Up to 12 new jobs will be created as a result of the Deferal Development Agency for Southern Ontario’s (FedDev) investment into is5 Communications Inc. The local manufacturer of telecommunications products will improve the speed and security of their products with new innovation funded by this investment.
The loaned investment will generate an additional $1.5 million of private funds from the Canadian Venture Capital Association and York Angel Investors. The increase in employees, sales and development of new products will also increase the number of Ontario suppliers by 30 per cent.
“I am very appreciative of our federal government’s support of Canadian technology companies, which is helping us to thrive and grow as a company. The repayable contribution received from FedDev Ontario will help iS5 Communications Inc. to commercialize our products, including our latest innovation, “Raptor,” and optimize our supply chain to improve our competitiveness in the global market.”
– Clive Dias, President and Chief Executive Officer, iS5 Communications Inc.
For information: http://www.feddevontario.gc.ca/eic/site/723.nsf/intro