Ph03nix and Psyko secure $2 Million in AVAC Funding

AVAC Ltd. announced today that they have invested in two new Calgary-based companies through their IVAC investment initiative.  The IVAC Board Committee has approved funding of $1.1 Million for Ph03nix New Media and $975K for Psyko Audio Labs.

Ph03nix New Media is a game developer that is creating a new online game with educational value to kids and teens which should be available online in late 2009. Ph03nix Founder Jon Lam was named to Techvibes Digital Media People to Watch in Alberta list for 2009.

Psyko Audio Labs has created the Psyko 5.1 PC gaming headset which has won numerous awards for their product including Innovations Design and Engineering. The new head set will be available to gamers in early 2009.

AVAC was created to grow Alberta's value-added industry with initial financial support of $35 Million from the Alberta government in 1997 and a federal commitment of nearly $10 Million from the Government of Canada in 1998. A subsequent $10 Million was advanced from Agriculture and Agri-food Canada in 2005.

IVAC is a new investment initiative from AVAC which provides investment and other assistance to Alberta businesses in the ICT, life sciences and other industrial technology sectors to help them get to the best possible start in their fields. The fund addresses a shortage of available funding from third-party investors for new and existing companies and also provides mentoring, marketing and operational guidance and other support to help Alberta businesses become competitive in both local and global markets.