Three Kitchener-Waterloo Tech Firms Receive $1.775M in Ontario Business Funding

The Ontario government is very active in their distribution of Ontario small business funding this month. In addition to the recent FedDev Ontario funding awarded to HubHead ($625K) and MappedIn ($600K), the government has announced three more recipients of the Investing in Business Innovation (IBI) repayable Canadian government funding program.

FedDev Ontario Funding: Investing in Business Innovation

As part of the Ontario government Southern Ontario Prosperity Initiatives (SOPI’s), the Investing in Business Innovation (IBI) program was launched in 2014 to support activities related to late-stage development and early-stage commercialization of new technologies.

This repayable Ontario business funding program is not a research grant; instead, it provides the equivalent of a 0% interest loan to a maximum of $1,000,000 to small businesses that also have private investment from angels or venture capital firms. Applicants must be incorporated in Canada and headquartered in southern Ontario with less than 50 full-time employees. Projects must focus on innovation within their sector and have a sustainable business model.

Investing in Business Innovation Successes

FedDev Ontario was in Kitchener-Waterloo this month to announce three more successful IBI applicants.

Intellijoint Surgical

Intellijoint hosted the FedDev Ontario announcement and was the recipient of up to $550,000 in Ontario business funding to support the development and commercialization of its second generation surgical device to eliminate complications related to hip replacement surgeries.

Dejero

Dejero offers uplink solutions for remote acquisition, cloud management, and multiscreen distribution of professional live video over IP (Internet). Their technology has been utilized in a number of high profile broadcasts, including the Winter Olympic Games in Russia in 2014. Dejero will receive up to $275,000 to further develop this live broadcasting technology.

Auvik Networks

Auvik is a network management software solution specific to small and mid-sized businesses that need to build and manage their IT network. They will receive up to $950,000 to market and commercialize their software-as-a-service (SaaS) application.

Interested in Receiving Business Expansion Funding?

There are many Ontario business funding programs available to innovative companies in the region, in addition to federal Canadian government funding available to businesses across the nation. The key to success with any funding initiative is to select the optimal program for your needs. We can make that process simple. Register for an upcoming complimentary funding webinar or workshop to learn how to receive small business funding for your upcoming strategic initiatives.