Memex awarded up to $800K FedDev Ontario funding
Mar. 23, 2015 – Astrix Networks (operating as Memex Automation) has qualified for up to $800,000 in Canadian government funding directed specifically towards the continued development of its flagship product, MERLIN (Manufacturing Enterprise Real-time Lean Information Network) software.
The announcement took place last week at the company’s Burlington, Ont., head office in a joint press conference with Gary Goodyear, minister of state for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), and Burlington Member of Parliament, Mike Wallace, along with senior company executives.
“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.”
The government’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.
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.
“We are grateful for the support from the Government of Canada’s Investing in Business Innovation initiative from FedDev Ontario,” said 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.”
PHOTO: From left, John Rattray, Memex Automation vice-president sales & marketing, discusses electronic boards made by Memex with Mike Wallace, MP for Burlington, and Gary Goodyear, minister of state for FedDev Ontario.