Government Invests Total of $3.7 Million in Six Canadian Tech Startups

Posted by Techvibes NewsDesk

The Canadian government last week invested a total of nearly $4 million into six Ottawa-based technology startups.

"Our government continues to support the drivers of growth and job creation – innovation, investment, education, skills and communities," said the Honourable Gordon O'Connor, Member of Parliament for Carleton – Mississippi Mills, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario. "Investments like the ones announced will help start-up businesses increase their international market share and create jobs in the Ottawa area."

The Canadian government is investing $985,000 in BLiNQ Wireless, a developer of hardware for the enhancement of wireless networks; $950,000 in eSight Corp., a developer of assistive technology for people with low vision; $500,000 in Impakt Protective Inc., a developer of helmet sensory technology to measure the risk of concussion; $450,000 in Fusebill Inc., a developer of business application software platforms; and $287,500 in ThinkRF Corporation, developer of hardware for wireless radio frequency analysis.

FedDev Ontario funding for these projects will leverage up to $9.8 million in angel investment and venture capital financing, the government estimates. The companies expect to create up to 123 high-value, full-time jobs in the Ottawa area during the course of these projects, with an additional 202 jobs by 2017.

 

 

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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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