FedDev Ontario Funding Announcement – Lytica Inc.

Supporting innovation for a stronger economy

Minister Mélanie Joly announces over $11 million for three innovative firms to expand capabilities, benefit new markets and create over 140 jobs

It is with the support of new technologies that entrepreneurs succeed in developing new products, improving production methods, deploying new marketing strategies and implementing new business processes. Businesses and organizations in all sectors need innovative solutions to stand out from the competition, improve their productivity and ensure sustainable growth.

As one of the largest tech and research hubs in Canada, the Ottawa region is harnessing the transformative power of digital technology to support industries across the Canadian economy. These technologies support skilled jobs and economic growth, and allow the region to be more resilient in the face of COVID-19.

Today, Karen McCrimmon, Member of Parliament for Kanata–Carleton, on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a total FedDev Ontario investment of nearly $11.2 million to support the scale-up and growth of three leading tech firms in the region: Lytica Inc. (Lytica), Solace Corp. (Solace) and You.i TV.

Lytica Inc. uses artificial intelligence (AI) to provide real-time market insights to help companies find competitive prices and suppliers for electronic components. With a $1.08-million contribution from FedDev Ontario, Lytica will transition its current web-based portal to a Software as a Service (SaaS) model, enabling customers to integrate Lytica’s pricing analysis tools into their existing procurement software. This shift to a more customized, on-demand service will increase the platform’s value and global presence, bringing its customer base to over 500 clients worldwide. Through this project, 16 skilled jobs will be created in the Ottawa region.

Solace Corp. enables the smart, secure and efficient movement of data for large global banks, telecommunications providers, and gaming companies. With nearly 20 years of experience and more than 350 employees, its technology is an essential tool for large corporations with high volumes of data looking to connect across a wide range of platforms, Clouds, time zones and locations. Its recently launched PubSub+ event streaming and management platform will enable Solace to address new users through various new industries like automotive, manufacturing and healthcare. A $7-million contribution from FedDev Ontario will allow the company to promote its new software solution across new industries, significantly accelerating Solace’s growth. Through this investment, the company will secure its position as one of the first-to-market in this new category of modern technology and create 67 skilled jobs in the Ottawa region.

You.i TV is a leading Canadian technology company that provides a video streaming development platform that helps the world’s leading TV and media brands distribute content across multiple digital media devices (including mobile, set-top boxes, game consoles, smart TVs and streaming devices). With FedDev Ontario’s $3.1-million repayable contribution, You.i TV will adapt its products and expand its market reach to new segments organically and through partnerships. The company expects to double its revenues in the next three years by increasing its market development beyond North America and television and media market segments, resulting in a new global clientele. In addition, You.i TV will develop a world-class innovation space to foster engagement with local universities and customers to push new technology boundaries and develop local talent. The project will create 55 skilled jobs in the Ottawa region.

The COVID-19 pandemic has highlighted the critical importance of technology and propelled new technological developments and trends. With workplaces and industries shifting online and the need for virtual solutions greater than ever, tech firms like these have managed to adapt their models to continue to service their clients, while finding opportunities for development and growth.

With Government of Canada support, these three projects are expected to create over 140 skilled jobs across Ottawa, primarily in the fields of science, technology, engineering and math (STEM). Together, the projects will generate more than $28 million in total investment for the Ottawa Region and significantly increase regional supply chain spending.

Quotes

“These three advanced technology projects build on Ottawa’s history of tech research and innovation, and ensure that we keep pushing the boundaries to grow our regional economy. These companies are leaders in their industries and will not only strengthen our technology cluster, but will create over 140 quality skilled jobs across the Ottawa region.”

Karen McCrimmon, Member of Parliament for Kanata–Carleton

“Across the country, technology is transforming traditional industries, business development and the way in which we collaborate. Helping companies innovate so that they may increase their competitiveness and create high-quality jobs has been at the heart of our priorities for many years. We support these successful Ontario SMEs that will be part of the solution to give back good jobs to Ontarians, contribute to the vitality of our local economies and, for some, fight the pandemic. As shown by today’s announcement, we were there for them before the pandemic and we will continue to work together to find solutions and come back even stronger.”

The Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario

“Lytica provides comprehensive and trusted component pricing intelligence for the electronics industry. Working with leading electronics companies globally, we drive cost reduction, lower risk and save our clients millions in procurement costs. We are thrilled to be working with FedDev Ontario. Their support is a great help to Lytica as it enables us to accelerate the transition to a full SaaS business model and address an ever-growing global customer base.”

Martin Sendyk, President and CEO, Lytica

“Solace enables organizations around the world to operate in real-time by moving data from business events like “order entered,” “boarding pass scanned,” and “product shipped” from where they occur to where they need to be—and with lightning speed. Operating in real-time is emerging as a critical requirement for digital transformation, and the event-streaming and management technology that Solace provides is part of what IT needs to achieve it. FedDev Ontario’s support will be critical in helping Solace become a leader in this emerging global market. We are incredibly grateful for the expanded growth opportunity it will provide.”

Mychelle Mollot, Chief Marketing Officer, Solace

“As demand for streaming services and the proliferation of consumer devices surge worldwide, our mission has never been more important: help the world’s largest brands own the glass and deliver content everywhere. This investment will help fuel our expansion into new markets and verticals that will help our customers reach new viewers and subscribers, wherever they are watching.”

Jason Flick, CEO and Co-founder, You.i TV

Quick facts

  • For over three decades, Ottawa has been a global leader in telecommunications technology. Today, Canada’s capital is one of the most diverse tech hubs in North America.
  • Today’s announcement represents more than $11 million in repayable contributions to these Ottawa-based tech companies.
  • Established in 2005, Lytica provides trusted electronics marketing intelligence to the world’s top electronics companies across a range of sectors, including industrial, electronics manufacturing, consumer, medical, telecom, social media and military.
  • Established in 2001, Solace Corp. has become a world leader in software solutions that help companies to quickly, reliably and securely stream data seamlessly between applications, sensors, and machines.
  • Established in 2008, You.i TV offers a software development platform that has been adopted by several leading media, TV, sports and entertainment organizations to deliver content, engage users and ultimately create fans. You.i Engine allows customers to build personalized, profitable experiences quickly on all platforms—mobile devices, set-top boxes, game consoles, and streaming devices—from a unified code base.
  • Since November 2015, FedDev Ontario has invested nearly $629 million in 397 tech projects across southern Ontario.

https://www.canada.ca/en/economic-development-southern-ontario/news/2020/07/supporting-innovation-for-a-stronger-economy.html

http://www.feddevontario.gc.ca/eic/site/723.nsf/eng/h_02456.html?OpenDocument#1-headline

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