Toronto, Ontario (June 24, 2011) – Maintenance Assistant will have a greater opportunity to develop new technologies thanks to a Government of Canada investment of nearly $1 million announced Monday, June 20th by the Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
“The Government of Canada is investing in the people, businesses and communities of southern Ontario to create jobs and encourage economic growth,” said Minister Goodyear. “New businesses face many challenges getting access to capital. Today’s investment will help these companies develop new ideas and bring them to market.”
Maintenance Assistant Inc. will receive a contribution of up to $975,000 to enhance its Collaborative Computerized Maintenance Management software to help businesses better maintain equipment and machinery, as well as procure parts and services through a web-based format. The company has also received support from accredited angel investors.
“I am extremely pleased to receive this federal funding through Investing in Business Innovation,” said Marc Castel, Chief Executive Officer of Maintenance Assistant Inc. “In combination with our angel investment through the Golden Triangle Angel Network and the Niagara Angel Network, the government support will allow us to focus on our growth objectives and build a world-class enterprise software company for equipment maintenance.”
Investing in Business Innovation is a direct result of feedback from business leaders, academics and community leaders from across southern Ontario, who suggested FedDev Ontario take a leadership role in encouraging entrepreneurs and investors to take the risks necessary to put southern Ontario businesses on the map.
About FedDev Ontario’s Investing in Business Innovation Program
FedDev Ontario was created as part of Canada’s Economic Action Plan to support businesses and communities in southern Ontario. Now in its second year of operation, the Agency has launched a number of initiatives to create a Southern Ontario Advantage and place the region in a strong position to compete in the global economy. FedDev Ontario’s Investing in Business Innovation is designed to boost private sector investment in start-up businesses to accelerate the development of new products, processes and practices and help bring them to market. Funding under the initiative is also available for angel investor networks and their associations to attract new investment and support the growth of angel investment funds.