Texas has announced investments totaling $3.35 million in emerging technology and health through its Texas Emerging Technology Fund (TETF). The investments are spread over three new companies, each working on different emerging technology projects. The companies have agreed to headquarter their operations in Texas and will be working with state universities to complete their work. Last month, Texas made investments in emerging health technology through the same fund.
The TETF is a $200 million dollar initiative that was created by the legislature in 2005 to support emerging technology in Texas. An advisory committee of technology industry leaders and researchers reviews potential projects and makes recommendations to the Governor. So far the fund has given more than $169 million to 117 early stage companies.
The TETF investments break down as follows:
- Iridescent Networks of Dallas will receive $250,000 to commercialize software that allows high quality video delivery over the Internet to any device at a lower cost than is currently available. The company will work with the University of Texas at Dallas to complete product development.
- Neuro Resource Group of Dallas will receive $1.5 million to commercialize and manufacture “InterX”, a non-drug pain management therapy that reduces medication in-take and swelling, and improves range of motion.The company will work with the University of Texas at Arlington.
- DataInfoCom of Austin will receive $1.6 million for the commercialization of its software, Predictive Decision Management, which allows companies to predict the specific outcomes of business processes. The company will work with the University of Texas at Austin.