Gov. Perry Awards $749,829 in Emerging Tech Funds to Photodigm
AUSTIN - Gov. Rick Perry today awarded $749,829 to Photodigm Inc. of Richardson for further development of its advanced laser technology, which will result in more affordable and efficient laser systems necessary for equipment used in communications, digital imaging, defense and medical devices. For example, Photodigm lasers are currently being used in defense systems, including ultra-high performance sensors for airborne detection of submarines.
“These funds allow Texas to invest in technologically innovative companies which are key to driving competition and advancement not only in our state’s robust economy, but also the global marketplace,"Perry said. “Continued investment in emerging technology creates more jobs and generates substantial capital investments, diversifying and enriching our economy.”
The grants are awarded through the Texas Emerging Technology Fund (TETF), a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request. The award will leverage an additional $749,829 received from the U.S. Air Force Small Business Innovative Research program to accelerate the commercialization of this technology.
A 17-member advisory committee of high-tech leaders, entrepreneurs and research experts reviews potential TETF projects and recommends funding for projects to the Governor, Lieutenant Governor and Speaker of the House.
To date, the TETF has allocated $76.4 million in grant funds to Texas companies and universities in areas promoting:
- Increasing research collaboration between public and private sector entities through new Regional Centers of Innovation and Commercialization where the seeds of an idea can take root in a university lab and eventually grow into a new product marketed by a new or expanding firm;
- Matching research grants provided by both federal and private sponsors to help innovators acquire the capital they need to bring their idea to life; and
- Attracting more top-notch research teams from other universities around the nation that will help put Texas universities on the cutting edge of technology research and development.
For more information on the TETF, please visit www.emergingtechfund.com.
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