Texas Emerging Technology Fund

Awards $ 3,000,000 to DeviceFidelity, Inc.

Dallas, TX – October 8, 2020--- The North Texas Regional Center for Innovation and Commercialization (NTXRCIC), regional agent for the Texas Emerging Technology Fund (TETF), announced today that $3,000,000 was awarded to DeviceFidelity, Inc. of Richardson to commercialize a plug-and-play solution for payment via mobile phone devices.

DeviceFidelity, Inc. of Richardson received $3 million to commercialize its patent pending technology, In2Pay. The In2Pay solution enables millions of existing mobile phones to be used for fast, secure and convenient contactless payments at points of sale. Compliant with Near Field Communication (NFC) technology, In2Pay offers a rich user experience and a flexible platform for delivering value-added applications, making it an effective solution for banks and payment brands to drive rapid adoption of mobile payments worldwide. Powered by In2Pay, mobile phones can become a payment method more convenient than cash, faster than checks, and more secure than conventional credit and debit cards. The company is currently working with the financial industry to complete a number of pilot projects aimed at demonstrating the capabilities of the technology.

“We are fortunate to be located in a region that offers world-class research, matched with an abundance of semiconductor expertise, in a state that values and nurtures innovation,” said Deepak Jain, CEO of DeviceFidelity. “This investment from the Emerging Technology Fund will help speed the commercialization of In2Pay mobile technology, making it easier for financial institutions around the world to provide greater convenience and security to their customers.”

DeviceFidelity has built and maintains an R&D relationship with the Erik Jonsson School of Engineering and Computer Science at The University of Texas at Dallas (UTD).  As part of this relationship, DeviceFidelity works closely with Dr. J. B. Lee, an associate professor at UTD and expert in the area of radio frequency (RF) innovation, to explore new antenna and shielding technologies.

“Our research collaboration with DeviceFidelity is a great example of how universities and industry can work together to bring tangible benefits to society,” said Bruce Gnade, UTD vice president for Research.

The State of Texas is committed to investing in entrepreneurial ventures that will be the foundation of future competitive technology companies. DeviceFidelity joins 21 other previously awarded start-up companies in the North Texas region totaling $35.8 million in commercialization investment. These companies will establish roots in Texas, create high-quality jobs, advance technology and invest back into the state’s top Institutions of Higher Education.

About the Texas Emerging Technology Fund (TETF)

The $200 million Texas Emerging Technology Fund was initially enacted by the Texas Legislature in June 2005 to expedite the commercialization of innovations, create and establish private sector entities that will increase high-quality jobs and increase applied research projects for Texas Institutions of Higher Education (IHE). The ETF assists early-stage companies with the commercialization of a scientific-breakthrough with the potential to disrupt the market, provide economic development stimulus and new, high-value jobs for the state. ETF also matches grants for the development of emerging technologies with substantial commercial potential and the acquisition of research talent for Texas IHE(s). The ETF was renewed at $203.5 million in the recent 2009 legislative session.

About the North Texas RCIC (NTXRCIC)

The North Texas Regional Center for Innovation and Commercialization (NTXRCIC) is one of six regional agents for the TETF. It is a 501(c) (3) not-for-profit corporation that works to identify technology-based entrepreneurial ventures, increase cooperation between industrial, financial, and Institutions of Higher Education, and encourage the formation of commercial enterprises based on advanced technologies. As a resource to its client companies, the NTXRCIC has a full-time staff, experienced volunteers and a strong, regional resource partner organization network.

About DeviceFidelity, Inc.

DeviceFidelity, Inc. develops plug and play technologies that empower a variety of institutions to deploy their services and applications on millions of mobile phones worldwide. DeviceFidelity has 21 patents pending in both U.S. and international patent offices, and the company is in the process of filling several more. Founded in 2007, DeviceFidelity, Inc. is a privately funded corporation with headquarters in Richardson, TX. For more information, go to www.devicefidelity.com.

For detailed information about the Emerging Technology Fund and the North Texas RCIC, visit the web site. www.ntxrcic.org.

Media Contacts

UT Dallas: David Moore, 972-883-4183, david.moore1@utdallas.edu

DeviceFidelity: Anne Miano, (972) 325-1240, anne.miano@devicefidelity.com

North Texas RCIC: Maria Smith, marias@ntxrcic.org