The State of Texas has chosen RFMicron, a portfolio member company of the Austin Technology Incubator (ATI), to receive a $250,000 grant from the Texas Emerging Technology Fund.
RFMicron, founded by Shahriar Rokhsaz, Ph.D., makes Radio Frequency Identification (RFID) tags that work in any geography and on any surface. An RFID tag is a chip that acts like a bar code. For example, an RFID tag allows a car to be identified as it drives through a tracking point on a toll road.
RFMicron has developed a technology to create a Universal RFID tag, which can operate within all frequencies and is "item" independent. This "self-tuning" technology ensures the tag is automatically and precisely adapted to the correct geographically defined frequency regardless of its substrate--whether it be metal, insulation or liquid.
The company will use the grant to develop and commercialize its RFID tag technology. The Greater Austin Chamber of Commerce and the Central Texas Center of Innovation and Commercialization announced the grant.
"RFID will revolutionize the way we do business, just as Internet has changed the way we do things on a daily basis," Rokhsaz said. "We expect the market to grow as more innovative solutions are developed, allowing prices to come down and volume to grow."
RFMicron was accepted as a member of the ATI in July 2007.
"RFMicron is a truly cutting edge company, and we are proud to have been part of its team," ATI Director Isaac Barchas said. "Its success validates the new ATI model of engaging directly with the founders to help the company into one that can, and does, receive this kind of funding. It is a real tribute to the company."
Centex RCIC selected RFMicron after an extensive process based on multiple criteria, including stringent analyses of the market and financial opportunity, technology potential, management team and economic impact to Texas.
About RFMicron Inc.
RFMicron, based in Austin, is a Texas Corporation founded in 2006. The company's core activity is the development and sale of next generation Radio Frequency Identification (RFID) tags for itemized tracking applications.
About The Austin Technology Incubator
The Austin Technology Incubator is a nonprofit organization that harnesses business, government and academic resources to provide strategic counsel, operational guidance and infrastructure support to its member companies to help them transition from early stage ventures to successful technology businesses.
ATI enables its members to successfully compete in the global marketplace by linking them with ATI's worldwide network of industry leaders, experts from academia and professional service providers. ATI has assisted over 150 companies that combined have created more than 10,000 indirect jobs, raised more than $720 million in capital and generated more than $1.5 billion in revenue. Four of these reached the public markets. ATI will continue to attract top talent and generate successful businesses that create jobs and revenue for the city of Austin and the technology community. ATI is a key program of the IC2 Institute at The University of Texas at Austin.