Montreal-based Worximity Technology, a producer of smart industrial technologies, has inked an agreement to secure $2 million in financing. The investors are W3 Investments, the Fonds de solidarité FTQ and BDC Capital.
MONTREAL, Nov. 29, 2016 /PRNewswire/ – In a bid to accelerate its growth,Worximity Technology has just entered into a new $2-million financing agreement with its current investors, W3 Investments and the Fonds de solidarité FTQ, to which they have now added BDC Capital. The Montreal-based company, specializing in the real-time monitoring of manufacturing production with its Tileboard™ mobile application and its TileConnect™ smart sensors, is very gratified to accept this new investment, which attests to the accelerated growth of this tech company. Worximity has in fact seen its team triple in the past year, and its market now extends across the continent.
W3 Investment and the Fonds de solidarité FTQ, which had both taken part in the first round of funding agreements in November 2015, are re-affirming their confidence in the company and its technology with this new injection of capital, which will serve to step up the development of new real-time production monitoring technology. Worximity’s offering is fully in line with the digital transformation of the Industrial Internet of Things (IIoT), which involves the gradual connection of all manufacturing equipment. In fact, 2017 looks most promising in term of innovations for Worximity, which will be launching its new smart sensor, TileConnect™ 2, as well as a new version of its dashboard application, Tileboard™ 2, which is already very popular and used daily by North American manufacturers to control their operations in real-time and improve the efficiency of their teams and equipment.
“With our technology that enables quick, simple and affordable connection of all equipment from many different manufacturing landscapes, we were basically the precursors of Industry 4.0 and IIoT,” states Yannick Desmarais, founder and president of Worximity Technology Inc. “It is therefore essential for us to continue innovating so that we can maintain our position as leader and keep providing our clients with products that address their needs and give them a competitive edge. Now that our technological development team is set up and we have this new funding, we more than ever have the means to fulfill our ambitions, and we can press on with our mission to make industrial facilities smart and keep teams connected,” he adds.
The Business Development Bank of Canada (BDC) is a long-time partner of Worximity Technology, having provided the company with loans in its start-up years. The two organizations also worked jointly on events to promote Industry 4.0 and other innovations in the manufacturing sector.
The new financing from BDC Capital, the Business Development Bank’s investment division, will come in the form of a “patient” mezzanine loan with a flexible repayment schedule, the terms of which will be adapted to Worximity’s specific needs. This funding is essentially aimed at maintaining a partnership based on growth, innovation and the pursuit of the common goal of improving the performance of our manufacturers.
“Worximity’s product is innovative and easy to integrate, and it can definitely help small manufacturers both here and abroad make great productivity gains,” explains Bernard Melameth, Director, Growth & Transition Capital at BDC Capital. “This funding from BDC Capital will help Worximity step up the execution of its ambitious growth plan. In fact, this plan includes the creation of numerous new jobs in Montreal, notably in software sales and development,” adds Benoit Mignacco, Managing Director for the Montreal Region, Growth & Transition Capital, BDC Capital.
“Innovation is key to economic prosperity. With Worximity’s technology, manufacturers from all around the world can enter the industry 4.0 era, making this company the first step towards a smart factory for most of the SMBs in Quebec”, states Alain Denis, Principal Vice President, Innovation at Fonds de solidarité FTQ.
About Worximity Technology Inc.
Worximity Technology Inc. comprises a multidisciplinary team of programmers, database scientists, analysts and engineers who develop and market the smart industrial technologies of tomorrow. Since it was founded in 2011, Worximity helped improve the performance of more than 500 production lines across North America thanks to its connectivity solutions, which enable factory managers and workers to monitor their production in real time. This 24/7 visibility improves efficiency, reduces lost time and down time, and fosters better cooperation in industrial facilities. The company has also taken on a leadership role in the promotion of IIoT and Industry 4.0, most particularly via the I4QC.CA group, of which it is a founding member.
For further information, go to www.worximity.com.
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, which acts as a strategic partner to Canada’s most innovative and high-potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.
About W Investments
Headquartered in Quebec, W Investments is a private investment firm specializing in companies with strong growth potential. Entrepreneurs by their own nature, the partners steer young companies through their development, maximize their strengths and get the most out of their assets. W Investments is a genuine talent springboard that provides for corporate succession, guarantees expansion and brings true added value by making things happen. www.winvestments.ca.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.7 billion as at May 31, 2016, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Quebec’s development. The Fonds is a partner, either directly or through its network members, in more than 2,600 companies with more than 618,551 shareholder-savers. For more information, visit www.FondsFTQ.com.