Third Emerging Technology Fund recipient goes bankrupt
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Another company awarded money from Gov. Rick Perry's Emerging Technology Fund filed for bankruptcy last month.
Nano-Tailor's CEO says the company folded because the state did not fully invest up to $1.25 million.
In 2010, Nano-Tailor received $250,000 in taxpayer money. The company's CEO says it could not meet performance requirements added to the original contract.
Two other tech fund recipients filed for bankruptcy in 2010.
Nano-Tailor's filing brings the total amount of failed investments to $2.5 million.
Perry launched the fund in 2005. Since then, it has awarded $370 million to more than 100 companies.