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Sure. Why wouldn't they?
I mean, some research isn't very amenable to near-term use.
https://en.wikipedia.org/wiki/Blue_skies_research
That's harder to justify, hard to make a return on. For very long-term research, maybe you have an easier time with governments doing research.
But if you can produce valuable intellectual property that they can use, sure, businesses will hire you to produce stuff for their business. I guarantee you that businesses are going to be funding a whole lot of AI research right now, for example: what breakthroughs happen there will have enormous impact on things like whether or not OpenAI's investments to get an early lead in hardware and datacenters pay off.
My own experience in private-sector research is that there's a fuzzier line between research and development than you might think. That is, a company might want to have people in their labs directly facilitate research turning into product that can come to market.
But if you go out and look at, say, patent applications, you'll find immense numbers filed by companies.
searches
https://www.nsf.gov/nsb/updates/new-report-shows-business-rd-funding-dominates-us-rd