Through FedDev Ontario, the Government of Canada has invested nearly $11.2 million CAD in a trio of Ottawa-based software firms: Solace, You.i TV, and Lytica.
The funding comes in the form of no-interest, repayable contributions through FedDev Ontario’s Business Scale-Up and Productivity program, which provides between $500,000 and $10 million to eligible projects. The federal investment is designed to assist the three companies in their efforts to scale and grow.
FedDev Ontario expects this latest funding to contribute to the creation of approximately 140 jobs across Ottawa.
Funding under this stream helps to accelerate the growth of firms and assist with the adoption of new, innovative technologies that support scale-up, productivity, and the development of and entry into new markets to help companies become globally competitive.
“Helping companies innovate so that they may increase their competitiveness and create high-quality jobs has been at the heart of our priorities for many years,” said Canada’s Minister of Economic Development Mélanie Joly, who oversees FedDev Ontario. “We support these successful Ontario SMEs that will be part of the solution to give back good jobs to Ontarians, contribute to the vitality of our local economies and, for some, fight the pandemic.”
FedDev Ontario is a Government of Canada regional development agency (RDA) focused on promoting innovation and business growth in southern Ontario.
Solace, which was founded in 2001, builds event streaming and management software that allows companies to seamlessly convey data between applications, sensors, and machines. The company will receive $7 million in FedDev Ontario funding to promote its software solution across new industries. The government stated it expects the funding to create 67 skilled jobs.
“Operating in real-time is emerging as a critical requirement for digital transformation, and the event-streaming and management technology that Solace provides is part of what information technology needs to achieve it,” said Mychelle Mollot, Solace’s chief marketing officer. “FedDev Ontario’s support will be critical in helping Solace become a leader in this emerging global market.”
Founded in 2008, You.i TV provides a video streaming development platform for media, TV, sports, and entertainment organizations. The company will receive $3.1 million to adapt its products and expand its market reach. The government stated it expects the funding to create 55 skilled jobs.
“As demand for streaming services and the proliferation of consumer devices surge worldwide, our mission has never been more important: help the world’s largest brands own the glass and deliver content everywhere,” said Jason Flick, CEO and co-founder of You.i TV. “This investment will help fuel our expansion into new markets and verticals that will help our customers reach new viewers and subscribers, wherever they are watching.”
Lytica, which was founded in 2005, uses artificial intelligence (AI) to offer marketing insight to the electronics industry, serving companies in the industrial, electronics manufacturing, consumer, medical, telecom, social media and military sectors. The company is set to receive $1.08 million to transition its web-based portal to a SaaS model. The government stated it expects the funding to create 16 skilled jobs.
“Working with leading electronics companies globally, we drive cost reduction, lower risk and save our clients millions in procurement costs,” said Martin Sendyk, president and CEO of Lytica, who called FedDev Ontario’s support “a great help,” adding that it enables the company to “accelerate the transition to a full SaaS business model and address an ever-growing global customer base.”
Since November 2015, FedDev Ontario claims it has invested nearly $629 million in 397 tech projects across Southern Ontario. FedDev Ontario expects this latest funding to contribute to the creation of approximately 140 skilled jobs across the Ottawa region, mainly in the fields of science, technology, engineering, and math. It also predicts it will generate more than $28 million in total investment for the Ottawa Region, and “significantly increase” supply chain spending.