Jan. 09, 2008

Gov. Perry Announces $750,000 Emerging Tech Fund Award to StarVision Technologies

AUSTIN - Gov. Rick Perry today announced a $750,000 award from the Texas Emerging Technology Fund (TETF) to StarVision Technologies, Inc. The funds will help develop the company’s SpeedStar™ product, a revolutionary new altitude-determination sensor system that improves satellite performance, while reducing costs.

"The Emerging Technology Fund continues to draw new talent to the state, spur the commercialization of university research, and provide technological visionaries the financial boost they need to get their companies and products into the marketplace," said Gov. Perry. "By partnering with the private sector and investing in projects that create jobs, diversify and enrich our economy, Texas is quickly becoming a global competitor in innovative technologies." StarVision is an aerospace research and development company, focused on developing technology for unmanned vehicles, government and commercial satellites and advanced missile system markets in the aerospace industry. StarVision’s team of nine engineers is located in Texas A&M University's Research Park. The company expects to double in size in the next year. The Texas Emerging Technology Fund is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s request and reauthorized in 2007. 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 $86.9 million in 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.