FedDev Ontario supports global growth of Richmond Hill hi-tech companies
Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has financial assistance has contributed to two high technologies companies here.
CrowdCare Corporation will refine its Wysdom software platform and sell it to new markets, thanks to a contribution of up to $750,000 from the Canadian Government announced by FedDev Ontario Minister of State Gary Goodyear and Richmond Hill MP Costas Menegakis.
Founded in February 2012, CrowdCare Corporation has developed Wysdom, a software platform that helps mobile carriers diagnose and provide solutions to a customer’s technical problems through an application on their mobile device.
The platform can be easily configured and adapted to meet the specific needs of each mobile carrier and their existing systems.
Federal funding will help the company develop additional upgrades to the Wysdom platform, complete intellectual property protection, as well as hire and train sales and marketing staff to promote the product globally to mobile carriers. The project is leveraging up to $1.5 million from a syndicate of investors from Mantella Venture Partners and Extreme Venture Partners, as well as investors from Extreme Angels.
“You just don’t find this kind of government support anywhere else in the world. It will help CrowdCare to accelerate its international sales, create jobs and expand IP in cognitive computing,” said Ian Collins, Co-Founder & CEO, CrowdCare Corporation
The Government of Canada’s repayable contribution, through FedDev Ontario’s Investing in Business Innovation initiative, is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
Following the announcement, Minister Goodyear and MP Menegakis toured M.I.S. Electronics Inc. The company is a custom manufacturer of electronic printed circuit boards. Through the Ontario Chamber of Commerce’s Ontario Exporters Fund, which was supported by FedDev Ontario, the company received $34,000 in 2013 to hire an Export Manager to generate additional sales.
Manufactured on M.I.S. production lines are automatic faucets designed by spin-off company FCI (Faucets Canada Inc.). FCI is looking to increase distribution of its products in markets around the world, according to Saeid Mohmedi, president, M.I.S. Electronics (pictured above in white lab coat holding faucet).