HTC Announcing $750,000 award to itRobotics, Inc. by the Texas Emerging Technology Fund
FOR IMMEDIATE RELEASE
July 21, 2006
The Houston Technology Center (HTC) announced today that itRobotics, Inc. an HTC Client company and one of the companies recommended by the Gulf Coast Regional Center of Innovation and Commercialization (Gulf Coast RCIC) for funding by the Texas Emerging Technology Fund (TETF), was chosen to receive a $750,000 award.
itRobotics, Inc. was awarded the $750,000 grant for the development of robotic in-line inspection systems for tubular plant equipment and non-piggable pipelines.
itRobotics, Inc. is one of three companies within the Gulf Coast RCIC’s area currently being funded by the TETF. Other Gulf Coast recipients of the TETF funding are CorInnova Incorporated, an early-stage medical device company developing and commercializing heart assist technologies that lead to heart recovery rather than replacement; and Endothelix, Inc., a company dedicated to bringing endothelial function measurement from research laboratories to the mainstream practice of medicine in a low-cost and operator-independent manner to assist with early detection of cardiovascular disease and monitoring response to therapy.
The $200 million Texas Emerging Technology Fund, was created in June 2005 by Governor Rick Perry to assist small to mid-size technology companies to launch sooner, expedite the commercialization of new life-changing inventions out of the lab and into the hands of consumers and improve research at Texas universities.
HTC, selected in September 2005 to be the Gulf Coast RCIC for the TETF, is collaborating with the Greater Houston Partnership (GHP), Economic Development Organizations (EDO) within its 32-county region, area universities, and community volunteers. The Gulf Coast RCIC, the other six regional centers and the State-wide Texas Life Science Center are responsible for processing funding applications and supporting emerging technology companies.
“Houston Technology Center congratulates all three TETF grant recipients and welcomes CorInnova Incorporated and Endothelix, Inc. as they join itRobotics, Inc. in becoming HTC Clients. HTC has been working with the Governor’s office to implement the Texas Emerging Technology Fund and carry out its goals in the Gulf Coast region. We are rewarded today to see the fruits of our hard work and are very pleased to see the momentum this program has been generating within the technology and business community in the entire state of Texas”, said Paul Frison, President and CEO of the Houston Technology Center.
The Gulf Coast RCIC is currently reviewing applications submitted for the fourth round of funding. Applications for the fifth round of funding may be submitted to the Gulf Coast RCIC until September 26, 2007, 10:00 a.m. CST.
About the Houston Technology Center: Houston Technology Center (HTC), A non-profit 501(c)(3) corporation, is Greater Houston’s business accelerator and the largest technology business incubator in Texas. HTC accelerates the commercialization of emerging technology companies in Houston. A 501(C)(3) corporation and a center of entrepreneurship in Houston, HTC assists Houston-based entrepreneurs within several key sectors: Energy, Technology, Life Sciences, Nanotechnology and NASA-originated technologies. For more information visit www.houstontech.org.
About itRobotics, Inc.: Founded in 2000 in Houston, Texas, itRobotics, Inc. is a pioneering technology company operating to provide state of the art non-destructive inspection service for small diameter energy pipes using the latest robotic technology. itRobotics, Inc. aims to increase the integrity, safety, and security of the energy industry around the world. The high-speed data acquisition and on-board processing helps prepare present the maximum reliability in detecting and characterizing corrosion, wall thinning, and other pipe defects. For more information visit http://itrobotics.ath.cx/index.htm.
For more information please contact:
Director, Gulf Coast RCIC