Supporting innovation for a more powerful economy – Canada.ca
Minister Mélanie Joly reveals over $11 million for three innovative companies to expand abilities, benefit brand-new markets and create over 140 tasks
July 14, 2020— Ottawa, Ontario
It is with the support of new technologies that entrepreneurs succeed in establishing brand-new items, enhancing production techniques, deploying brand-new marketing strategies and implementing brand-new service processes. Companies and companies in all sectors need ingenious options to stick out from the competitors, improve their performance and ensure sustainable development.
As one of the largest tech and research study hubs in Canada, the Ottawa region is harnessing the transformative power of digital technology to support markets across the Canadian economy. These innovations support experienced jobs and financial development, and enable the region to be more resistant in the face of COVID-19.
Today, Karen McCrimmon, Member of Parliament for Kanata– Carleton, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, revealed a total FedDev Ontario investment of almost $11.2 million to support the scale-up and development of three leading tech firms in the region: Lytica Inc. (Lytica), Solace Corp. (Solace) and You.i TELEVISION.
Lytica Inc. utilizes synthetic intelligence (AI) to supply real-time market insights to help companies discover competitive costs and providers for electronic components. With a $1.08-million contribution from FedDev Ontario, Lytica will shift its present web-based website to a Software as a Service (SaaS) model, making it possible for consumers to integrate Lytica’s prices analysis tools into their existing procurement software. This shift to a more tailored, on-demand service will increase the platform’s value and worldwide presence, bringing its customer base to over 500 clients worldwide. Through this project, 16 knowledgeable tasks will be developed in the Ottawa region.
Solace Corp. allows the wise, secure and effective motion of information for big international banks, telecoms service providers, and video gaming business. With nearly twenty years of experience and more than 350 workers, its innovation is an essential tool for big corporations with high volumes of information looking to connect across a vast array of platforms, Clouds, time zones and locations. Its recently introduced PubSub+ occasion streaming and management platform will make it possible for Solace to resolve brand-new users through numerous brand-new industries like vehicle, manufacturing and healthcare. A $7-million contribution from FedDev Ontario will enable the business to promote its new software application service across brand-new industries, significantly speeding up Solace’s development. Through this financial investment, the company will secure its position as one of the first-to-market in this new classification of modern innovation and create 67 competent jobs in the Ottawa region.
You.i TELEVISION is a leading Canadian technology company that provides a video streaming development platform that helps the world’s leading TELEVISION and media brand names disperse content across numerous digital media gadgets (consisting of mobile, set-top boxes, game consoles, smart TVs and streaming devices). With FedDev Ontario’s $3.1-million repayable contribution, You.i TELEVISION will adjust its items and broaden its market reach to brand-new segments organically and through partnerships. The business anticipates to double its earnings in the next three years by increasing its market development beyond The United States and Canada and tv and media market sectors, leading to a new global customers. In addition, You.i TELEVISION will establish a world-class development area to foster engagement with regional universities and customers to press new technology boundaries and establish local talent. The job will develop 55 experienced jobs in the Ottawa region.
The COVID-19 pandemic has highlighted the vital significance of innovation and moved new technological developments and patterns. With offices and industries moving online and the need for virtual services higher than ever, tech firms like these have handled to adapt their designs to continue to service their clients, while finding opportunities for development and growth.
With Government of Canada assistance, these 3 jobs are expected to produce over 140 competent jobs across Ottawa, primarily in the fields of science, technology, engineering and math (STEM). Together, the jobs will produce more than $28 million in total investment for the Ottawa Area and substantially increase regional supply chain costs.