Three local startups get federal funds
The federal government is investing up to $1.75 million in three Ottawa business startups — plus another $100,000 aimed at persuading private investors to step forward. The funding includes loans of $750,000 to 360pi Corp., developer of software that tracks prices and provides product intelligence for retailers and manufacturers, $500,000 to SIX Inc. to upgrade its Source Metrics social media analysis product and $500,000 to help Therapeutic Monitoring Systems Inc. bring to market software that helps doctors monitor the status of critical-care patients.
As well, a $100,000 grant is aimed at boosting efforts by the Capital Angel Network attract new investors for Ottawa businesses.
The funding, announced Friday by Ottawa-Orléans MP Royal Galipeau, comes from the Federal Economic Development Agency for southern Ontario. In a release, the agency said the cash could help create up to 44 “high-value, full-time jobs” during the course of the projects, “with an additional 67 jobs by 2016.”
As well, it could “leverage” up to $4.42 million in angel investment and venture capital financing.
Angel investors are usually individuals with large amounts of capital who deal directly with entrepreneurs instead of investing anonymously through banks or stock markets.
Alexander Rink, chief executive of 360pi, said the funding allows the tech company to hire the people it needs to upgrade its software for customers increasingly seeking more capabilities.
“It’s critical that you bring people on board, and the FedDev funding and the private equity funding we’ve raised is what enables us to hire those people,” he said in an interview.
Friday’s announcement was the third in the Ottawa area by FedDev Ontario in recent weeks.
On April 12, the agency said it would put $2.5 million into pharmaceutical manufacturer Pillar5 Pharma Inc. to help it expand production. The cash is expected to create as many as 50 jobs at the firm’s Arnprior facility.
And in March, it said it would provide six technology startups with a total of up to $3.67 million. The recipients are BLiNQ Wireless Inc., eSight Corp., Impakt Protective Inc., Magor Corp., Fusebill Inc. and ThinkRF.