GrowthWorks Atlantic Venture Fund has poured $1.34 million in Lymbix Inc., a Moncton, New Brunswick-based developer of technology designed to help people and organizations be understood clearly. The company describes its flagship software, ToneCheck, as an “emotional spell-check”. GrowthWorks is a Canadian investment firm.
GrowthWorks Atlantic Venture Fund is pleased to announce its $1.35 million investment in Lymbix Inc., a New Brunswick-based technology innovation company specializing in tools that help people and organizations be understood clearly. Lymbix has developed real-time sentiment analytics technology built with the huge volumes of an ever-evolving social web in mind. The company’s flagship consumer product, ToneCheck, is described as an “emotional spell-check”.
Lymbix was accepted into Microsoft’s BizSparkONE program that identifies promising early stage technology companies from across the globe. Lymbix is one of only 200 companies (one of four in Canada) selected to this prestigious program.
This is GrowthWorks Atlantic Venture Fund’s fifth investment in the province of New Brunswick. “We are extremely pleased to be investing $1,350,000 in Lymbix Inc., a company we believe has significant growth potential with a unique product offering and strong management team,” said Thomas J. Hayes, President and CEO of GrowthWorks Atlantic Venture Fund.
“Lymbix is an important addition to our investment portfolio of companies and confirms our confidence in the opportunities provided to our Fund by the knowledge-based economy in New Brunswick.”
Lymbix will use proceeds from the financing to significantly ramp up its sales initiatives. The company has already established important reference customers with its current resources and this funding will help Lymbix build on that by reaching a much greater segment of its target market.
“Lymbix is delighted to be partnering with GrowthWorks,” expressed Matt Eldridge, President and CEO of Lymbix. “This investment as well as the experience and reach of our new partners will help accelerate Lymbix’s growth. We have an established product that is embraced by the market, and an excellent team, but current demand is starting to outpace our capacity. With this capital we will be well-positioned to pursue significant growth.”
About GrowthWorks* (www.growthworks.ca)
GrowthWorksTM managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks is part of the Matrix Asset Management Inc. (TSX:MTA) group of companies and manages over $530 million in venture capital assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Cleantech sectors. Building on more than 18 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management.
*GrowthWorks refers to GrowthWorks Ltd. and other companies within the venture capital operating division of Matrix Asset Management Inc., including: GrowthWorksCapital Ltd., manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund purchases. Please read the Fund’s prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.