy management, is developing solutions to reduce energy consumption in households.
“This funding will allow us to build upon our momentum in Broome County by launching 10 new pilot projects in low-income and student housing properties,” Cullen Kasunic, CFO of Hub Controls, said in the announcement. “Savings have been nearly 15% so far, and with winter approaching, where the majority of savings occur, we expect even greater results — historically, up to 30 percent. These projects will enable us to grow our team at the Koffman Incubator and partner with local energy service companies to deploy more units and drive energy savings for disadvantaged communities.”
