Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

March 05, 2015 10:53 ET

MP Braid Announces Support for Waterloo Companies to Bring New Products to Market

WATERLOO, ONTARIO--(Marketwired - March 5, 2015) - Federal Economic Development Agency for Southern Ontario
(FedDev Ontario)

Three Waterloo businesses will benefit from an investment of up to $1,775,000 announced today by Kitchener-Waterloo MP Peter Braid.

The Harper Government is providing up to $950,000 to Auvik Networks to market and commercialize its network management software. Dejero will receive up to $275,000 to complete the development of its wireless broadcast solution. Intellijoint Surgical is also receiving up to $550,000 to develop and commercialize its smart tool for orthopaedic surgery. These companies have attracted more than $3,550,000 from angel investors and venture capitalists.

These projects will enable the companies to improve their competitive advantage and position them as key players in their industries.

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.

Quick Facts

  • Auvik Networks creates products to help small- and medium-sized businesses make it easier to build and manage their IT networks.
  • Dejero's wireless broadcasting solutions for mobile newsgathering was used during the Winter Olympic Games in Sochi.
  • After being used in hundreds of Canadian surgeries, Intellijoint Surgical's smart tool for Orthopaedic Surgery was used for the first time by a United States hospital this past year.
  • 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. The investments announce today helps put companies like Auvik, Dejero and Intellijoint at the forefront of innovation."

  • Peter Braid, Member of Parliament for Kitchener-Waterloo

Related Products

Backgrounder: Investing in Business Innovation Initiative Funding Recipients in Waterloo
Speech: Investing in Business Innovation Initiative Funding Announcement in Waterloo

Associated Links

Investing in Business Innovation initiative

Auvik Networks

Dejero

Intellijoint Surgical

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Backgrounder "Investing in Business Innovation Initiative Recipients in Waterloo" is available at the following address: http://media3.marketwire.com/docs/BKG_995500a.pdf

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