Government Invests Total of $3.7 Million in Six Canadian Tech Startups

The Canadian government last week invested a total of nearly $4 million into six Ottawa-based technology startups.

“Our government continues to support the drivers of growth and job creation – innovation, investment, education, skills and communities,” said the Honourable Gordon O’Connor, Member of Parliament for Carleton – Mississippi Mills, on behalf of the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario. “Investments like the ones announced will help start-up businesses increase their international market share and create jobs in the Ottawa area.”

The Canadian government is investing $985,000 in BLiNQ Wireless, a developer of hardware for the enhancement of wireless networks; $950,000 in eSight Corp., a developer of assistive technology for people with low vision; $500,000 in Impakt Protective Inc., a developer of helmet sensory technology to measure the risk of concussion; $450,000 in Fusebill Inc., a developer of business application software platforms; and $287,500 in ThinkRF Corporation, developer of hardware for wireless radio frequency analysis.

FedDev Ontario funding for these projects will leverage up to $9.8 million in angel investment and venture capital financing, the government estimates. The companies expect to create up to 123 high-value, full-time jobs in the Ottawa area during the course of these projects, with an additional 202 jobs by 2017.