Burlington, ON Software Firm Nabs $800K in Federal Funding
Canadian Manufacturing – March 19, 2015 – Burlington, ON.
Memex Automation, a developer and seller of productivity optimization software, has qualified for up to $800,000 in Government of Canada funding to help continued development of its Manufacturing Enterprise Real-time Lean Information Network (MERLIN) software.
The funding announcement took place today at the company’s Burlington, Ont. head office in a joint press conference with Minister of State for the Federal Economic Development Agency for Southern Ontario, Gary Goodyear, and local Burlington Member of Parliament, Mike Wallace, along with senior company executives.
The Government of Canada’s repayable contribution, through FedDev Ontario’s Investing in Business Innovation (IBI) initiative, is aimed at strengthening innovation in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
IBI provides a repayable contribution of up to one-third of eligible costs of a project. A key element to the Memex Automation’s qualification for this initiative was the successful completion of its $2 million non-brokered private placement completed last August, representing two-thirds of the project cost. The company will be responsible for repaying all funds advanced without interest commencing in 2017.
“Advanced technologies are increasingly being adopted by our manufacturers as they seek to improve their competitiveness,” said Gary Goodyear, Minister of State for FedDev Ontario. “This investment is an example of how our Government is helping manufacturers stay in the region to create new jobs and foster innovation.”
“This important funding will be invested in accelerating the development and world-wide customer adoption of our MERLIN (Manufacturing Enterprise Real-time Lean Information Network) software solution,” said David McPhail, president and CEO of Memex Automation.
Memex Automation develops software to measure Machine-to-Machine (M2M) productivity and Overall Equipment Effectiveness (“OEE”).
To see the full press article, please click here.