November 12, 2014
FedDev Ontario is investing a total of up to $2.03 million in three high-growth companies and in one angel organization.
Contribution: up to $950,000
To accelerate the development and commercialization of a remote software management system for mobile robots and to develop prototypes for client testing and evaluation. FedDev Ontario's investment will leverage additional funds from a syndicate of angel investors who are members of the Golden Triangle Angel Network and the Southwestern Ontario Angel Group, as well as from a private equity firm. The project is expected to create 20 new jobs, to maintain another 35 full-time equivalent predominantly engineering jobs and an additional 20 jobs by 2018.
Contribution: up to $400,000
To expand adoption of its social media and SMS sales and service product in international markets. FedDev Ontario's investment will leverage up to an additional $800,000 investment from angel investors including members of the Angel One Network and the Golden Triangle Angel Network. The project is expected to create up to 20 new jobs and maintain 16 full-time equivalent jobs during the project and an additional 47 jobs by 2017.
Contribution: up to $179,950
To complete the final development of its digital display advertising system, execute a global sales and marketing plan, and protect its intellectual property. FedDev Ontario's investment will leverage $433,103 in additional investments from BDC Capital Inc. and investors registered with XDL Capital Group and Stokes Capital. The project is expected to create up to four new full-time jobs during the project, an additional three full-time equivalent jobs by 2017 and maintain four jobs.
Contribution: up to $500,000
Incorporated in 2009, GTAN has invested more than $20 million in 45 companies and facilitated $23 million in additional funding to date. This project is to improve its investment and reporting tools, expand its angel investor membership, increase the pool of angel investment funds, and improve mentoring support available to early-stage high growth companies in southern Ontario. The project will have a high impact; the Network is expected to increase its membership from 100 to 200 members resulting in 100 additional companies receiving over $40 million of new investment over a five-year project period.
