Quantum Logic Devices of Austin, Texas, was recently awarded $600,000 in Emerging Tech Funds for the commercialization of its patented nanoelectronic platforms, which allow hospitals, clinics, physicians and consumers to perform simple medical tests to immediately identify possible illnesses. The grants are awarded through the Texas Emerging Technology Fund (TETF), a $200 million initiative created by the Texas Legislature in 2005.
“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,” said Texas Gov. Rick Perry. “Continued investment in emerging technology creates more jobs and generates substantial capital investments, diversifying and enriching our economy.”
Quantum Logic Devices anticipate working closely with the University of Texas and the Advanced Technology Development Facility for further development of this prototype.
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. T
To date, the TETF has allocated $74 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.
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