Hi-G-Tek, a provider of RFID tracking solutions, was selected as a winner of the American Security Challenge, an honor accompanied by a $2 million prize from a venture capital firm. The competition is open to small technology companies with products that may offer solutions to homeland security issues.
The American Security Challenge is administered by a non-profit organization, the National Security Initiative. The event is meant to identify companies with viable homeland security applications, connect them with funding, and speed them to market to increase their commercial viability and their products’ availability.
Awards are doled out by Chart Venture Partners. Receipt of the awards is dependent on the award winners reaching a funding agreement with Chart.
In addition to the clear benefits of the potential funding, Hi-G-Tek CEO Larry Blue said in a statement that preparing for the competition helped his company gain a better perspective on its focus and marketing strategy. Also, Hi-G-Tek gained a connection with another sponsor of the competition, integrator Alion Technologies, which could lead to U.S. government contracts.
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