Government of Canada Announces Support for Local Technology Firms and Start-up Hub
Today, the honourable Mark Eyking, Member of Parliament for Sydney–Victoria, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), announced federal investments totaling just under two million for the local tech sector in Sydney, Cape Breton.
The Government of Canada is contributing nearly $1,000,000 to Ubique Networks Inc. to support the development of a technology that will level the playing field for multiplayer online games by accessing a server which is geographically equidistant from all players. The company will receive $500,000 through ACOA’s Business Development Program (BDP), and up to $498,000 through the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). Ubique’s Founder and CEO, Vijai Karthigesu, said his company has invested their expertise in creating a technology that reduces network lag in multiplayer online games (MOGs), thus delivering the ultimate gaming experience regardless of location or Internet performance. Additional contributors to this project include Innovacorp, with a venture capital investment of $500,000.
Mimir Networks Security Systems Ltd., has developed a purpose-built, integrated platform that allows enterprises, service providers, and government entities to protect their networks from various forms of cyber-attacks. Mimir will receive $486,000 through ACOA’s BDP to commercialize its innovative network security system, the MSA20G. Innovacorp has also contributed to this project, with a venture capital investment of $100,000. Jim Deleskie, Founder and CTO of Mimir, says his company’s aim is to provide world class, state-of-the-art cyber security solutions not only to the Fortune 500 community, but at a price which is attainable to organizations of all sizes.
The announcement was held at the New Dawn Centre for Social Innovation, home to Navigate Startup House (Navigate), the third recipient of ACOA BDP funding announced today. Navigate works with start-up tech companies with high-growth potential to provide mentorship and networking opportunities essential to the commercialization of their technologies. The Government of Canada is contributing $325,600 to support the creation of a digital media “incubator” to assist entrepreneurs by bringing together the expertise of mentors and like-minded entrepreneurs under one roof.
The Business Development Program (BDP) is in place to assist with the startup, expansion or modernization of businesses located or looking to locate in Atlantic Canada. Focusing on small and medium-sized enterprises, the BDP provides access to capital in the form of interest-free repayable assistance. The BDP also provides financial support in the form of non-repayable assistance to not-for-profit organizations that provide support to Atlantic businesses.
“Innovation is critical to the long-term success of any organization—or any country. In keeping with Budget 2016, the Government of Canada is committed establishing momentum for prospective entrepreneurs and established businesses through the championing of our talents and collective resources. The recipients of the funding announced today provide strong examples of what can be done in Atlantic Canada.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for the Atlantic Canada Opportunities Agency
“We are currently living in one of the most exciting times in human history, where innovation and technology is pushing forward and transforming the way we live, work and connect. In order to continue to maximize our economic success, we need smart, forward-thinking companies and organizations like those here with us today.”
- The Honourable Mark Eyking, Member of Parliament for Sydney-Victoria
“Cape Breton’s start-up scene is incredibly vibrant right now. It’s exciting to watch the evolution here. We’re grateful to be able to work with ACOA as we invest in great start-ups in Cape Breton and across the rest of Nova Scotia.”
- Stephen Duff, CEO of Innovacorp
“Ubique represents quality, dependability and value. This investment will bring us to exactly where we need to be in order to revolutionize the gaming world, and we are excited to see our company’s commitment to excellence and innovation taking root in new markets.”
- Vijai Karthigesu, Founder and CEO of Ubique Networks Inc.
“Cape Breton has a growing tech sector with a great support system locally. We can do what we do from anywhere, but we chose to do business in Sydney because of the eco system that has been developing over the last few years. We benefit from and contribute to that eco system and are encouraged by the many areas of support by government at each phase of our development.”
- Jim Deleskie, Founder and CTO of Mimir Networks Security Systems Ltd.
“The entrepreneurs we work with are clear proof that we can build world-class startups right here in Cape Breton, and I think that’s what it comes down to. Our overarching goal at Navigate is to ignite that contagious, “can-do” entrepreneurial spirit in startup companies throughout Atlantic Canada.”
- Ardelle Reynolds, Executive Director of Navigate Startup House
Ubique Networks Website - http://www.ubiquenet.com/
Mimir Networks Website - http://www.mimirnetworks.com/
Navigate Startup House Website - http://www.navigatestartup.com/
Alex Smith Director of Communications and Outreach
Atlantic Canada Opportunities Agency
Phone: 902-426-9417 / 902-830-3839 (cell)
Founder and CEO
Ubique Networks Inc.
Email: email@example.com v
Founder and CTO
Mimir Networks Security Systems Ltd.
Navigate Startup House