The Federal Economic Development Agency for Southern Ontario has invested up to $1.85 million in three Ottawa-based technology companies and Capital Angel Network. Investee 360pi Corp., a software developer focused on price and product intelligence, also received $1.7 million from angel investors and MaRS Investment Accelerator Fund (IAF). SWIX Inc., which is focused on social media marketing and analytics, also received $1 million from GrowthWorks. Therapeutic Monitoring Systems, which has developed clinical decision support software, also received $1.7 million from Genesys Capital, MaRS IAF and other investors.
Royal Galipeau, Member of Parliament for Ottawa–Orléans, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced Government of Canada investments of up to $1.85 million to support software development and attract private sector investment in high growth companies in the Ottawa area.
“Through Canada’s Economic Action Plan 2013, your government continues to nurture innovative businesses, to help them secure new markets and create high-value jobs,” said MP Galipeau. “By investing in the innovations of entrepreneurs in Ottawa, we are strengthening relationships between start-up companies, investors and the government, and we are equipping businesses with the tools they need to succeed.”
The contributions, through FedDev Ontario’s Investing in Business Innovation initiative, will support the following four projects:
•Up to $750,000 for 360pi Corporation, developer of a software platform that provides real-time price and product intelligence to retailers and manufacturers;
•Up to $500,000 for SWIX Inc., more commonly known as Source Metrics after their social media marketing and analytics product;
•Up to $500,000 for Therapeutic Monitoring Systems, developer of clinical decision support software for use in critical care medicine; and
•Up to $100,000 for the Capital Angel Network, an organization that connects angel investors and entrepreneurs in the Ottawa area.
FedDev Ontario funding for these projects will leverage up to $4.42 million in angel investment and venture capital financing.
The software development companies expect to create up to 44 high-value, full-time jobs in the Ottawa area during the course of these projects, with an additional 67 jobs by 2016.
For more information on these projects and the Investing in Business Innovation initiative, please refer to the backgrounder.
Investing in Business Innovation is boosting 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 members 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.
Follow us on Twitter @FedDevOntario
– 30 –
For more information, contact:
Office of the Honourable Gary Goodyear
Contributions to Ottawa Area Technology Developers
FedDev Ontario is investing up to $1,850,000 in four projects, including up to $1,750,000 in repayable contributions and up to $100,000 in non-repayable contributions, to accelerate products coming to market and help boost private sector investment in high growth companies in Ottawa.
It is expected that up to 111 high-value, full-time jobs will be created in the Ottawa area as a result of these projects.
The information below provides an overview of project activities, FedDev Ontario funding and leveraged funding sources (where appropriate).
360pi Corporation is receiving a repayable contribution of up to $750,000 to develop additional capabilities for its Price Intelligence Solutions software. This software-as-a-service provides retailers and manufacturers with real-time price and product intelligence that helps them gain competitive advantages and ensure that product pricing is transparent and compliant across the supply chain. The software has been successful in winning business from several large retailers across multiple market segments due to its demonstrated results. Funding provided by FedDev Ontario has enabled the company to attract up to $1.72 million in investment from members of York Angel Investors and the Capital Angel Network, as well as from the MaRS Investment Accelerator Fund and Ontario Centres of Excellence. The company expects to create up to 13 highly skilled, full-time jobs during the course of this project, and up to an additional 59 jobs by 2015.
SWIX Inc., more commonly known as Source Metrics after their primary product offering, is receiving a repayable contribution of up to $500,000 to integrate its social media solutions with additional features to create a product that large businesses can use for measurement and analysis of their social media efforts. The product allows companies to evaluate the success of their social media marketing campaigns and monitor their brands’ presence and reputation across popular social media platforms. FedDev Ontario funding for this project has enabled the company to attract up to $1 million in venture capital investment from GrowthWorks. The company expects to create up to 22 high-value, full-time jobs during the course of the project, with an additional 8 jobs by 2016.
Therapeutic Monitoring Systems is receiving a repayable contribution of up to $500,000 to accelerate commercialization of its Continuous Individualized Multi-organ Variability Analysis (CIMVA) software. This clinical decision support software integrates with hospital vital signs monitors to provide novel insights into the changing health status of critical care patients. The software will help physicians make timely treatment decisions that could potentially save lives and reduce hospital costs. Funding from FedDev Ontario has enabled the company to attract up to $1.7 million in leveraged funding from Genesys Capital, the MaRS Investment Accelerator Fund, the Queen’s School of Business TriColour Venture Fund, and the Health Technology Exchange. The company anticipates creating up to 9 full-time jobs during the project.
The Capital Angel Network, a not-for-profit organization, is receiving a non-repayable contribution of up to $100,000 for expanded recruitment activities in the Ottawa area to attract a larger number of active angel investors. This project will focus on the development of an interactive website, best practices training materials, recruiting and training seminars, and promotional tools, as well as the creation of reporting and monitoring systems. The Capital Angel Network will also educate new members on all aspects of angel investing, to integrate them into the network. The benefits of the project include a broader diversity of investment opportunities and an expanded number of Capital Angel Network investors to 60 or more over a two-year period.
Investing in Business Innovation
Investing in Business Innovation, as part of the Southern Ontario Advantage initiatives, provides improved access to financing for start-up businesses, boosts private sector investment in start-up businesses, and helps accelerate the research and development of new products and ideas and bring them to the marketplace.
To date, over $240 million in funding has been committed to over 240 projects under the Southern Ontario Advantage initiatives, resulting in partnerships with more than 5,000 organizations, and over $1.2 billion in additional leveraged investments from almost exclusively non-government sources.
For more information please visit the website at www.FedDevOntario.gc.ca.
Photo courtesy of Shutterstock.