Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

February 12, 2015 10:00 ET

FedDev Ontario Supports Software Technology Company and Creates Jobs and Growth in Kitchener-Waterloo

KITCHENER, ONTARIO--(Marketwired - Feb. 12, 2015) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

MappedIn will strengthen its capacity for analyzing data in southern Ontario, thanks to an investment by the Government of Canada of up to $600,000. The announcement was made today by FedDev Ontario Minister of State Gary Goodyear and Kitchener Centre Member of Parliament Stephen Woodworth.

The Harper Government, through FedDev Ontario, is providing funding to MappedIn to commercialize and diversify sales of their indoor mapping software technology in North America and internationally. They are leveraging up to $1.2 million from local angel investors and venture capitalists.

The project will enable the company to adapt their product to international markets and make the product available in multiple languages and context specific terminology.

The Government of Canada's contributions, through FedDev Ontario's Investing in Business Innovation initiative, are 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 Woodworth visited Thalmic Labs, a wearable technology start-up in Kitchener.

Minister Goodyear and MP Woodworth also hosted a roundtable and met with local stakeholders to discuss challenges and opportunities facing local start-ups and entrepreneurs.

Quick Facts

- MappedIn, founded in 2011, currently works with leading property managers and institutions across Canada to create a seamless, cross-platform digital way finding experience while empowering venue operations with better tools to run their business.

- The project is expected to create 48 new full-time positions, maintain 20 full-time positions during the project and create an additional eight full-time positions by 2017.

- Through the first phase of Investing in Business Innovation (IBI) launched in October 2010, FedDev Ontario invested nearly $57 million in repayable contributions to 86 companies, leveraging almost three times more in private sector investments. FedDev Ontario also invested more than $3 million in 13 angel networks and associations.

- IBI funding is currently available for early-stage businesses with fewer than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.

Quotes

"Our Government continues to invest in jobs, growth and long-term prosperity by supporting start-up and early-stage businesses. Companies like MappedIn are putting southern Ontario at the forefront of global interest."

- Gary Goodyear, Minister of State for FedDev Ontario

"This investment is great news for the Kitchener-Waterloo region as it will help MappedIn expand its services across North America and internationally. Thanks to our Government's support, this FedDev Ontario funding will create jobs and growth and strengthen the growing industry of data analytics."

- Stephen Woodworth, MP for Kitchener Centre

"At MappedIn, we focus everyday on helping our users better manage, deliver, and analyze their indoor spatial data. We are proud of our industry-leading technology and what we have accomplished already with our customers. With FedDev's contribution, we are thrilled to have additional resources to accelerate our growth and engage new customers in new markets. It is a great privilege to be based here in southern Ontario."

- Hongwei Liu, Co-founder and CEO of MappedIn

Related Products

Speech: Investing in Business Innovation Initiative Funding Announcement for MappedIn

Associated Links

Investing in Business Innovation initiative

MappedIn

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