MIT Campus, Cambridge , USA
The results of the MIT 100K competition were out today with QuantumID technologies making it to the finals of the competition. MIT 100K Entrepreneurship competition is aimed at fostering an environment that creates tomorrow’s leading firms. As the world leader among university entrepreneurship competitions, the Competition has facilitated the birth of over 60 companies with an aggregate value of over $10.5 billion dollars. These companies have generated over 1800 jobs and received $175 million dollars in Venture Capital funding.
QuantumID’s unique RFID technology was chosen to be a Finalist in the Venture track of the competition from amongst over 250 teams competing. “It is a very special moment for the company, our patent pending technology in an emerging market like RFID and extraordinary experience of our team must have played a significant role in being chosen as a finalist“, said CTO Prof Rory O’Connor in an interview after the competition.
The company plans to open its headquarters in Cambridge , MA which is rapidly becoming the home for RFID companies. A close proximity to technological know how as well as a target market ready to adopt innovation at a faster pace, gives Cambridge MA an advantage for locating such technology startups. The company also plans to develop a design and development center in India and has appointed Prasanna Gogwekar as Chief Operating Officer. “This is clearly another defining moment in technology startups where design and development of RFID hardware and software will be done from India , but with resources who have moved to India from US or other industrialized countries. We can now call this a Generation 3 offshore advantage.“, said Prasanna.
The company plans to raise seed capital and has generated a substantial interest from the investment community as a result for their success in the competition.