Royal Galipeau, Member of Parliament for Ottawa-Orléans, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today announced Government of Canada investments of up to $1.85 million to support software development and attract private sector investment in high growth companies in the Ottawa area.
“Through Canada’s Economic Action Plan 2013, your government continues to nurture innovative businesses, to help them secure new markets and create high-value jobs,” said MP Galipeau. “By investing in the innovations of entrepreneurs in Ottawa, we are strengthening relationships between start-up companies, investors and the government, and we are equipping businesses with the tools they need to succeed.”
The contributions, through FedDev Ontario’s Investing in Business Innovation initiative, will support the following four projects:
- Up to $750,000 for 360pi Corporation, developer of a software platform that provides real-time price and product intelligence to retailers and manufacturers;
- Up to $500,000 for SWIX Inc., more commonly known as Source Metrics after their social media marketing and analytics product;
- Up to $500,000 for Therapeutic Monitoring Systems, developer of clinical decision support software for use in critical care medicine; and
- Up to $100,000 for the Capital Angel Network, an organization that connects angel investors and entrepreneurs in the Ottawa area.
FedDev Ontario funding for these projects will leverage up to $4.42 million in angel investment and venture capital financing.
The software development companies expect to create up to 44 high-value, full-time jobs in the Ottawa area during the course of these projects, with an additional 67 jobs by 2016.
360pi Corporation is receiving a repayable contribution of up to $750,000 to develop additional capabilities for its Price Intelligence Solutions software. This software-as-a-service provides retailers and manufacturers with real-time price and product intelligence that helps them gain competitive advantages and ensure that product pricing is transparent and compliant across the supply chain. The software has been successful in winning business from several large retailers across multiple market segments due to its demonstrated results. Funding provided by FedDev Ontario has enabled the company to attract up to $1.72 million in investment from members of York Angel Investors and the Capital Angel Network, as well as from the MaRS Investment Accelerator Fund and Ontario Centres of Excellence. The company expects to create up to 13 highly skilled, full-time jobs during the course of this project, and up to an additional 59 jobs by 2015.
SWIX Inc., more commonly known as Source Metrics after their primary product offering, is receiving a repayable contribution of up to $500,000 to integrate its social media solutions with additional features to create a product that large businesses can use for measurement and analysis of their social media efforts. The product allows companies to evaluate the success of their social media marketing campaigns and monitor their brands’ presence and reputation across popular social media platforms. FedDev Ontario funding for this project has enabled the company to attract up to $1 million in venture capital investment from GrowthWorks. The company expects to create up to 22 high-value, full-time jobs during the course of the project, with an additional 8 jobs by 2016.
Therapeutic Monitoring Systems is receiving a repayable contribution of up to $500,000 to accelerate commercialization of its Continuous Individualized Multi-organ Variability Analysis (CIMVA) software. This clinical decision support software integrates with hospital vital signs monitors to provide novel insights into the changing health status of critical care patients. The software will help physicians make timely treatment decisions that could potentially save lives and reduce hospital costs. Funding from FedDev Ontario has enabled the company to attract up to $1.7 million in leveraged funding from Genesys Capital, the MaRS Investment Accelerator Fund, the Queen’s School of Business TriColour Venture Fund, and the Health Technology Exchange. The company anticipates creating up to 9 full-time jobs during the project.
The Capital Angel Network, a not-for-profit organization, is receiving a non-repayable contribution of up to $100,000 for expanded recruitment activities in the Ottawa area to attract a larger number of active angel investors. This project will focus on the development of an interactive website, best practices training materials, recruiting and training seminars, and promotional tools, as well as the creation of reporting and monitoring systems. The Capital Angel Network will also educate new members on all aspects of angel investing, to integrate them into the network. The benefits of the project include a broader diversity of investment opportunities and an expanded number of Capital Angel Network investors to 60 or more over a two-year period.