FedDev, BDC Capital, angel investors to support Ottawa startups
Two Ottawa-based startups have secured $1.45 million in funding from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) to further develop and bring their products to market. FedDev said the investment will leverage up to $2.95 million in additional funding from BDC Capital and angel investors.
Gymtrack Inc. will receive up to $804,800 to bring its first-in-kind fitness tracking system to market. Clearwater Clinical Inc. will receive up to $650,000 to improve its mobile endoscopy tool and increase its marketing and sales activities.
FedDev Ontario’s funding will allow these companies to increase sales, both in Canada and globally, and to strengthen the information and communications technology (ICT) sector and mobile medical device industry in the Ottawa region.
“Today’s announcement is another example of our support for innovative Canadian businesses. Congratulations to Gymtrack Inc. and Clearwater Clinical Inc. We look forward to seeing their technologies reach new markets here and around the world,” said the Honourable Catherine McKenna, Minister of Environment and Climate Change and Member of Parliament for Ottawa Centre.