FedDev Ontario Invests in York Region's Audio Technology Cluster
February 26, 2016 – Schomberg, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Today, Deborah Schulte, Member of Parliament for King−Vaughan, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced an important investment that will help a York region–based audio technology company develop new applications of its technology.
Audera Acoustics Inc. will receive up to $200,000 to finalize the development and commercialization of its product, ALEXdriver™, which makes audio systems in automobiles, consumer loudspeakers, tablet computers and smartphones more powerful, with better sound quality.
This funding will allow Audera Acoustics Inc. to increase its customer base and expand into international markets more quickly.
FedDev Ontario is providing this repayable contribution through the Investing in Business Innovation initiative, which is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
- The project is expected to create 10 jobs and maintain five full-time equivalent engineering and sales jobs over the course of the project.
- Audera Acoustics Inc. is also leveraging up to $400,000 in angel investment from members of the Maple Leaf Angel Network.
- ALEXdriver™, is a new, patent-pending technology that builds on the expertise and experience gained in the development of previous products and devices that address performance problems in small loudspeakers in a wide range of markets such as automotive audio systems, public address systems and personal audio systems.
"The Government of Canada is committed to supporting businesses and helping the audio technology industry. Our investment in this project will enable Audera Acoustics Inc. to expand internationally. By investing in our innovative start-ups, we are spurring economic growth and creating jobs in Canada."- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"With this investment, Audera Acoustics will be able to develop new technologies that will strengthen the company's position as a leader in the audio system industry. Audera Acoustics is contributing to the diversification of this region and creating jobs right here in Schomberg."- Deborah Schulte, Member of Parliament for King−Vaughan
"As a result of FedDev Ontario's financial participation we will be able to cut time to market and get the attention of potential customers much more quickly. This is especially important to our investors given the typically lengthy process for adopting new technology in the automotive and consumer electronics industries."- Jack Fatum, President and CEO, Audera Acoustics Inc.
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