Memex Qualifies for Federal Funding
The software supplier will receive up to $800,000 in Canadian funding.
Posted: March 23, 2015
Astrix Networks Inc. (Burlington, ON; operating as Memex Automation), 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 funding announcement took place at the company’s Burlington 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 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,” said Goodyear. “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,” added Wallace. “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,” said David McPhail, the president and chief executive officer of Memex. “We are 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 software solution.”
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