IAF announced funding 8 companies

The Ontario Ministry of Research and Innovation announced funding of up to $500,000 in 8 companies through the Investment Accelerator Fund. I’ve talked about how I think this program is AWESOME for early stage entrepreneurs, it provides access to capital for companies creating technical innovations that need with commercialization and getting to market. The program is not the only path for entrepreneurs but it is a good program that supports Ontario entrepreneurs. As Paul Buchheit at FriendFeed says, “overnight success takes a long time”. Many of these companies have used more than one OCE or IRAP program to get to this level.

The distribution of the companies is interesting. Six companies in Toronto, one company in Kanata, and one company in Hamilton. Spectrum of solutions covering optical crystal chips for a new generation of laser displays (C2C Link Corporation), water leak detection (Echologics), WAN QoS (IPeak Networks), marketing performance (Kneebone), wireless controller for energy reduction (Regen Energy), in-vehicle sensors (Skymeter) and social media monitoring (Sysmos).

 

 c2clinkcorporation

http://www.echologics.com 

http://ipeaknetworks.com/images/ipeak_logo_f6fbfe_49h.png

skymeter

kneebone

nulogy

regenenergy

sysomos

Love starting off 2009 with a funding announcement in a down market.

12 thoughts on “IAF announced funding 8 companies”

  1. Thanks for the mention David! We're very excited and greatly appreciate the Ministry's assistance. Social Media is a rapidly growing environment and we provide a very advanced and unique solution to help companies quickly understand what millions of consumers globally are saying online (for all to see and discuss) about their products / markets / competitors and industries. Steve Dodd Business Development <a href="http://www.sysomos.com&quot; target="_blank"><a href="http://www.sysomos.com</a>&quot; target="_blank">www.sysomos.com</a></a>

  2. Thanks for the mention David! We're very excited and greatly appreciate the Ministry's assistance. Social Media is a rapidly growing environment and we provide a very advanced and unique solution to help companies quickly understand what millions of consumers globally are saying online (for all to see and discuss) about their products / markets / competitors and industries.
    Steve Dodd
    Business Development
    http://www.sysomos.com

  3. Hey David, don't forget Nulogy! We make software for managing complex manufacturing businesses. (Just the tip of the iceberg, but it's pretty industry-specific stuff.) Thanks for the mention!

  4. Hey David, don't forget Nulogy! We make software for managing complex manufacturing businesses. (Just the tip of the iceberg, but it's pretty industry-specific stuff.) Thanks for the mention!

  5. Hey John,

    It looks like April is the big PR month for the Ministry of Research and Innovation. At the Premier's Catalyst awards there was a lot of biotech:

    * Spartan Bioscience
    * Profound Medical

    Which is not IAF funding but it is support. There is also the announcements of $21MM in support for HTX which is part of the $161MM program for Life Sciences Strategy [pdf] and McMaster based GL2 program.

    It's an area that I can honestly claim a little bit of ignorance.

  6. Thanks David.
    As far as I can tell, the IAF have only ever made 1 investment in the biotech sector. It has been suggested to me that their investment advisory committee has poor representation from that sector, which may explain, in part, their reluctance to make those investments. Of course, biotech is inherently more 'risky' than some of the other sectors, but that is exactly why funds like the IAF are needed.
    J

  7. Hey John,

    Suzie Dingwall Williams provides some recent commentary on the make up of the investment committee shaping it's deals. Perhaps this will change with the announcement of Barry Gekiere who was at Ventures West previously.

    I don't know a lot about the “new IAF investment committee”. They have moved from OCE to MaRS. Looks like the have 3 Life Sciences and Healthcare companies:

    * Atreo Medical
    * eSight
    * VitaSound

    Craig Hiyashi wrote up the IAF on StartupNorth as a funding source in 2009.

    Suzie's analysis is spot on. Her questions about the investment committee are not vertical based, but suggesting there is too high a concentration of Ontario VCs that might be shaping the investments.

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