Toronto-based startup Thoughtwire Inc., which delivers business value by rapidly interconnecting software, people and information, has received close to C$2 million from Angel One Network and Golden Triangle Angel Network. The financing was enabled by the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), which will invest up to $955,000 in the company’s product development and commercialization activity.
The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced a Government of Canada investment that will allow ThoughtWire to accelerate development of its innovative software platform, and access close to $2 million in financing from southern Ontario angel investors. Ted Opitz, Member of Parliament for Etobicoke Centre, accompanied Minister of State Goodyear.
“Our government’s top priority is the economy – creating jobs, growth and long-term prosperity,” said Minister of State Goodyear. “By investing in innovative start-up businesses such as ThoughtWire, we are helping companies develop new products, branch out to new markets and create high-value job opportunities for people in our region.”
Under FedDev Ontario’s Investing in Business Innovation initiative, Toronto-based software start-up ThoughtWire will receive up to $955,000 to complete development and commercialization of its Unified Experience Platform (UxP), a unique product focused on transforming enterprise workforce productivity. The project is expected to create up to 29 high value jobs in southern Ontario.
The UxP was purpose-built to bridge gaps ThoughtWire identified among user experience, information and workflow. The platform allows companies to deliver simple and intuitive multi-channel applications (web, mobile and portal) leveraging any combination of their existing systems and data.
“We’re incredibly excited about the progress we’ve made building a world-class software company in Toronto. The support of FedDev Ontario has been an important part of our success,” said Mike Monteith, CEO of ThoughtWire. “The confidence and support of the Agency is helping us build upon the commercial success we have had in health care, banking, and government, and to expand our unique Canadian intellectual property.”
The investment from FedDev Ontario will leverage $1.95 million from a group of accredited angel investors who are members of the Angel One Network and Golden Triangle Angel Network.
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. The Government of Canada is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario. The investor community includes accredited angel investors from recognized angel investor networks in southern Ontario registered with the Network of Angel Organizations – Ontario and venture capital providers who are member of Canada’s Venture Capital & Private Equity Association.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region’s strengths and creating opportunities for jobs and economic growth. In Budget 2013, the Government of Canada demonstrated its continued commitment to workers, families and communities in southern Ontario with the renewal of FedDev Ontario. Economic Action Plan 2013 provides $920 million over five years for the Agency, starting on April 1, 2014. As part of the renewal, FedDev Ontario will be allocating $200 million over five years for a new Advanced Manufacturing Fund in Ontario. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
As outlined by the Prime Minister, the Government of Canada remains focused on what Canadians care most about: their families, the safety of our streets and communities, their pride in being a citizen of this country, and their personal financial security.
Office of the Honourable Gary Goodyear
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