Provided by the Arizona Commerce Authority – the AIC awards the most money in the country for a technology commercialization challenge at $3 million per year
Tempe, AZ -- (ReleaseWire) -- 05/13/2015 --From their headquarters in Tempe Arizona, Infra-Tect, Inc. announces that they have been selected as a semi-finalist for the Spring 2015 Arizona Innovation Challenge (AIC). Infra-Tect was selected among 138 companies that submitted applications as one of the 25 businesses that move on to the final round to be considered for a financial grant of up to $250,000.
Michael Neill, the Company's president stated, "Infra-Tect was previously a finalist in the Spring 2014 AIC, and we are determined to go for it again this year. The fact that we were selected as a semi-finalist for this year's challenge is a testament to our progress and achievements as a company. Working with the Arizona Commerce Authority has been very rewarding and insightful to us as a growing enterprise, and we congratulate all the other semi-finalists for their achievements and being selected."
Infra-Tect invented the patented Bevel-Sert and is developing other innovations for the world's water and wastewater infrastructure industry that increase pipe longevity, reduce installation and maintenance costs, and improve worker safety. The world's water infrastructure is in dire need of repair and being upgraded with billions of gallons of water lost each year from leaking pipes and water main breaks, and is estimated by industry experts as a $1 trillion issue.
About The Arizona Innovation Challenge
Know How Arizona proves it's the best state in the country for innovation? A $3 million reality check. The Arizona Innovation Challenge (AIC), powered by the Arizona Commerce Authority, awards the most money in the country for a technology commercialization challenge – $3 million ($1.5 million twice yearly) to the world's most promising technology ventures with awards ranging from $100,000 to $250,000 per company.
The AIC invests in the most talented entrepreneurs that are bringing products to market that literally change the way the world works, while also driving wealth and job creation for the state of Arizona.
These investments represent non-dilutive capital and will be provided to the winning companies as they attain certain business milestones during a 12-month period. In addition, Arizona was recently voted as first in the country for entrepreneurial activity by Fast Company Magazine.
About the Bevel-Sert
Infra-Tect's flagship product, the Bevel-Sert, is a pre-beveled NSF-61 certified radius insert used in conjunction with any size buried ductile iron pipe, and is intended to facilitate the safe installation of undergoround utilities where pipe beveling is often required. The product eliminates the industry practice of grinding a bevel into the cut end of the pipe, improving worker safety and saving significant time and money.
The Bevel-Sert may also be used in ductile iron pipe as a barrier to electrical current, promoting the existence of an electrically discontinuous pipe-joint segment and, by doing so, it reduces pipe corrosion and maintenance, which increases the lifetime of the underground pipe infrastructure.
Infra-Tect is a water and wastewater underground infrastructure company that provides innovative solutions around pipe corrosion prevention, worker safety and productivity improvements that save companies time and money. The Company has developed several patented products designed to ease the installation process and protect ductile iron pipe: C-900 PVC, IPS PVC, SDR-26 and SDR-35 PVC pipe of fittings.
Michael Neill, President
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