Three Kanata North tech firms have received millions of dollars in federal funding to help expand their market reach as well as grow their employee headcounts.
The Federal Economic Development Agency of Southern Ontario announced in July that Lytica, Solace and You.i TV will collectively receive repayable loans totalling $11.2 million, with the goal of supporting the scale-up and growth of the three leading tech firms.
Lytica, which is receiving just over $1 million, will focus on transitioning its AI market insight technology into a SaaS model to better serve clients with on-demand customizable services.
Solace will use its $7 million loan to amplify its latest event streaming and management service PubSub+. The monetary assistance will allow Solace to advertise its technology to new market verticals while also accelerating the company’s growth.
The remaining $3.1 million will go to video streaming software company You.i TV, which is keen to expand the company’s reach outside of North America by fostering partnerships with big name entertainment and technology companies.
While the financial support will help further strengthen the innovation within the companies, it will also fund nearly 150 new jobs in the region, further elevating Kanata North’s position as Canada’s largest tech park.