Intelligent Mechatronic Systems Inc. has received $4 million from Toronto-based venture capital firm BEST Funds. According to the company, funding will be used for research and development. Based in Waterloo, Ontario, Intelligent Mechatronic Systems is a provider of technology that lets drivers access location-based information and online content while on the road.
TORONTO, ONTARIO–(Marketwired – July 26, 2013) – Leading Canadian Venture Capital firm, Toronto-based BEST Funds, invested $4,000,000 (CAD) into Waterloo, Ontario technology company, Intelligent Mechatronic Systems Inc. (IMS). The investment will allow IMS to further pioneer innovative solutions in vehicle safety and intelligence through a continued focus on research and development.
BEST Funds invests in emerging companies that are creating necessary and cutting-edge technologies, and the company believes that IMS is entering a pinnacle moment of rapid advancement. John Richardson, CEO of BEST Funds, said, “in today’s fast-paced economy, consumers are looking for a way to optimize every moment of their day, whether they are at work, home or on the road. We believe that IMS’ Connected Car™ technology is a breakthrough that will enhance people’s lives greatly – which is exactly the type of innovation we seek out.”
In response to the investment deal, Dr. Otman Basir, IMS’ CEO, President and technology visionary, said, “Our goal at IMS is to add more purpose to every journey by allowing drivers to safely receive and manage information in a comprehensive and intuitive manner. This investment will greatly aid us to continue to produce award-winning technologies, and to further develop solutions that put people first.”
About BEST Funds
BEST Funds is a leading Venture Capital firm that focuses on funding rapidly growing Canadian technology companies by providing them with the capital needed to execute their growth strategies. Primarily focused on emerging companies in the software and technology industry, BEST Funds is actively deploying capital to some of Canada’s fastest growing companies. BEST Funds was established in 1996 and is based in Toronto, Canada.
For more information, please visit: www.bestfunds.ca
Intelligent Mechatronic Systems Inc. (IMS) is a leader in telematics and infotainment technologies and pioneer of the intelligent Connected Car™ solution. Its innovative, award-winning technologies allow drivers to safely access location-based information and online content while on the road. IMS is dedicated to adding more purpose to every journey by making drivers smarter, safer and greener. IMS was founded in 1999 and is based in Waterloo, Canada.
For more information, please visit www.intellimec.com
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