Loft1 Inc. Demonstrates its Innovative Digital Technology
News Release
Loft1 Inc. is developing technology that will virtually eliminate the need to take notes during presentations, thanks in part to support from the federal and provincial governments.
Matt DeCourcey, Member of Parliament for Fredericton, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), joined Loft1 Inc. officials at Planet Hatch today for the first public demonstration of the company’s whiteboard software.
The project is to develop highly scalable software using Loft1’s unique Handwriting Recognition (HWR) technology that will create a digital copy of freehand notes or illustrations written on any whiteboard. The information is captured using any smartphone, and provided to remote participants in real time, so they can immediately edit, share, and search content from any whiteboard at any location.
The Government of Canada is providing a conditionally repayable contribution of $497,532 towards the project through ACOA’s Business Development Program as well as a non-repayable contribution of $294,894 through National Research Council’s Industrial Research Assistance Program. The Province of New Brunswick is investing $150,000 through Opportunities NB and the New Brunswick Innovation Fund is investing $100,000 through its Startup Investment Fund.
Quotes
“We want to position Canada as a world leader in turning ideas into solutions, science into technologies and start-up companies into global successes. To do that, it is important to support businesses such as Loft1 Inc. to help them bring their products to market and give our country a competitive edge by capitalizing on digital technologies.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“Loft1 Inc. has worked hard to be the first company to develop this unique software that will revolutionize the way notes are captured in classrooms and boardrooms worldwide. I am pleased that the Government of Canada is able to help this emerging start-up get through such a critical stage of their development so they can look forward to selling their innovative technology to global markets.”
- Matt DeCourcey, MP for Fredericton
“With support from the federal and provincial governments, along with NBIF and our partners, Loft1 is very pleased to be building a high-demand mobile solution that can compete competitively on the global stage. Having taken countless photos of whiteboards myself, the ability to automatically capture whiteboard notes in every boardroom or classroom is a clear win for everyone. The ability to search images of handwritten whiteboard notes, now that changes everything. We look forward to expanding access to Loft1’s initial product offering, additional user feedback, and will further be launching online registration to a limited number of new users very shortly.”
- Tony Daye, Co-founder & CEO of Loft1 Inc.
Associated Links:
• www.acoa-apeca.gc.ca
• http://www.loft1media.com/
Contacts:
Lisa Gautreau
Acting Senior Communications Officer
Atlantic Canada Opportunities Agency
506-471-1565
Chanel Bérubé
Director, Marketing
Loft1 Inc.
506-452-7956
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