FedDev Ontario is investing a total of up to $1.25 million in two Ottawa software development companies.
Contribution: up to $750,000
AppZero Software Corporation offers a fast and flexible way to move server applications to and across any cloud or datacenter. Its Zapp software separates a computer application from the original operating system and machine, then copies it and reinstalls the application on a new machine or cloud server. This technology significantly reduces migration times and labour costs.
FedDev Ontario funding for AppZero will support the development of new software features and market integration strategies. These developments will enable the company to enhance its sotfware offering and handle anticipated increases in technology development and demand.
AppZero is leveraging up to $1.5 million from an accredited venture capital firm, Covington Capital Corporation, and two Angel One investors, Woodford Farm Trust and Seaver Kent Family Investments.
Contribution: up to $500,000
Glitchsoft Corporation designs, builds and publishes high-quality games for mobile smartphones and tablet devices. With its Helios game development technology, Glitchsoft offers the world's largest entertainment content companies a unique B2B (business-to-business) solution that strengthens relationships between a brand and people. It will also offer a gamer- and family-friendly model through which companies can generate profit.
FedDev Ontario funding for Glitchsoft will be used to evolve the development of Helios, increasing its capability and capacity. This will expand the functionality of Glitchsoft content across all mobile devices and will open up new revenue streams for the company. Helios will also provide Glitchsoft with detailed business analytics that bring further value to customers and partners.
Glitchsoft is leveraging up to $1 million from Wesley Clover International Corporation and a group of angel investors who are members of the Capital Angel Network.
The Investing in Business Innovation initiative aims to strengthen the innovation ecosystem in southern Ontario. It helps new entrepreneurs to become investment-ready through seed financing and skills development. It helps early-stage businesses with a minimum viable product or service to further develop and bring it to market.
It helps angel organizations to expand their members and services, which increases private sector investment and mentoring opportunities for businesses. All of these activities will help build a portfolio of early-stage businesses with the ability to become world-leading innovators.
Funding is available for:
- Not-for-profit organizations that provide skills development and seed financing to new entrepreneurs;
- Innovative, early-stage businesses with less than 50 employees to help leverage angel and capital investments; and
- Southern Ontario-based angel investor networks.
Applications are being accepted and assessed on an ongoing basis. Eligibility requirements and further details are available on the FedDev Ontario website.
