Texas Emerging Technology Fund grants $2.5 million to two startups
Gov. Perry Announces TETF Investments in Texas Companies Creating Therapies for Water Purification, Disease Diagnosis:
Gov. Rick Perry has announced awards from the Texas Emerging Technology Fund (TETF) to two early stage companies that are developing groundbreaking technologies in Texas to purify water and diagnose infections.
“Entrepreneurs and high tech industries continue to look to Texas as the next frontier in technological innovation,” Gov. Perry said. “From potable water to disease diagnosis and treatment, these TETF awards give important, early stage funding to companies creating groundbreaking technologies to address some of our most pressing needs.”
The TETF investments are as follows:
HydroLogic Industries Inc. has received $340,000 of an award up to $1 million for the development of a water purification system that separates pure water from salt, hydrocarbons and other substances. Because of its efficient operation, the system will produce potable water at competitive prices. The system can be used for water desalination of brackish and sea water, hydraulic fracturing water treatment and in other industries offering water recovery opportunities. The company will collaborate with the University of Texas at El Paso on this technology.
Telemedicine Up Close Inc., also known as DxUpClose, has received $280,000 of an award of up to $1.5 million for the commercialization of a rapid and low cost bacteria diagnostic kit to identify bacterial infections and determine optimal antibiotic treatment. This instrument will be sensitive and deliver prompt results, providing fast and accurate analysis needed for effective antibiotic treatment. The company will collaborate with Texas A&M University and Texas State University on this technology.
The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request, and reauthorized in 2007, 2009, 2011 and 2013. A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential projects and recommends funding allocations to the governor, Lieutenant Governor and Speaker of the House. To date, the TETF has allocated more than $203 million in funds to 142 early stage companies, and over $216 million in grant matching and research superiority funds to Texas universities. Additionally, since the inception of the TETF, more than $761 million in additional investment from other non-state sources has followed on to the TETF investment, more than tripling the amount invested by the TETF.
For more information on the TETF, please visit http://www.emergingtechfund.com.