Backgrounder: FedDev Ontario support for six Toronto tech firms strengthens digital and regional economy
March 31, 2021
With a strong entrepreneurial ecosystem, Toronto has anchored its position as a leader in key sectors including technology, with an impressive talent base and a robust business environment. Through strategic investments, the Government of Canada is building on regional strengths to promote resiliency and create the right conditions for growth in the post-COVID-19 economy.
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a total FedDev Ontario investment of $14.6 million to support the long-term growth of the following six Toronto-based tech firms:
- EnergyX Solutions Inc. (EnergyX) utilizes Artificial Intelligence (AI) technology to determine a building’s energy usage and ways to improve its overall performance, with a focus on deep energy retrofits. The outcome is less energy consumption, fewer carbon emissions and cost savings for home and business owners. FedDev Ontario’s $500,000-repayable contribution will help EnergyX to expand its customer base in North America and strengthen existing customer relationships through increased automation and predictive analysis of its technology platform. EnergyX expects to create 16 jobs in account management and web development in Toronto.
“We could not achieve our ambitious retrofit and renovation goals without an exhaustive analysis of the energy performance of buildings across the country. It’s an exciting time in energy efficiency because AI and data science allow us to perform these analyses instantaneously and at scale. EnergyX is thrilled to be licensing our technology to utilities across North America and Europe to advance the delivery and adoption of energy efficiency retrofits, and is immensely appreciative of the Government of Canada’s shared vision and support.”
- Nishaant Sangaavi, Co-Founder and CEO, EnergyX Solutions Inc.
- Humi Holdings Corp. (Humi) integrates separate human resources (HR) functionalities, such as staffing, payroll, benefits, and employee performance management under one secured cloud-based platform. This helps small- and medium-sized enterprises (SMEs) access full HR solutions traditionally made available to large enterprises. With FedDev Ontario’s nearly $1.9-million repayable contribution, Humi will build additional capacity to support the growth and commercial launch of new platform features, which will expand its Canadian customer base and allow for diversification into new global markets. Humi expects to create 32 skilled jobs in Toronto.
“FedDev Ontario support is allowing us to scale our operations and support more Canadian companies sooner. This makes it easier for local SMEs to set up and operate many necessary, but often cumbersome, components of their business operations, and enables Canadian teams to focus on more strategic initiatives on a day-to-day basis.”
- Kevin Kliman, Co-CEO and Co-Founder, Humi Holdings Corp.
- Kepler Communications Inc. (Kepler), originating out of the University of Toronto Engineering faculty, specializes in satellite production and telecommunications infrastructures. With FedDev Ontario’s $3.8-million repayable contribution, the company will set up an advanced, nanosatellite manufacturing facility, making it the first Canadian company to mass-produce nanosatellites. Since September 2020, Kepler has launched 12 GEN1 nanosatellites, all assembled at its downtown Toronto facility. With a total constellation of 15 nanosatellites, Kepler became the largest operator of nanosatellites based in Canada, with a launch on March 22, 2021, that deployed two GEN1 nanosatellites. Kepler expects to create 22 skilled jobs in Toronto.
"FedDev Ontario's support comes at a critical time in Kepler's growth, where the company is scaling rapidly to produce our next generation of CubeSats. Kepler is creating a new generation of satellites, produced at a scale not previously seen in Canada or elsewhere. To achieve this, we have built out a new facility, developed new production processes, and are creating new high-value jobs in Toronto. The Kepler team doubled in 2020 and will double again in 2021. FedDev Ontario is instrumental in helping us to achieve these aggressive plans."
- Mina Mitry, CEO and Co-Founder, Kepler Communications Inc.
- Nulogy Corporation (Nulogy) is a provider of software solutions for global consumer packaged goods companies. FedDev Ontario’s more than $3.4-million repayable contribution helped Nulogy to further develop its innovative supply chain management software platform, build additional capacity to support its accelerated growth, and focus on export development activities. Nulogy created 21 jobs in management, software development, sales and marketing in Toronto.
“We are excited and grateful for the opportunities made possible through the support of FedDev Ontario. Nulogy’s vision is to drive innovation and resilience in supply chains through cutting-edge technologies in AI and automation, and through the investment made by the federal government, we will be able to significantly innovate on our solutions to help global consumer packaged goods companies and their outsourced suppliers operate with greater agility and sustainability.”
- Jason Tham, CEO and Co-Founder of Nulogy Corporation
- Opus One Solutions (Opus One) offers North America’s first cloud-based platform that provides software solutions for the electric utility industry. FedDev Ontario’s $3-million repayable contribution will accelerate the commercialization of Opus One’s advanced analytics software platform, GridOS®, an AI-powered electric grid management and optimization platform for utility companies, and accelerate the growth of its power system in North American and global markets. Opus One expects to create 17 skilled jobs in the Toronto region.
“We are honoured to have the Government of Canada support our business scale-up and productivity initiatives for our future utility energy project. This funding support further fuels our mission to provide global utility customers with innovative energy solutions that digitize energy systems and accelerate decarbonization with smarter energy networks.”
- Joshua Wong, President and CEO, Opus One Solutions
- Sensibill Inc. (Sensibill) uses AI technology to provide consumers, small business owners and freelancers with financial tools to manage their everyday spend by scanning and digitizing their physical receipts. FedDev Ontario’s $2-million repayable contribution will support a three-year global expansion into the European, Latin American and Asia and Pacific markets, which will enable the company to attract new business opportunities and compete on an international scale. Sensibill expects to create 20 high-quality jobs in Toronto.
“Like Sensibill, FedDev Ontario recognizes the vast potential for technological growth and innovation among local organizations. This partnership will support and expand our go-to-market team and strategy, helping equip more financial institutions with the deep SKU-level insights needed to better know and serve their customers, ultimately helping consumers and businesses make healthier financial decisions.”
- Corey Gross, Co-Founder and CEO, Sensibill
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