Hysense Technology, Paracosm Receive $150,000 In Awards

Representatives from Space Florida and the University of Central Florida (UCF) Office of Research and Commercialization (ORC) hosted the “CAT5 Awards” Tuesday. The event is a forum developed to match potential financing sources with small, Florida-based, high-tech businesses. In addition to providing this unique networking opportunity to 10 selected companies, Space Florida also awarded the top two companies with $150,000 in monetary awards.

Hysense Technology, LLC, a Rockledge-based manufacturing company specializing in color-changing pigment and tapes for flammable gas leak detection, received Space Florida’s $100,000 first place award. Hysense is commercializing industrial gas leak detection technology originally developed at NASA’s Kennedy Space Center and UCF. This technology uses proprietary pigments that are applied to a weather-resistant tape, which is then applied around joints and seals in the industrial gas lines. A gas leak will cause the tape to permanently change color, thus allowing maintenance workers to quickly identify visually the location of the gas leak and conduct repairs. Hysense’s initial product used pigments that detect leaks in hydrogen gas. The company is currently researching pigments that would detect leaks in other flammable and toxic gasses such as carbon monoxide. 
 
Paracosm, a Gainesville-based company that was formed in 2013 and employs 18 individuals, received the $50,000 second place award from Space Florida. The company provides 3D mapping technology of indoor spaces. This technology has a number of broad applications, including ensuring newly-constructed infrastructure matches architectural drawings, that facility managers can accurately document interior assets, and to replace complex laser scanning processes for architecture/engineering/construction professionals.

"We are pleased to be able to provide monetary incentives to these two exemplary companies,” said Space Florida President Frank DiBello. "Hysense and Paracosm reflect some of the most promising, leading edge small businesses in Florida and we look forward to watching these companies grow.”
 
CAT5 applicants were required to pursue business models in one of Space Florida’s strategic target markets, to include: Space Transportation and Advanced Aerospace Platforms; Satellite Systems and Science Payloads; Ground and Operations Support Systems; Agriculture, Climate/Environmental Monitoring; Civil Protection and Emergency Management; ISS and Human Life Sciences (including medical research); Communications, Cyber Security and Robotics; Adventure Tourism; Clean/Alternative Energy Applications and Advanced Materials and New Products.
 
Over the past year, Space Florida and UCF received more than 80 applications for consideration in this competition.

FMI: www.innovationconcourse.com/concourse/cat5-awards, www.paracosm.io, www.hysensetechnology.com