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Archived - FedDev Ontario Investments in Toronto Area Companies
April 29, 2015
FedDev Ontario is providing repayable contributions totalling more than $4.5 million in eight high-growth companies through the Investing in Business Innovation initiative. This initiative is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
|Recipient||Project Description||FedDev Ontario Contribution (up to)||Anticipated Job Creation/Maintenance (during project)||Leveraged Funding||Quote|
AutoServe1 has developed a cloud-based vehicle inspection software system. It can guide an auto technician through a 50-point auto inspection to record the vehicle's condition using internet-enabled mobile tablets, which helps to visualize and understand the extent of repairs required.
The company is using the funding to further develop and commercialize its technology, including integration with existing shop management systems, and to increase its sales and marketing activities.
|$375,000||Create 24 and maintain 3 jobs||$750,000 from Monnsoon Inc.||
(formerly Imagstix Inc.)
Exact Imaging has developed a high-resolution micro-ultrasound enabling new levels of visualizing prostate cancer and targeting biopsies in patients with suspicious lesions. The company is developing a complete imaging solution – cart, probes and diagnostic software – that is suitable for clinical environments.
The company is using the funding to finalize the design and development of a commercial version of its device, gain regulatory approval in Europe (CE) and then USA (FDA) and bring it to market in 2016. The device seeks to improve patient care in the diagnosis and monitoring of prostate cancer.
|$980,000||Create 14 and maintain 9 jobs||$3,542,100 from a syndicate of investors from Casa AGP, MaRS Investment Accelerator Fund, iGan Partners, the Health Technology Exchange and angel investors who are members of Angel One Investor Network, Peterborough Regional Angel Network, Golden Triangle Angel Network, and MaRS Angels||
|Offset Market Exchange Inc.,
operating as OMX
OMX has developed an online, secure software management platform for the aerospace and defense industry to better manage their government contract obligations and source qualified domestic suppliers.
The company is using the funding to integrate its platform with standard payment and accounting systems that suppliers and prime contractors use, and also to increase sales and marketing activities to diversify into international markets.
|$250,000||Create 5 and maintain 8 jobs||$500,000 from Investment Accelerator Fund and angel investors from Maple Leaf Angels and MaRS Angels||
|OTI Lumionics Inc.||
OTI Lumionics Inc. has developed and patented improved materials and processes for producing organic light emitting diodes, commonly referred to as OLEDs, for display and lighting applications.
The company is using the funding to install and operate an OLED rapid prototyping system and a prototype in-line system at its Toronto facility. This will help the company attract new customers, including OLED lighting and display manufacturers, research institutions, and companies interested in developing new products using OLED.
|$662,616||Create 11 jobs||Alignvest Ventures, and BDC Capital and other strategic investors||
|PUSH Design Solutions Inc.||
PUSH Design Solutions has developed a unique armband that helps athletes optimize their training by measuring and analyzing strength metrics of force, power and velocity.
The company is using the funding to develop additional features based on user feedback and raise brand awareness by attracting new clients, including professional and semi-professional sports organizations. Some of its clients include the Detroit Lions, Orlando Magic and Philadelphia Flyers.
|$550,000||Create 8 and maintain 7 jobs||$1.1 million from a syndicate of investors from MaRS Investment Accelerator Fund and the Business Development Bank of Canada, and a syndicate of angel investors that are members of XDL Capital and the Golden Triangle Angel Network.||
|Sightline Innovation Inc.||
Sightline has used advances in mathematics, cloud computing and machine learning to create a verification system that simulates human perception and the characteristics of pattern recognition associated with the brain. Its Verify technology can help monitor assembly line processes in real time, to maximize productivity and improve quality control. Its clients include manufacturers in a variety of industries, including automotive.
The company is using the funding to further develop its technology and to increase sales and marketing activities.
|$750,000||Create 20 and maintain 15 jobs||$1,500,000 from group of angel investors who are members with Iron Horse Angels||
StackAdapt has developed a native advertising platform that enables companies to bid for website advertising space in real time. Compared to traditional banner ads on websites, native advertising is placed so that it looks like a part of the website itself. The technology can also identify the viewer's interests and customize ads to each unique viewer of a web page.
The company is using the funding to increase its sales and marketing activities to expand its customer base.
|$250,000||Create 11 and maintain 16 jobs||$500,000 from MaRS investment Accelerator Fund||
|WealthSimple Financial Inc.||
WealthSimple has developed a wealth management platform to make investing low-cost, transparent, and accessible to everyone, including those with smaller investment portfolios.
The company is using the funding to further commercialize its platform, increase sales and marketing activities and support advisors at more investment firms.
|$775,000||Create 9 and maintain 5 jobs||$1,550,000 from Impression Ventures and two angel investors from Maple Leaf Angels||
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