PureNanoTech Wins $500K at 2024 Grow-NY International Food and Agriculture Business Competition

ITHACA, N.Y. (Nov. 7, 2024) – Governor Kathy Hochul today announced PureNanoTech Inc. a winner of $500,000 at its sixth annual Grow-NY international business competition, an innovation and technology startup challenge focused on expanding and enhancing food, beverage and agriculture development in the Central New York, Finger Lakes and Southern Tier regions of New York state. PureNanoTech was one of seven winners to take home prize money at the conclusion of the Grow-NY Food and Ag Summit, held Nov. 6-7 in Ithaca, New York. The Grow-NY competition is funded by Empire State Development and administered by Cornell University’s Center for Regional Economic Advancement, a division of Research & Innovation.

Participating in Grow-NY and winning this award marks a significant milestone for PureNanoTech. It validates the effectiveness of PNT’s membrane-based nanobubble technology in boosting agricultural productivity and profitability. This recognition from experts in agriculture  highlights the market relevance of our technology, and reinforces its potential to drive sustainable growth and efficiency for farmers and Controlled Environment Agriculture (CEA) operations alike.

Twenty finalists from across the globe pitched their business plans to a live audience and panel of judges during the summit, held at the Ithaca Downtown Conference Center. The summit attracted 1,100 registrants and 43 displays from ecosystem supporters in the Ecosystem Expo. The event also featured an informative symposium of panel sessions that promoted new agricultural and technological innovations and discussed some of the biggest challenges facing agri-food systems regionally and nationally.

Grow-NY awarded a total of $3 million in prize money, including a $1 million grand prize, two $500,000 awards, and four $250,000 prizes. Upon accepting the award, winners commit to making a quantifiable, enduring regional impact in the Grow-NY region — Central New York, the Finger Lakes and the Southern Tier — during a 12-month period, creating lasting economic opportunity in the region.

Our winning innovation, PureNanoTech’s membrane-based nanobubble technology, revolutionizes agriculture through precisely controlled nutrient delivery at the nanoscale. Our patented membrane system generates uniform nanobubbles that encapsulate and transport nutrients directly to plant roots, increasing absorption rates while reducing chemical inputs. In field trials, we've demonstrated yield increases of over 55% resulting in healthier growth and offering significant profitability gains for both farmers and Controlled Environment Agriculture (CEA) operations. Our solution provides a significant advantage to the agriculture industry by simultaneously improving productivity and sustainability – enhancing plant health while minimizing environmental impact through efficient resource utilization.

Moving forward, we plan to deepen our engagement within the Grow-NY region by partnering with local farms, CEA facilities, and research institutions. Our next steps include establishing a regional hub for production and product development, facilitating collaboration with New York-based companies, and conducting further field trials to optimize our technology for various crop types and growing conditions. Through these partnerships, we aim to become a valuable contributor to the region’s agricultural ecosystem, helping drive sustainable innovation and economic growth across Upstate New York.

Judges based award decisions on the following criteria:

• The viability of the startup’s business model 

• The diversity, quality, readiness and completeness of the startup team  

• The value that the startup offers customers 

• The agrifood innovation that that the startup has invented 

• The job growth and opportunity potential that the startup can bring to the region  

During a 10-week business development phase leading up to the competition, all finalists received dedicated mentorship from individually assigned regional business advisors. This mentorship included pitch training to hone live presentation skills, along with a fully funded, multi-day trip to the Grow-NY region. The trip allowed finalists to meet with potential partners, customers, manufacturers, and producers. In December, Grow-NY winners will begin executing their business plans in the region, leveraging the connections they made during their business development trips to deliver on the economic development milestones they pitched at the event. 

Over the past three months, under the invaluable guidance of our Entrepreneur-in-Residence mentor, Mr. Ed Bizari, we embarked on an enriching journey preparing for Grow-NY. Our business development trips provided firsthand insights into Upstate New York's research and production capabilities, allowing us to visit over 20 companies and establish meaningful connections. This experience was instrumental in helping us secure one of the top prizes—a truly fulfilling endeavor from start to finish.

CEO Ms. Yuhong Jiang and CTO Dr. Stuart Hua presenting at the Grow-NY pitch competition.

In its sixth year, Grow-NY attracted 312 applicants from 50 different countries around the world, with 44% of applicants featuring a female founder and 60% representing a culturally diverse group.

Grow-NY Program Director Jenn Smith said, “Through the Grow-NY competition we’ve touched more than 1,800 startups wanting to build their businesses in Upstate NY. This year’s finalists are all exceptional, and we are thrilled to add PureNanoTech to our portfolio of ventures growing in the region.” 

Empire State Development funds the Grow-NY competition through its Upstate Revitalization Initiative (URI), CNY Rising, Finger Lakes Forward and Southern Tier Soaring. Cornell University’s Center for Regional Economic Advancement administers the competition. All winners will work to make a positive economic impact in the Grow-NY region, which consists of 22 counties that serve as home to vibrant farmlands, abundant freshwater, and several rising cities, including Rochester, Syracuse, Ithaca, Geneva and Binghamton. The winning businesses will help foster job growth, connect with local industry partners, and contribute to a thriving economy.

To learn more about the winners, mentors, and judges, as well as plans for year six of the competition, visit grow-ny.com.

About Empire State Development

Empire State Development (ESD) promotes a vigorous and growing state economy, encourages business investment and job creation, and supports diverse, prosperous local economies across New York State through the efficient use of loans, grants, tax credits, real estate development, marketing and other forms of assistance. To learn more about ESD visit https://esd.ny.gov.

About the Cornell Center for Regional Economic Advancement

The Cornell Center for Regional Economic Advancement (CREA) supports economic impact in Upstate New York through entrepreneurship and innovation. We help people advance ideas that will create jobs in all fields in our region, to enrich the area’s economic diversity. To learn more, visit https://crea.cornell.edu.