Argentum Electronics has been named the winner of the N100 Evolution startup competition, successfully securing a $250,000 investment.
The competition is organized by the Northumberland Community Futures Development Corporation (CFDC), and invites startups across Ontario to compete for the funding.
Argentum Electronics, based out of the Innovation Centre for Urban Energy at Ryerson University, developed the Smart Power over Ethernet Controller (SPEC) product line, which aims to make electrical devices more efficient by connecting to an intelligent control platform while also delivering power.
Argentum Electronics aims to make electrical devices more efficient by connecting to an intelligent control platform, while delivering power.
The company is backed by partnerships with Microsoft’s IoT and AI Insider Lab, along with support from the University of Toronto’s Impact Centre and Ryerson University’s Clean Energy Zone. Its operations are now moving to Venture13 innovation centre in Cobourg, where the competition took place.
“Winning the N100 competition is a game changer for us,” said Bolis Ibrahim, founder and CEO of Argentum Electronics. “With this capital injection we will be able to get our Smart Power over Ethernet Controller (SPEC) product line ready for manufacturing and market entry. Ultimately this will put our company in a highly investable position.”
The company has also been named winners of multiple other awards, including the Norman Esch Engineering and Innovation Award and the Ontario Centres of Excellence David McFadden Energy Entrepreneur Challenge. Recently, Argentum Electronics received a gold medal in Korea Electric Power Corporation’s digital transformation conference this past October.
“We are excited about Argentum Electronics’ PoE [power over ethernet] technologies and the opportunity for collaboration with local firms and organizations devoted to industrial innovation,” Northumberland CFDC Executive Director Wendy Curtis said. “Congratulations to Bolis Ibrahim for your exemplary performance in N100 and we look forward to playing a major role in your advancement.”
Featured image via BusinessWire.