SAN ANTONIO — A third company awarded taxpayer dollars through Gov. Rick Perry’s business-hatching Emerging Technology Fund has gone bankrupt.
NanoTailor’s filing brings the total amount of failed investments to $2.5 million.
Company President Ramon Perales told The Associated Press on Thursday his Austin-based startup folded because the state didn’t fully invest $1.25 million in potential funding.
NanoTailor received $250,000 in 2010. Perales says the state later added performance benchmarks not in the original contract that the company couldn’t meet. Perry’s office did not immediately comment.
Two other tech fund recipients filed for bankruptcy in 2010. Started in 2005, the fund has given $192 million to more than 100 companies.
The company filed for Chapter 7 bankruptcy in May. The AP was the first to locate the filing while researching the fund’s recipients.