The Federal Economic Development Agency for Southern Ontario (FedDev) put up $4.85 million into young startups, in order to leverage an additional $15.2 million from venture capital and angel investment groups. The companies to receive funding are as follows:
Trillium Therapeutics Inc.
Total funding: $2.97-million
Sources: $965,000 from FedDev and $2-million from Covington Capital, GrowthWorks, and BDC Venture Capital.
Purpose: The biotechnology company wants to conduct clinical testing of a new therapy to threat a chronic bladder disease affecting millions of North American women.
Profound Medical Inc.
Total funding: $16.2-million
Sources: $867,000 from FedDev and $7.5-million from Genesys Ventures, BDC Venture Capital, MaRS Investment Accelerator Fund, and Tri-Color Venture Fund.
Purpose: Company has developed a non-surgical treatment method for prostate cancer and needs the money to fund the regulatory approval process.
Axela Inc.
Total funding: $2.8-million
Sources: $708,333 from FedDev and $2.125-million from VenGrowth Capital.
Purpose: The company is hoping to continue developing its protein analysis tools to provide more detailed medical diagnoses.
Field ID Inc.
Total funding: $2.23-million
Sources: $575,000 from FedDev, $500,000 from the BDC and $1.15-million from the IntelliVest Angel Group.
Purpose: To enhance the delivery platform of its automatic corporate inspection and safety software to large oil, gas, mining and utilities companies.
StickerYou Inc.
Total funding: $2.04-million
Sources: $539,305 from FedDev, $500,000 from an unnamed venture capital firm and $1-million from IntelliVest.
Purpose: Customized sticker and label maker wants to optimize its online platform with new features such as home printing and also launch a mobile application.
Futurestate IT
Total funding: $1.5-million
Sources: $500,000 from FedDev, $1-million from the MaRS Investment Accelerator Fund and angel investment from members Maple Leaf Angels.
Purpose: To further develop software solutions allowing companies to migrate software and data from old operating systems to newer ones.
Fuse Powered Inc.
Total funding: $1.5-million
Sources: $500,000 from FedDev, $1-million from BlackBerry Partners Fund
Purpose: Digital mobile game publisher behind Fuseboxx will continue developing the Fuseboxx mobile gaming technology platform.
Shiny Inc.
Total funding: $592,500
Sources: $197,500 from FedDev, $395,000 from York Angel Investors and Maple Leaf Angels.
Purpose: Advertising technology company wants to commercialize its self-service online advertising platform.
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