Tech innovators receive gov’t $ support
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FedDev Ontario announces $11 million for three innovative firms to scale-up
A group of tech entrepreneurs in the Ottawa region have become recipients of a total FedDev Ontario investment of nearly $11.2 million to support their scale-up and growth. The three tech companies situated amid one the largest tech and research hubs in Canada include: Lytica Inc., Solace Corp. and You.i TV. Each firm has demonstrated the ability to harness the transformative power of digital technology to support industries across the Canadian economy, according to 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.
“These technologies support skilled jobs and economic growth, and allow the region to be more resilient in the face of COVID-19,” McCrimmon says.
Lytica’s AI market insights
Lytica Inc. uses artificial intelligence (AI) to provide real-time market insights to help companies find competitive prices and suppliers for electronic components. With a $1.08-million contribution from FedDev Ontario, Lytica will transition its current web-based portal to a Software as a Service (SaaS) model, enabling customers to integrate Lytica’s pricing analysis tools into their existing procurement software. This shift to a more customized, on-demand service will increase the platform’s value and global presence, bringing its customer base to over 500 clients worldwide. Through this project, 16 skilled jobs will be created in the Ottawa region.
“Lytica provides comprehensive and trusted component pricing intelligence for the electronics industry. Working with leading electronics companies globally, we drive cost reduction, lower risk and save our clients millions in procurement costs,” says Martin Sendyk, president and CEO, Lytica. “FedDev Ontario’s support is a great help to Lytica, as it enables us to accelerate the transition to a full SaaS business model and address an ever-growing global customer base.”
Solace and You.i TV
Solace Corp. enables the smart, secure and efficient movement of data for large global banks, telecommunications providers, and gaming companies. With nearly 20 years of experience and more than 350 employees, its technology is an essential tool for large corporations with high volumes of data looking to connect across a wide range of platforms, Clouds, time zones and locations.
You.i TV is a leading Canadian technology company that provides a video streaming development platform that helps the world’s leading TV and media brands distribute content across multiple digital media devices (including mobile, set-top boxes, game consoles, smart TVs and streaming devices). With FedDev Ontario’s $3.1-million repayable contribution, You.i TV will adapt its products and expand its market reach to new segments organically and through partnerships.
“These three advanced technology projects build on Ottawa’s history of tech research and innovation, and ensure that we keep pushing the boundaries to grow our regional economy. These companies are leaders in their industries and will not only strengthen our technology cluster, but will create over 140 quality skilled jobs across the Ottawa region,” McCrimmon continues.