KITCHENER, ONTARIO--(Marketwire - Feb. 21, 2013) - Stephen Woodworth, Member of Parliament for Kitchener Centre, and Peter Braid, Member of Parliament for Kitchener-Waterloo, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), today at the Tannery announced Government of Canada investments in support of four information and communication technology development and start-up business projects in the Waterloo region.
"Our Government is building on the successes of business innovation to create jobs and economic growth," said MP Woodworth. "The investment announced today in the Region of Waterloo recognizes that southern Ontario is uniquely positioned to become a leader in information and communication technology development and support of start-up businesses."
"Our Government is proud to support this innovative and growing industry," said MP Braid. "With an increasing base of talented individuals and companies coming together in the Region of Waterloo, it is an exciting time in southern Ontario for information and communication technology developers."
Through FedDev Ontario's Technology Development Program, Communitech Corporation is receiving a contribution of up to $6.4 million to construct two next-generation satellites.
Through FedDev Ontario's Prosperity Initiative, exactEarth Ltd. is receiving up to $2.49 million to upgrade its satellite data gathering and processing capabilities to help build a competitive advantage for southern Ontario.
Together, these two projects will allow Communitech's Intelligent Media Network and exactEarth to work collaboratively with universities and other regional high-technology companies to develop advanced data services for the new satellites that will be of great benefit for various applications across the world.
Under FedDev Ontario's Investing in Business Innovation initiative, TribeHR Corp. is receiving a contribution of up to $542,399 to accelerate commercialization of its human resource management software, and Dejero Labs Inc. is receiving up to $925,000 to further develop its technology to transmit live video from mobile devices in high-definition.
Federal funding has enabled TribeHR to leverage up to $2.5 million in private sector investments from Matrix Partners and Relay Ventures for this project. Dejero Labs has leveraged funding from FedDev Ontario to attract up to $2 million from members of Golden Triangle AngelNet and Angel One Investor Network.
It is expected that these projects will create up to 166 highly skilled full-time jobs across the cities of Kitchener, Waterloo and Cambridge.
For more information on these projects, the Technology Development Program, Prosperity Initiative, and Investing in Business Innovation initiative, please see the backgrounder.
Created in 2009, FedDev Ontario supports the southern Ontario economy by building on the region's strengths and creating opportunities for jobs and economic growth. The Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. These initiatives are designed to encourage partnerships and support projects that help the region's businesses and communities become more competitive, innovative and diversified. To learn more, please visit www.FedDevOntario.gc.ca or call 1-866-593-5505.
Follow us on Twitter @FedDevOntario
IF THERE IS A DISCREPANCY BETWEEN ANY PRINTED VERSION AND THE ELECTRONIC VERSION OF THIS NEWS RELEASE, THE ELECTRONIC VERSION WILL PREVAIL.
This news release is available online at: www.FedDevOntario.gc.ca.
FedDev Ontario Technology Innovation Announcement at the Tannery, Kitchener
FedDev Ontario is investing up to $10,406,911 in four projects, including up to $3,958,139 in repayable contributions and up to $6,448,772 in non-repayable contributions to support information and communication technology development and start-up business projects in the Waterloo region.
It is expected that up to 166 high-value, full-time jobs will be created in the Waterloo region as a result of these projects.
The information below provides an overview of project activities, FedDev Ontario funding and leveraged funding sources (where appropriate).
Communitech Corporation is a not-for-profit organization, with over 1000 technology companies among its members, which supports the development of an Intelligent Media Network cluster in the Region of Waterloo. Communitech provides advisory services, networking programs, and collaborative R&D development support to its start-up business members. Through FedDev Ontario's Technology Development Program, Communitech is receiving a non-repayable contribution of up to $6,448,772 that is being matched by the private sector to support the construction of two next-generation satellites. One nano-satellite about the size of a milk carton will be incorporated into an existing network once launched into orbit. While the other, a micro-satellite the size of a milk crate, will be further developed for a future launch. Taking advantage of their smaller size, the satellites can be launched and tracked in low orbit, at reduced cost. Supported by exactEarth and other technology firms within the Region of Waterloo, the project will also use data software developed by the University of Toronto Institute for Aerospace Studies (UTIAS) and University of Waterloo. Additional applications for this project will come with the development of additional tools that can be used to track marine vessels, monitor global water levels, measure atmospheric carbon, and increase data security networks. This project is expected to create up to 106 highly skilled full-time jobs during the life of the project.
