Six Ottawa-area technology start-ups are splitting $3.67 million in investment from the federal government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), an investment the government promises will create up to 123 jobs during these projects, and another 202 jobs by 2017.
“Our government continues to support the drivers of growth and job creation – innovation, investment, education, skills and communities,” said Gordon O’Connor, Conservative MP for Carleton – Mississippi Mills, in a statement. “Investments like the ones announced today will help start-up businesses increase their international market share and create jobs in the Ottawa area.”
One of the lucky companies is Magor Corp., a developer of peer-to-peer video collaboration software that went public on the TSX venture exchange earlier this month, and recently launched Aerus, a hosted-version of its flagship offering.
Magor is receiving “a contribution of up to $500,000” to develop a version of its visual collaboration workspace that will be more accessible to small businesses, and could be distributed through telecommunications partners. The FedDev Ontario funding has reportedly enabled the company to attract up to $1 million in angel and venture capital investment from members of the Southwestern Ontario Angel Group, and Wesley Clover International Corporation.
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Another company receiving federal cash is ThinkRF Corp., which is receiving “a contribution of up to $287,500” to upgrade its software-based, wireless radio frequency receiver for better compatibility with mobile devices on 4G LTE and next generation wireless networks. The company sees a range of applications for the technology, from government agencies to monitoring and enforcing licensed bandwidth use to defense contractors supporting secure military communications. FedDev Ontario said its funding has enabled the company to attract up to $575,000 in angel and venture capital investment from members of the Capital Angel Network and the Wesley Clover International Corporation.
Also receiving federal investment were Blinq Wireless Inc., eSight Corp., Impakt Protective Corp. and Fusebill Inc., a developer of business application software platforms.