$800,000 in Fed funding for Memex Automation
- March 19, 2015
Memex Automation, a Canadian supplier of manufacturing M2M productivity software, has received $800,000 funding from the Federal Economic Development Agency for Southern Ontario. The repayable loan will allow for accelerated development of the company's flagship product, MERLIN, and create 16 new jobs at the Burlington, ON, company.
MERLIN is a shop floor communications platform that enables “shop floor to top floor” monitoring of machine tool performance. The company claims it can increase machine utilization by an average of 10 to 50 per cent, and related income from operations by 20 to 60 per cent.
"Our Government is proud to support this innovative technology that will help businesses in such a key sector of our economy," said Gary Goodyear, Minister of State for the Federal Economic Development Agency that is providing the loan through through FedDev Ontario’s Investing in Business Innovation (IBI) program. The program is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
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.
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.”