OPIC partners pay back: QuantumID Technologies
Latest in an ongoing series.
Read more about some of the other OPIC partners that have repaid their loans in full
QuantumID Technologies, a Cambridge, Massachusetts business that used OPIC financing to introduce its cloud-based, cargo tracking technology in India, recently joined the long list of OPIC partners who have repaid their loans in full.
In 2010, Milind Tavshikar, a student at MIT’s Sloan School of Business, developed a handheld RFID cargo tracking technology to make cargo shipping more efficient and affordable in developing countries. He founded QuantumID Technologies and used a $3 million OPIC loan to introduce its cargo tracking technology in India, where there was strong demand by small businesses for a more affordable and reliable way to ship cargo. OPIC financing has helped QuantumID form partnerships with several international air carriers, establishing a network that supports international freight shipments across multiple regions of the world. It has also allowed the company to hire more employees in its Massachusetts headquarters. QuantumID has paid off its initial loan that was used for its India expansion and is now using a second OPIC loan to introduce the cargo tracking technology in the Philippines.
“For a small business to expand into emerging markets outside of the U.S. is very challenging,” said QuantumID Founder and CEO Milind Tavshikar. “OPIC’s objective of helping U.S. corporations expand in emerging markets was very much aligned with our objectives.”
OPIC generates money from the projects it supports by working with clients who have strong business plans and repay their loans in full, such as QuantumID Technologies. This allows OPIC to operate on a self-sustaining basis at no cost to American taxpayers and enables the Agency to consistently return money to the U.S. Treasury. Over the last 10 years, OPIC has generated $3.7 billion in deficit reduction.