Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

April 28, 2016 10:00 ET

FedDev Ontario Invests in Ottawa's Regional Telecommunications Sector

OTTAWA, ONTARIO--(Marketwired - April 28, 2016) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, Karen McCrimmon, Member of Parliament for Kanata-Carleton, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced funding of up to $750,000 for Martello Technologies Corporation.

Companies need the right resources to further develop and bring their innovative products to market. The Government of Canada is proud to invest in Martello to assist the company in further developing and marketing its technology.

FedDev Ontario's funding, through the Investing in Business Innovation initiative, will be used to enhance the design and development of Martello Technologies' MarWatch system that monitors, tracks and analyses the status of a company's communications network.

Quick Facts

- Established in 2009, Kanata-based Martello Technologies Corporation is expected to create nine jobs and maintain 12 full-time jobs over the course of the project.

- FedDev Ontario's repayable contribution will leverage up to $1.5 million from accredited investors from the Canadian Venture Capital and Private Equity Association.

- Ottawa continues to attract innovation and was recently crowned the most "Business Friendly" mid-sized city in North and South America by the Financial Times.

Quotes

"The Government of Canada knows that innovation is about new ideas that, ultimately, improve our lives. Investing in companies like Martello Technologies supports these new ideas and will help propel our innovative entrepreneurs to the world stage while creating a stronger economy at home."

- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

"Martello Technologies is a terrific example of a Kanata-based, innovative start-up business that is poised for growth and success. By supporting dynamic small businesses and providing them with the support they need, we will help create jobs and economic prosperity for Canadian families."

- Karen McCrimmon, Member of Parliament for Kanata-Carleton

"FedDev Ontario's support will accelerate Martello's growth, meeting growing global demand for solutions that manage the performance of cloud-hosted business communications. In fact, we've already created new skilled Science, Technology, Engineering, and Math (STEM) jobs in Ontario, and entered new global markets for MarWatch."

- Bruce Linton, President and CEO, Martello Technologies Corporation

Associated Links

Investing in Business Innovation Initiative

Martello Technologies Corporation

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