Gov. Perry Announces Texas Emerging Technology Fund Investment in OrthoAccel Technologies, Inc.
Gov. Rick Perry today announced a Texas Emerging Technology (TETF) investment of $750,000 in Houston-based OrthoAccel Technologies, Inc. to further develop and commercialize its revolutionary orthodontic device, Celerect 1000. The TETF investment will be used to attract additional management talent, complete device prototyping, and launch the first human trial, which will take place in Houston.
"The Emerging Technology Fund continues to draw new talent to the state, spur the commercialization of university research, and provide visionaries the financial boost they need to launch their companies and products into the marketplace," said Gov. Perry. "By investing in revolutionary technologies, such as OrthoAccel's Celerect, Texas is advancing the development of products that will make a difference in people's lives while creating jobs for Texans." Celerect cuts treatment time for braces in half by applying cyclic forces to move teeth faster through accelerated bone remodeling. The product is a removable device, similar to a retainer, which attaches to an orthodontic archwire and needs to be worn only for 20 minutes a day.
In 2005, at the request of the governor, the legislature created the TETF, a $200 million initiative that provides funding for the development and commercialization of new university-tied technologies, and recruiting the best research talent in the world. Matching and commercialization funds coupled with additional federal and outside investments mean new technology is emerging in Texas.
The TETF program has three main areas of investment:
* 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.
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.