SemiosBIO Technologies Inc. a discoverer and developer of pheromone-based pest control solutions recently received up to $474,000 through the Investing in Business Innovation (IBI) fund. The IBI fund assists start-up businesses to accelerate the commercialization of new products, processes, and practices by increasing, stimulating, and leveraging private sector investment. According to a news release by FedDev, the money will be used to complete product development and pre-commercialization activities for a pest control management product known as SemiosGUARD. SemiosBio Technologies Inc. will be the first in the world to develop and commercialize this pheromone-based bedbug management product. The product is expected to have a significant positive impact on the hospitality sector. With the assistance of funding, the company anticipates creating 46Â jobs in southern Ontario by 2017.
The IBI initiative addresses the development and commercialization challenges faced by start-up businesses in southern Ontario by helping them to obtain angel and venture capital investments in the development of their businesses. The initiative aims to: accelerate the commercialization of new products, processes, and practices; increase, stimulate, and leverage private sector investment; and encourage the growth of angel investment funds. Through this fund, SemiosBio Technologies was able to attract almost $1 million in investments from a group of angel investors.
