Richardson-based Cirasys Inc. has received up to $1 million from the Texas Emerging Technology Fund, becoming the 41st North Texas company to land an investment.
The North Texas Regional Center for Innovation and Commercialization, the nonprofit set up to identify and funnel young companies to the statewide fund, announced the news last night at its annual Tech Success event.
Cirasys, a provider of digital power control technology, is a spin-off from the University of Texas at Dallas. The company is based at the school’s Venture Development Center.
Cirasys will receive an initial $250,000 investment with a potential for another $750,000 over three years if certain milestones are met, according to Maria Smith, executive director of the North Texas RCIC.