The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced yesterday an investment of up to $1,947,250 that will help three Ottawa startups get their products to market faster and create jobs.
The funding, which is being provided through the FedDev Ontario's Investing in Business Innovation initiative, breaks down as follows:
- $750,000 for Toushay Inc., to create a software platform that lets businesses easily design, create and manage their own mobile applications for marketing and related interactions with customers;
- $680,000 for Protecode Inc., to develop and commercialize software that lets developers identify intellectual property issues, reduce licensing uncertainties, enhance quality and security, and ensure compliance with open source and third party licenses; and
- $517,250 for Benbria Corp., to develop an intelligent notification system that allows organizations to spread information to targeted audiences instantly, and act on the responses.
The investment will allow these businesses to leverage a total of $3.9 million in additional private sector investments from venture capital and southern Ontario angel investors. These projects are expected to create 40 high-quality jobs in the information technology sector in southern Ontario over the next two years.