Martello Technologies Group Inc. receives $2 million in funding from Canadian government
Devin JonesAutomation Electronics Government Ottawa Technology
Ottawa-based company specializes in network optimization of of real-time services on cloud and enterprise infrastructure.
Martello Technologies Group Inc., an Ottawa-based cloud management and bandwidth solutions company, has reached an agreement with the Government of Canada to the tune of $2 million in funding on behalf of the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP),
As a federally funded program the NRC contribution will help the development of a service-aware SD-WAN solution by Martello, including the hiring of 11 STEM (science, technology, engineering and mathematics) employees in Canada. They began focusing heavily on SD-WAN solutions after merging with SD-WAN player Elfiq Networks in December of 2017.
Backed by investment firm Wesley Clover International, Martello specializes in network performance and optimized solutions for the performance of real-time services on cloud and enterprise infrastructure.
“By supporting the development of our unique technology, the Government of Canada will help Martello be more globally competitive”, said John Proctor, President and CEO of Martello. “As the pace of digital transformation grows, this funding will help our solution reach the market faster, allowing us to capitalize on this significant opportunity”.
According to the company, the increasing pressure of a shift to a digital infrastructure has created a “network performance management challenge” and in partnering with Mitel back in June of this year, they hope to bring undisclosed solutions to market, automating the aforementioned challenges in the process. According to a Martello press release, this would allow businesses to “manage the performance of these services on networks with only minimal IT intervention.”
Earlier in September the company went public with a TSXV listing, following the closure of an oversubscribed $7.5 million private placement. The company’s ambitious growth plans include future merger and acquisition activity, an area in which the company has a positive track record
We’ll update this story as more information about the funding becomes available in the coming days.