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Archived - FedDev Ontario Investments in Toronto Area Companies

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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.

FedDev Ontario Investments in Toronto Area Companies
RecipientProject DescriptionFedDev Ontario Contribution (up to)Anticipated Job Creation/Maintenance (during project)Leveraged FundingQuote
AutoServe1 Inc.

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.

"The AutoServe1 online tool helps average consumers better understand recommendations coming from their auto service shops. This will foster a long-awaited and much-needed new level of knowledge, transparency and trust between the car owner and service shop. The Investing in Business Innovation initiative is playing an important role in the critical stages of our business development. We believe this is a great example of how government can assist technology firms to unlock the growth potential in our emerging tech economy."

– Jamie Cuthbert, President, AutoServe1 Inc.
Exact Imaging
(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

"FedDev Ontario has been a pleasure to work with and the investment in Exact Imaging has been instrumental in supporting critical and costly technical development for our novel imaging platform. There is a direct correlation between this investment and the generation of highly expert full-time jobs and the creation of novel IP."

– Randy AuCoin, President, Exact Imaging
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

"At OMX, we expect to leverage the contribution made by FedDev Ontario to focus our efforts in expanding our business capabilities and growing our professional team in Canada. The Canadian government's investment will also contribute to the internationalization of the OMX platform that is currently underway, steering our business into new markets around the globe where we will export our software technology."

– Nicole Verkindt, President, OMX
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

"OTI is thrilled to have received funding from FedDev Ontario which has helped us to design, install and operate an organic LED (OLED) rapid prototyping tool and prototype in-line tool at our Toronto facility. This funding has and will continue to help the company attract new customers and to continue to rapidly expand our team. We greatly appreciate funding from FedDev Ontario and the organization's commitment to advanced manufacturing here in Ontario."

– Tom Lever, Vice President of Business Development, OTI Lumionics Inc.
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.

"We're absolutely thrilled to receive Investing in Business Innovation initiative funding. With this support, PUSH will be able to grow much more rapidly into the consumer space."

– Rami Alhamad, CEO, PUSH Design Solutions Inc.
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

"Sightline is honoured to contribute to Ontario's innovation economy, but so too are we excited to help Ontario's manufacturers, a cornerstone of the economy, achieve increased production capacity not seen since the inception of robotics."

– Maithili Mavinkurve, COO, Sightline Innovation Inc.
StackAdapt Inc.

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

"We would like to thank FedDev Ontario for funding our project. It's challenging for a young and growing company to build an innovative product that solves a problem, finds a product and market fit, and helps to commercialize it. This funding will be spent to grow our commercialization efforts through hiring new employees across sales, business development, marketing and engineering teams."

– Ildar Shar, Co-Founder, StackAdapt Inc.
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

"We are excited to be at the forefront of fintech in Canada. FedDev Ontario's support will enable us to make sophisticated wealth management accessible to everyone in Canada, regardless of net worth or financial knowledge."

– Michael Katchen, CEO, WealthSimple Financial Inc.
Total: $4,592,616

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