Small businesses that are developing a home automation system, improvements to MRI equipment and testing services for drugmakers are among the newest tenants for a state-designated tax-free zone at Stony Brook University.
Gov. Andrew M. Cuomo Monday announced five more companies for the START-UP NY zone, bringing the total there to 19. The new entrants will create 58 jobs over five years and invest $5.9 million in equipment and facilities.
START-UP NY seeks to attract small technology companies to New York State by exempting them from state and local taxes for as long as 10 years in return for investment and hiring. Their employees will pay no state income taxes for a maximum of 10 years.See alsoCompanies that expanded on LI
Cuomo launched the program in 2013. "We are laying the groundwork that will continue to drive the economy and deliver real job opportunities and millions of dollars in investment" across the state, he said.
Among the local START-UP NY participants announced Monday, the largest promised investment -- $3.7 million -- is from AJES Life Sciences LLC. It provides preclinical and toxicology testing for drug developers.
Jitendra Patel, of Dix Hills, formed AJES late last year, according to incorporation records. The company expects to hire nine people by 2020.
STS Global Inc. will create the most jobs: 27.
The provider of satellite and other telecommunication services for media companies and governments was started by David Hershberg, founder and former chief executive of Globecomm Systems Inc., another satellite business that went private in 2013. STS will spend $897,000 on equipment over five years.
The other new START-UP NY participants are:
SynchroPET Inc., based in East Yaphank, is producing scanners for medical purposes using technology developed at Brookhaven National Laboratory. The company is led by former Democratic Assemb. Marc Alessi of Shoreham and last year secured $100,000 from the Accelerate Long Island Seed Fund and Long Island Emerging Technologies Fund. The Accelerate money came from Empire State Development, the state's primary business-aid agency.
SynchroPET expects to hire six people in five years and invest $95,000 on equipment.
BriteHome LLC, a new business, is developing a home automation system using wireless technology. It will create seven jobs and spend $175,000.
Theragnostic Technologies Inc. is developing an MRI contrast agent that's potentially safer and less expensive than what is currently in use. Stony Brook professor Balaji Sitharaman is working on the agent and formed the business in 2012. He plans to hire nine people and invest $1 million.
In addition to the 19 companies accepted at Stony Brook, two have been accepted into the START-UP NY zone at Farmingdale State College. Together, the 21 companies have pledged to create 239 jobs and invest nearly $16 million.