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KVH Featured in Navy Publication Promoting Small Business Research Successes
$1.5 Million in Navy Small Business Research Grants have Helped Generate $55 Million of KVH's Revenues During the Past 10 Years
MIDDLETOWN, RI - September 17, 2001 - The drive to innovate has always been a part of KVH Industries' (Nasdaq: KVHI) culture. While the company has directed a significant percentage of its revenues back into research and development, KVH has also been awarded more than 20 Small Business Innovative Research (SBIR) R&D grants valued at $12.2 million from the U.S. government's SBIR program. Based on the success of two of these SBIR awards, KVH is featured in the most recent issue of "Department of the Navy SBIR/STTR Successes," a Naval publication touting the value and success of the Department of the Navy's SBIR and Small Business Technology Transfer (STTR) programs.
The SBIR awards highlighted in "SBIR/STTR Successes" contributed $1.5 million to the research that led to KVH's successful development of compass and stabilized attitude heading systems. Through these research efforts, KVH invented compasses capable of sensing the changing magnetic environment and automatically recalibrating themselves to compensate and maintain optimal accuracy. These systems and their successors have been incorporated into a wide variety of KVH products, including stand-alone compass sensors, such as the C100™; land and sea military navigation systems, including the MV103 and TACNAV™ systems; and the GyroTrac™ Digital Gyro Compass, components of which are used in both KVH's award-winning TracVision® and Tracphone® line of satellite communications products.
"SBIR funding has played a tremendous role in the growth of KVH's product line and the company's overall success," commented Chris Burnett, vice president of business development. "The products we developed using these and other SBIR grants have enabled KVH to develop versatile products that have become critical systems for U.S and allied military forces as well as popular commercial products. The two SBIR awards cited by the Navy provided $1.5 million and resulted in more than $55 million in associated revenues for the company over the past 10 years. That's an outstanding return on the Navy's investment."
The SBIR program is designed to provide funding to stimulate technological innovation in small businesses to meet government R&D needs. The competitive, three-phase SBIR system first provides limited funding to evaluate the scientific merit of a specific R&D effort. If the project is selected to continue, additional funding is made available for prototype development and testing. Phase Three supports additional R&D as well as final product production and commercialization. In place since 1982, the SBIR program has funded more than $550 million in research.
KVH Industries, Inc., is an international leader in developing and manufacturing innovative, mobile, high-bandwidth satellite communications systems, tactical navigation products, and fiber optic products. The company is based in Middletown, Rhode Island, and has a fiber optic research and manufacturing facility in Tinley Park, Illinois, and a European sales office in Hoersholm, Denmark.