Astrix Networks Inc, which operates as Memex Automation, has obtained up to $800,000 from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). FedDev Ontario said members of the Niagara Angel Network also committed $1.6 million of financing to the company. Based in Burlington, Ontario, Memex is a provider of technology solutions that enable automated machine tools to work and connect on the factory floor. The company will use investment proceeds to commercialize the latest version of its product MERLIN and additional features to be rolled out in the coming years.
Harper Government Supports Memex Automation Technology to Improve Manufacturing Productivity
BURLINGTON, ONTARIO–(Marketwired – March 19, 2015) – Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Astrix Networks Inc., operating as Memex Automation, will bring to market a new version of its technology that helps manufacturers become more productive, thanks to an investment of up to $800,000 announced today by FedDev Ontario Minister Gary Goodyear and Burlington MP Mike Wallace.
Founded in 1992, Memex Automation supplies companies with products that allow manufacturing machines to communicate with each other and with production management systems. Memex Automation will use the federal funding to commercialize the latest version of its product MERLIN (Manufacturing Execution Real-time Lean Information Network) and to test and commercialize additional features to be rolled out in the coming years.
Manufacturers use MERLIN to measure the efficiency of their production capacity. By monitoring production as it happens, companies can increase their productivity by reducing downtime between jobs.
The Harper Government’s repayable contribution, through FedDev Ontario’s Investing in Business Innovation initiative, is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
Following the announcement, Minister Goodyear and MP Wallace will visit ADFLOW Networks, an innovative technology company that delivers award-winning Digital Signage and interactive marketing solutions to leading retailers and brands across North America. The company received a repayable contribution of $99,093 from FedDev Ontario to expand its facilities and establish a technology innovation centre.
Minister Goodyear and MP Wallace will also host a roundtable with students and recent graduates at McMaster’s DeGroote School of Business in Burlington campus to discuss opportunities for the Government of Canada to support aspiring entrepreneurs.
•Memex expects to create 16 jobs and maintain 22 during the project.
•Memex Automation has also attracted $1.6 million from a team of investors who are members of the Niagara Angel Network.
•Memex has been awarded the 2013 PEM Plant Engineering & Maintenance Award for Best Company with Fewer Than 50 Employees. It was also awarded the 2013 Frost and Sullivan Best Practices Award for Machine Monitoring Systems.
•FedDev Ontario’s Investing in Business Innovation funding is available for early-stage businesses with fewer than 50 employees; southern Ontario-based angel investor networks; and not-for-profit organizations that provide skills development and seed financing to new entrepreneurs.
•Since its creation in August 2009, FedDev Ontario has invested more than $1.2 billion, resulting in partnerships with thousands of organizations and additional leveraged investments from almost exclusively non-government sources to support businesses, organizations and communities in southern Ontario.
“Advanced technologies are increasingly being adopted by our manufacturers as they seek to improve their competitiveness. This investment is an example of how our Government is helping manufacturers stay in the region to create new jobs and foster innovation.”
– Gary Goodyear, Minister of State for FedDev Ontario
“Memex Automation is changing how manufacturers operate by providing ways to maximize the efficiency of existing machines on the shop floor. Our Government is proud to support this innovative technology that will help businesses in such a key sector of our economy.”
– Mike Wallace, Member of Parliament for Burlington
“We are grateful for the support from the Government of Canada’s Investing in Business Innovation initiative from the FedDev Ontario. 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.”
– David McPhail, President and CEO, Memex Automation
Speech: Investing in Business Innovation initiative funding announcement for Memex Automation Inc.
Investing in Business Innovation initiative
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