FedDev Ontario Supports Two Innovative Ottawa-Area Companies
April 8, 2016 – Ottawa, Ontario – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
The Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, today announced total funding of up to $1.45 million towards two innovative companies in the Ottawa area.
Businesses need the right resources to further develop and bring their innovative products to market. The Government of Canada is proud to support these two Ottawa-area companies to grow and innovate further.
Gymtrack Inc. will receive up to $804,800 to bring its first-in-kind fitness tracking system to market. Clearwater Clinical Inc. will receive up to $650,000 to improve its mobile endoscopy tool and increase its marketing and sales activities.
FedDev Ontario's funding will allow these companies to increase sales, both in Canada and globally, and to strengthen the information and communications technology (ICT) sector and mobile medical device industry in the Ottawa region.
- The total investment of $1,454,800, through FedDev Ontario's Investing in Business Innovation initiative, will also leverage up to $2.95 million from BDC capital and angel investors.
- It is expected that 63 new jobs will be created while maintaining 25 jobs in the Ottawa area.
- Ottawa continues to attract innovation and was recently crowned the most "Business Friendly" mid-sized city in North and South America by the Financial Times.
"Today's announcement is another example of our support for innovative Canadian businesses. Congratulations to Gymtrack Inc. and Clearwater Clinical Inc. We look forward to seeing their technologies reach new markets here and around the world."- The Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre
"Governments and companies that do not embrace a culture of innovation risk being left behind. Today's announcement is another clear example of our commitment to support these innovative companies here in Ottawa and, indeed, across the country."- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"With the financial support from FedDev Ontario, Gymtrack has been able to build a strong team of engineers, business development experts, and world class leaders, all based out of our Ottawa headquarters. The funding has also allowed us to both surpass our milestones and decrease the time needed to reach them. We are ecstatic that our platform is helping people lead healthier lives and proud that we are doing it here, in Ontario."- Lee Silverstone, Co-Founder and CEO, Gymtrack Inc.
"Thanks in part to this financial support from FedDev Ontario, Clearwater Clinical plans to further enhance our innovative mobile medical technology and grow our sales, marketing, and development teams. This growth will help us expand into new markets and medical specialties."- Michael Weider, CEO, Clearwater Clinical Inc.
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