exactEarth Ltd. is a data services company that leverages advanced microsatellite technology to deliver monitoring solutions that are high performance, reliable and secure. Through FedDev Ontario's Prosperity Initiative, exactEarth is receiving a repayable contribution of up to $2,490,740 to further commercialize its satellite services, which capture and deliver global marine data in near real-time. This first-mover project will be undertaken in partnership with Communitech Corporation, and will position the company to gain market share in this rapidly growing international industry. Support for this project contributes to building the information and communications technology cluster in southern Ontario and is expected to create up to 20 new highly skilled full-time jobs in the Cambridge area.
Dejero Labs Inc. is a developer of portable equipment and software that supports the delivery of live broadcasts in high-definition. Through FedDev Ontario's Investing in Business Innovation initiative Dejero Labs is receiving a repayable contribution of up to $925,000 to further develop its live broadcast delivery technology. This project will focus on development and commercialization of a stand-alone software solution and remove the requirement for specialized professional equipment in the company's current platform. This change is expected to increase accessibility of the Dejero Labs service for uses outside of the broadcasting industry and broaden market appeal. The company has also been able to attract up to $2 million in private sector investment from members of the Golden Triangle AngelNet and Angel One Investor Network. The project is expected to create up to 15 high-value full-time jobs in Waterloo.
TribeHR Corp. is the developer of a web-based human resources management software platform that helps companies manage their human resources processes at reduced costs compared to traditional methods. Currently, TribeHR offers human resources support tools that include hiring, performance management, peer recognition, holiday and sick-leave tracking, and work histories. Under FedDev Ontario's Investing in Business Innovation initiative TribeHR is receiving a repayable contribution of up to $542,399 to accelerate the commercialization of its human resources management software platform and enter American and international markets. The company has also been able to attract up to $2.5 million from Matrix Partners and Relay Ventures for this project. It is expected that the project will create up to 25 highly skilled full-time jobs during implementation and up to 40 additional jobs by 2016 in Kitchener.
Technology Development Program
Through, the Technology Development Program, FedDev Ontario is investing in projects that will significantly contribute to the development of globally-competitive, market-ready technologies with the potential to develop new business opportunities or benefits for an industry, sector or region in southern Ontario. The Program encourages the private and public sectors to collaborate on innovative, breakthrough technologies that are one to seven years from market.
FedDev Ontario's Prosperity Initiative encourages businesses, not-for-profit organizations and post-secondary institutions in southern Ontario to undertake projects that will result in a more productive, diversified and competitive economy. Funding is available for projects that meet the following objectives:
- enhance productivity, by accelerating the adoption of new technologies, processes and skills to achieve higher output in relation to investment;
- diversify the regional economy, by increasing the number of new industries or opportunities in southern Ontario communities or regions with the potential to have long-term impacts on their economic diversity; and
- build a competitive advantage for southern Ontario, by building on the assets and strengths of southern Ontario businesses and regions to create or expand economic clusters and enhance their global competitiveness.
Investing in Business Innovation
Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. The Government of Canada is focusing on a portfolio of early-stage businesses that are recognized by the investor community as having the potential for high-growth and a net long-term economic benefit for southern Ontario. The investor community includes accredited angel investors from recognized angel investor networks in southern Ontario registered with the Network of Angel Organizations - Ontario and venture capital providers who are member of Canada's Venture Capital & Private Equity Association.
For more information on FedDev Ontario programs please refer to: www.FedDevOntario.gc.ca