iConnectivity has secured a $900,000 commitment from AVAC, a private Alberta company that invests in early stage businesses. The music hardware developer has also achieved a recent closing of $775,000 from local sophisticated investors bringing total investment into the company to over $1.6 million.
iConnectivity, a company that designs and markets network enabling products for musicians, announced today a $900,000 commitment from AVAC, a private Alberta company that invests in promising early-stage businesses, and also a recent closing of $775,000 from local sophisticated investors—totalling over $1.6Million investment into iConnectivity.
These funds will enable iConnectivity to accelerate the development and launch of additional products, expand their distribution channels, and advance their mission of creating portable networking products which allow musicians of all levels to connect any electronic musical equipment to mobile devices and computers through standards based connections such as USB, MIDI and Ethernet.
“iConnectivity has reached a pivotal point in its operations as we embark upon releasing additional products into the market. We have gained significant support from groups such as AVAC, Innovate Calgary, private investors and musicians as they come to recognize iConnectivity as a producer of quality products that support all levels of musical talent. We continue to leverage these relationships to attract additional resources to support our initiatives to strengthen our position in the marketplace,” states Michael Loh, Founder/CEO, iConnectivity.
iConnectivity’s first product, iConnectMIDI™, is currently being distributed in North America, Europe, UK, Australia, Asia, and is also available through retailers and resellers within the United States and Canada.
Ross Bricker, AVAC’s CEO, says that “iConnectivity recognized that the electronic music industry was changing with the rapid adoption of iPads and other tablets creating new ways for musicians to connect their instruments and create music. Their patent pending IP fits this market dynamic perfectly, and their first products have garnered solid support from music industry insiders and prosumers alike. AVAC is pleased to support this kind of innovation, helping iConnectivity as they work to expand their product portfolio and achieve greater commercial success.”
“iConnectivity’s innovative product and solid technical expertise was a great match with Innovate Calgary’s company creation service, which provided a team of experienced professionals in business development, finance and marketing to help accelerate iConnectivity’s growth,” says Stace Wills, Innovate Calgary’s Vice-President, Company Creation. “We were pleased to work with the iConnectivity team to assist them in raising this financing.”
iConnectivity is a developer of hardware that; adds mobile devices and computers to a musicians toolset; and provides network connectivity capabilities, changing the way musicians wire their gear.
The products we make and the people we reach are all part of why we dare to create gear that reduces complexity and cost for everyone with a passion for creating, recording, exploring or supporting music.
Individual expression and a drive for producing devices that transcend the ordinary to foster musical artistry are the motivation behind our products and vision.
Within Western Canada, AVAC Ltd. is a uniqe investment company with considerable experience addressing the three key challenges for successful early-stage investing: garnering investor interest, attracting strong senior management, and building critical mass of like businesses.
For the past fifteen years, AVAC has been a direct investor in over 120 early-stage commercial businesses based in Alberta, over 50 agricultural research projects and programs, and as an indirect investor (Limited Partner) in four national venture capital funds. Since inception, AVAC has invested over $129 million, with its portfolio companies reporting in excess of $775 million in related sales to date.
About Innovate Calgary
Innovate Calgary is a full service organization offering technology transfer and business incubator services to researchers, entrepreneurs and businesses within the advanced technology sector. We support commercialization by providing a variety of services and programs including: company creation/incubation programs, business and technical advice, workshops, screening of technologies for commercial potential, access to sector resources and networking events, licensing and intellectual property protection strategy, office and lab space – tenancy and business resources and facilities for technology companies.