Clean water start-up TACount Ltd. has won the Water Export Technology (WET) Revolution Competition in Massachusetts. TACount provides real-time microbiological test results for the water, food, and beverage, micro-electronics, cosmetics and pharmaceutical industries.
The WET Revolution Competition is sponsored by a delegation of 47 industry executives from Massachusetts, a global water industry center. TACount was one of 32 Israeli companies participating in the competition, and one of the six finalists. The panelists chosen TACount as the company that best demonstrates a solid business plan, a strong management team, compelling technology, financing, and customer traction.
TACount's proprietary technologies for microbial detection, identification, and counting delivers results in minutes compared to the days or weeks required by commonly used technologies, enabling companies to move their microbial testing from laboratories to the manufacturing sites for faster results at or near the production lines.
TACount is owned by Hong Kong's Hutchison Water Ltd., which has invested $2.5 million in the company to date. It operates through Kinrot Technology Ventures, which Hutchison Water acquired in November.
TACount CEO Charles Gast, said, "Our breakthrough technology will transform microbiological testing by giving manufacturers on-the-spot results in minutes instead of waiting weeks. This will save time, reduce costs and enable manufacturers to avoid expensive product recall, production delays, legal proceedings, damage to brand equity and other costly problems."
As the completion winner, TACount will enjoy a package that includes a trip for Gast to Massachusetts in the spring of 2013. During the visit, he will be introduced to potential channel partners, customers, investors, government officials, and business partners who can help the company make Massachusetts its home-away-from-home as it enters the US market and leverages the state’s water industry cluster for global market access. The company will also receive free office space at MassChallenge, a Massachusetts global startup competition and accelerator program, free legal services from Boston law firm Goodwin Procter LLP and Israel's GKH Law Offices, and reduced rate executive search from Green Search Partner.
"Israel is known globally as a leading source of water innovation and start-up companies," said Massachusetts Water Innovation Mission to Israel cochairman Jim Matheson, the president and CEO of Oasys Water Inc. and Flagship Ventures general partner. “The outstanding pool of applicants wowed us with their company plans and a range of compelling technologies to address the world’s water needs. TACount, the competition winner, showed great promise for global success. We look forward to welcoming them to tap into the Massachusetts water cluster as they expand to reach global markets."
Published by Globes [online], Israel business news - www.globes-online.com - on December 30, 2012
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