FedDev Ontario Supports Global Growth of Wysdom Software Platform for Mobile Devices

RICHMOND HILL, ONTARIO--(Marketwired - March 17, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

CrowdCare Corporation will refine its Wysdom software platform and sell it to new markets, thanks to a contribution of up to $750,000 from the Harper Government announced today by FedDev Ontario Minister of State Gary Goodyear and Richmond Hill MP Costas Menegakis.

Founded in February 2012, CrowdCare Corporation has developed Wysdom, a software platform that helps mobile carriers diagnose and provide solutions to a customer's technical problems through an application on their mobile device. The platform can be easily configured and adapted to meet the specific needs of each mobile carrier and their existing systems.

Federal funding will help the company develop additional upgrades to the Wysdom platform, complete intellectual property protection, as well as hire and train sales and marketing staff to promote the product globally to mobile carriers. The project is leveraging up to $1.5 million from a syndicate of investors from Mantella Venture Partners and Extreme Venture Partners, as well as investors from Extreme Angels.

The Government of Canada's repayable contribution, through FedDev Ontario's Investing in Business Innovation initiative, is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.

Following the announcement, Minister Goodyear and MP Menegakis will tour M.I.S. Electronics Inc. The company is a custom manufacturer of electronic printed circuit boards. Through the Ontario Chamber of Commerce's Ontario Exporters Fund, which was supported by FedDev Ontario, the company received $34,000 in 2013 to hire an Export Manager to generate additional sales.

Minister Goodyear and MP Menegakis will also host a roundtable with new entrepreneurs and representatives from start-up businesses in the area.

Quick Facts

• CrowdCare Corporation anticipates creating up to 21 jobs and maintaining 13 during the project.
  
  
• CrowdCare's Wysdom platform is able to significantly reduce the mobile carriers' substantial costs of providing technical support to their subscribers, while greatly increasing the subscribers' customer satisfaction with the solution provided.
  
  
• FedDev Ontario's Investing in Business Innovation funding is available for early-stage businesses with less than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.
  
  
• Since its creation in August 2009, FedDev Ontario has invested more than $1.2 billion, resulting in partnerships with thousands of organizations and additional leveraged investments from almost exclusively non-government sources to support businesses, organizations and communities in southern Ontario.
  
  

Quotes

"Our Government recognizes that we need to support our early-stage companies as they develop their innovative products and begin selling to international markets. This is how we can help southern Ontario companies compete and prosper, which in turn strengthens and diversifies the local economy."

- Gary Goodyear, Minister of State for FedDev Ontario

"I am proud that CrowdCare, a Richmond Hill company, has created a product that helps mobile carriers reduce costs associated with providing technical support, while enabling consumers to more quickly and easily resolve technical issues."

- Costas Menegakis, Member of Parliament for Richmond Hill

"You just don't find this kind of government support anywhere else in the world. It will help CrowdCare to accelerate its international sales, create jobs and expand IP in cognitive computing."

- Ian Collins,Co-Founder & CEO, CrowdCare Corporation

Related Products

Speech: Investing in Business Innovation initiative funding announcement for CrowdCare Corporation

Associated Links

Investing in Business Innovation initiative

Wysdom by CrowdCare

M.I.S. Electronics Inc.

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