Memex Automation qualifies for up to $800,000 in FedDev funding
Memex Automation (Astrix Networks Inc.), Burlington ON, a global leader of manufacturing Machine to Machine (M2M) productivity software, has qualified for up to $800,000 in Government of Canada funding directed specifically towards the continued development of its flagship product, MERLIN (Manufacturing Enterprise Real-time Lean Information Network) software.
The Government of Canada’s repayable contribution, through FedDev Ontario’s Investing in Business Innovation (IBI) initiative, is aimed at strengthening the innovation ecosystem 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,” says 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.”
“Memex Automation is changing how manufacturers operate by providing ways to maximize the efficiency of existing machines on the shop floor,” adds Mike Wallace, Member of Parliament for Burlington. “Our Government is proud to support this innovative technology that will help businesses in such a key sector of our economy.”
“We are grateful for the support from the Government of Canada’s Investing in Business Innovation initiative from FedDev Ontario” says David McPhail, president and CEO of Memex Automation. “Memex Automation is a high-growth company that is adding knowledge-based jobs in Canada while we transform the productivity of global manufacturing firms with our shop- floor-to-top-floor communications technology. 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.”