MISSISSAUGA, ONTARIO--(Marketwired - Mar 3, 2017) - Federal Economic Development Agency for Southern Ontario (FedDev Ontario)
Canadians working for a Mississauga-based manufacturer of telecommunications products will develop faster, more secure ethernet switches and other network equipment as a result of a $750,000 investment from the Government of Canada.
This investment in iS5 Communications Inc. is expected to create up to 12 skilled jobs - nearly doubling its workforce and allowing the company to develop new products that can be sold globally.
FedDev Ontario's funding, through the Investing in Business Innovation initiative, was announced today by the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, Minister responsible for FedDev Ontario and Member of Parliament for Mississauga-Malton.
iS5 Communications provides mission-critical industrial ethernet products to industries, such as the utilities, defence and transportation sectors. The company produces network equipment that is resistant to extreme temperatures, signal interference and cyber attacks. The resilience of these products allows information and data to be transmitted faster and more securely. iS5 Communications Inc. to be the first of its kind to release a unique cyber security platform and technology to operate reliably in temperatures ranging from -40C to +85C without being affected by frequency interference from other sources.
The Government's Innovation Agenda aims to make Canada a global centre for innovation - one that drives economic growth by creating better jobs, opportunities and living standards for all Canadians. This investment is an example of that vision in action.
"Where innovation happens matters because that's where the best jobs are located. When companies such as iS5 Communications innovate, they create well-paying, middle-class jobs. And those jobs spin off into more good jobs in every community where innovation happens. That's how innovation leads to a better Canada."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario
"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.
- iS5 Communications Inc., founded in 2012, provides telecommunications solutions for the utility, industrial, transportation, defence and surveillance industries to markets all over the world.
- FedDev Ontario's repayable contribution of up to $750,000 will attract an addition $1.5 million from accredited members registered with the Canadian Venture Capital Association and the York Angel Investors.
- As a result of increased sales and the development of new products, the company will be increasing the number of Ontario based suppliers by 30 percent.