Storj, a blockchain-based decentralized cloud storage platform, has announced that it is one of 20 grant recipients selected by the Utah Governor’s Office of Economic Development (GOED) to help advance its technology development.

The funding is part of a grant program hosted by the GOED’s Technology Commercialization and Innovation Program (TCIP). TCIP helps small businesses secure non-dilutive funding at critical stages of technology development.

“Innovation and entrepreneurship drive Utah’s diverse economy,” said Val Hale, GOED executive director. “The grant recipients represent a wide range of technologies, from consumer software to medical devices and manufacturing advances. We are excited to see these companies develop and grow.”

According to the GOED, this year’s grant solicitation was the most competitive in the history of the program, with 183 applicants requesting funds in excess of $18 million out of $1.8 million available. For selecting the grant recipients, applicants are vetted through volunteer review panels made up of local industry experts. The volunteer review panels recommend awards based on technical merit, team experience, level of matching funds and potential for job creation in the state.

“We are extremely honored and grateful to have been selected among more than 180 grant applications! Storj will also have access to mentorship opportunities and entrepreneurial curriculum that helps further our business”, Storj said in a statement. “This is an exciting way to kick off 2017, and we’re looking forward to what the rest of the year has to offer.”

In addition to Storj, 2017 TCIP Grant Recipients include Gruv Fishing, Inertial Sense, InnoSys, Microsurgical Innovations Inc, Novi Security, Nozzle, PK Clean, Promotus, QRP, Whistic, Inc., and ZipBooks, among others.