Eigen Innovations, an AI-based IoT software company, has received $800,000 in funding from the federal government’s Atlantic Canada Opportunities Agency (ACOA).
The funding comes in the form of a conditionally repayable contribution of $708,067, and two non-repayable contributions of $50,000.
Eigen is expanding its operations in the US, and looking into new markets in Asia and Europe.
A portion of the funding is set to help with global expansion. Eigen is currently expanding its operations in the US, and also looking into new markets in Asia and Europe. According to ACOA, the company will use the $708,067 towards a marketing project, targeted towards those regions.
The money will also be used for hiring two senior positions. Part of $50,000 will be put aside for hiring a lead data scientist, and another $50,000 will also be used to hire a machine learning architect.
“Eigen is proud of its Atlantic roots and committed to growing and creating jobs here,” said Scott Everett, CEO and Co-founder of Eigen Innovations. “We are thrilled to partner with ACOA and look forward to adding to our team here in order to grow our business in North America and around the globe.”
Eigen, based in Fredericton, creates AI business solutions that help manufacturers refine their processes. InOctober, the company closed a $3.5 million round of equity financing, led by Globalive Technology. In 2016, Eigen also closed $1.4 million in equity financing.
The announcement was made today by Matt DeCourcey, parliamentary secretary to the minister of Immigration, Refugees, and Citizenship, who also represents the riding of Fredericton. The announcement was made on behalf of Navdeep Bains, minister of Innovation, Science, and Economic Development and the minister responsible for ACOA.
In December, the ACOA invested $280,500 in Nova Scotia Business Inc.’s Scaleup Hub Cambridge program, which allows Atlantic Canada startups to expand in and around the Boston area. In August, ACOA also invested $300,404 into Venture for Canada, a startup dedicated to training youth to work at startups for a two-year period.
Featured image courtesy CNW Group/New Brunswick Innovation Foundation