Backgrounder Article from  Federal Economic Development Agency for Southern Ontario

Archived - Investing in Business Innovation Initiative Recipients in the Toronto area

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November 28, 2014

FedDev Ontario is investing a total of up to $6,279,729 in 9 high-growth companies.


Project Description

FedDev Ontario Contribution (up to)

Anticipated Number of Jobs to be Created by Project

Leveraged Funding


Askuity Inc.

Accelerate commercialization of retail analytics solution for retailers and product suppliers that enables better collaboration, planning and retail execution. The project will expand product functionality as well as scale up sales, marketing and customer success activities to broaden customer base.


11 jobs during project

$500,000 from the MaRS Investment Accelerator Fund,
$275,000 from dunnhumby Ventures and
$545,000 from investors who are members of the MaRS Angel Network

"We're thrilled to have access to these IBI funds, which will accelerate Askuity's ability to achieve its mission of connecting retailers and product suppliers with insight and information to enable better collaboration, planning and retail execution."
– Eric Green, CEO

Hubba Inc.

Accelerate adoption of Hubba Business-to-Business Product Information Network,which connects retailers/e-commerce players with brands and manufacturers through an information exchange hub. Aggressively expand market reach across Canada, diversify into the US and international markets and increase the user base on the Hubba platform.



4 jobs during project

$1 million leveraged from angel investors who are members of Brightspark. Brightspark creates single purpose Venture Capital Funds with accredited investors and is a member of the National Angel Capital Organization of Canada (NACO).

"We are very appreciative of FedDev Ontario's support of our company. This additional financial support, alongside that from our world-class investors, will help Hubba further accelerate the growth of our B2B Product Information Network internationally.  We take pride in being a market leading technology provider based in Southwestern Ontario."
-Ben Zifkin,
Founder & CEO

Hydrostor Inc.

Commercialize and secure new clients for its Compressed Air Energy Storage system, which converts electrical energy to compressed air and stores it underwater for use at a later time. This project will help the company expand sales of its technology in global markets.


3 jobs during project

$1.14 million from angel investors who are members of the MaRS Angel Network, ArcTern Ventures and other private investors.

"Hydrostor is excited to commercialize our Underwater Compressed Air Energy Storage solution globally and support a transition to a low-cost and sustainable energy future. This financial support from FedDev Ontario is a key enabler ‎in assisting us grow and achieve this vision from our base in Canada."
- Curtis VanWalleghem, CEO

Influitive Corporation

Develop and deploy the Maven Network, which will allow companies to more easily identify potential supporters of their product/services, and invite them to participate in word-of-mouth marketing and sales enablement activities. Leveraging advocacy is a more efficient, lower-cost way for companies to generate and manage sales leads than traditional marketing campaigns. This project will help Influitive expand the sales of its technology in global markets.


12 jobs during project

$1.5 million from Relay Ventures

"This support from FedDev Ontario will further accelerate Influitive's already rapid growth and jumpstart the development of our next-generation advocate network, Maven. Silicon Valley isn't the only place to start and grow world-class software companies. With programs like FedDev Ontario's Investing in Business Innovation, we can continue to tap into a vibrant local community to attract top talent and build the next great iconic tech company right here in Toronto."
- Mark Organ, Founder and CEO

Method Integration Inc.

Re-develop its software production process and commercialize new business applications, including the next version of Method CRM, a web-based Customer Relationship Management system that provides small businesses a way to combine information from their existing software application. It will also create and execute a marketing plan for its new products to expand its customer base and markets.


46 jobs during project

$2 million from Klass Capital

"Method's vision is to simplify the unique way small businesses get their work done. With this loan we'll be able to accelerate the commercialization of easily customizable vertical and horizontal applications built on our new platform."
- Paul Jackson, CEO

MolecuLight Inc.

Complete the development and commercialization of a handheld medical imaging device that diagnoses bacterial infection in wounds and monitors its treatment, all in real-time. Faster identification of bacteria in wounds can significantly improve patient care compares to conventional diagnosis, which relies on visual exams and laboratory tests of cultures that can take three to five days.


7.5 jobs during project

$3.1 million from iGan Partners and members of MaRS Angels, York Angel Investors and Simple Angels.


"We are very excited that FedDev Ontario has selected MolecuLight for an investment. These funds will help support the development of a truly innovative photonics-based imaging technology that will have a dramatic impact in the medical field. As an early-stage company, this funding will allow us to remain ‘laser focused' on critical product development activities."
- Craig Kennedy, CEO

Polar Sapphire Ltd.

Build a larger capacity pilot line to make high-purity aluminum oxide, a key component in making synthetic sapphire ingots. These ingots are used in the production of light emitting diode (LED) lighting and consumer electronic display screens on products such as smartphones. This project will establish the company as a reliable producer of high-grade alumina for sapphire ingot manufacturers around the world.


28 once pilot line is in production mode


$2 million from ArcTern Ventures and MaRS Investment Acceleration Fund

"Polar Sapphire is thankful for the contribution from FedDev Ontario that will help us to develop our process and thereby create permanent high-tech jobs and exports that will contribute to Canada's GDP."
- Scott Nichol, CEO

Quandl Inc.

Expand the supply of databases available through Quandl's website for numerical data to create a financial data platform offering complete and comprehensive global coverage. The site currently offers users access to more than 10 million financial and economic datasets.


8 jobs during project

$5.4 million from August Capital

"Our first set of premium databases is about to launch and we appreciate FedDev Ontario's support of this initiative. It's our hope that this step will transport Quandl to becoming the world's largest data platform, hosting numerical data from thousands of different databases on a single, easy-to-use website."
- Tammer Kamel, CEO

SceneDoc Inc.

Fully commercialize the SceneDoc smartphone/tablet-based software platform, which provides law enforcement and a variety of public safety personnel a highly secure, accurate and consistent means of documenting crime, accident and other incident scenes.  This project will help minimize time spent on paperwork while allowing law enforcement officials, to securely and efficiently track and document their work, on site.



5 jobs during project

$750,000 from Enterprise Angel Network and $500,000 from MaRS Investment Acceleration Fund – both accredited angel investors

"The team at SceneDoc is excited and grateful to have the support of FedDev Ontario. The capital will be a critical component to not only how we revolutionize public safety with secure mobile technology and software-as-a-service, but how SceneDoc will become the de facto standard in how data is collected at a scene, communicated and shared in the moments that matter the most."
- Alex Kottoor, CEO







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