Women in Tech Venture Fund completes investments in Eigen Innovations, Beanworks and Kiite
Fredericton, NB – October 12, 2018 – Eigen Innovations, a Fredericton-based IoT solutions provider for manufacturing systems, has closed $3.5M in its latest round of equity financing aimed at fueling additional growth in the company. The Honorable Mary Ng, Minister of Small Business and Export Promotion, alongside some of the company’s investors, celebrated the close at Eigen’s Fredericton headquarters today. At the event, one of those investors, BDC Capital’s Women in Technology Venture Fund (WIT), also announced two additional investments in up-and-coming tech companies with women at the helm.
“These funds allow us to bring greater depth and diversity to our team as we continue to evolve our AI- enabled technology and enhance our capabilities to deliver value to our industrial manufacturing clients,” said Erin Barrett, Eigen’s Vice President, Business Strategy. “We’re thankful for the renewed support from NBIF and BDC Capital, and thrilled to have Globalive Technology be a significant part of our journey. We are also proud to receive investment from the Women in Technology Venture Fund, who is helping pave the way for female leaders and founders that want to create new ventures.”
Eigen provides software that helps manufacturers optimize highly complex and repeatable processes using AI enabled technology. Its funding round includes investments from lead investor Globalive Technology Inc., BDC Capital’s Women in Technology Venture Fund, NBIF’s Venture Capital Fund, Opportunities New Brunswick (ONB), and over $1 million from New Brunswick angels who have been strong supporters since the inception of the company.
“We are impressed with Eigen’s growth to-date and its expanding business with some of the most prominent brands in automotive manufacturing,” said Anthony Lacavera, Globalive Technology’s founder and CEO. “With a strong leadership team in place and a proven and innovative AI solution, we believe the company is poised for further growth with industrial manufacturers in Canada and around the globe.”
“The government launched the Women Entrepreneurship Strategy because we believe that women’s economic empowerment is not just the right thing to do but it’s also good for the bottom line” said Minister Ng. “BDC Capital’s Women in Technology Venture Fund supports women in building and scaling up their businesses, while also empowering the next generation of women business leaders.”
The full and equal participation of women in the economy is essential to Canada’s competitiveness because when women succeed, everyone succeeds. This is why the Government of Canada announced the Women Entrepreneurship Strategy, a $2 billion investment that will improve women’s access to capital, advice, best practices and targeted, gap-closing supports. As part of this effort, BDC has increased its lending target for majority-owned women entrepreneurs to $1.4 billion. It also increased the Women in Technology Venture Fund to $200 million making it one of the world’s largest venture funds investing only in women-led technology companies.
“In order to make a lasting impact on the business landscape, it’s critical to demonstrate the value of diverse teams and pave a path for success for girls and women who are interested in a future in tech and investments,” said Michelle Scarborough, Managing Director, Strategic Investments and BDC Capital Women in Technology Venture Fund. “That’s why we look to partner for long term success in companies that bring together the right technology, team and resources to disrupt and transform today’s markets, think big and have the passion and drive for success. The three companies we announced today, do this in spades.”
The two additional companies that received investment from BDC Capital’s Women in Technology Venture Fund include:
- Beanworks (Vancouver, BC) and CEO and co-founder, Catherine Dahl. Beanworks empowers accounting teams to succeed by automating accounts payable.
- Kiite (Waterloo, ON) and co-founder Donna Litt. Kiite has built the world’s first Intelligent Sales Assistant.
About Eigen Innovations
Founded in 2012, Eigen Innovations was born from the belief that the true potential of Artificial Intelligence within manufacturing would only be discovered by introducing tangible uses cases on the factory floor. Eigen empowers our customers to introduce different levels of autonomy within their manufacturing operations directly impacting their bottom line. We start by focusing on the machines & lines that drive the biggest costs and the highest cycle times, allowing for an immediate return on investment and, ultimately a scalable path to autonomous manufacturing.
About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
About Women Entrepreneurship Strategy
A centerpiece of Budget 2018, the Women Entrepreneurship Strategy is a comprehensive, whole-of- government plan to help women grow their businesses through access to financing, talent, networks and expertise. It highlights the Government of Canada’s commitment to create a diverse, inclusive economy that supports prosperity and a better quality of life for all. Through the strategy, the Government of Canada will support women entrepreneurs in starting and growing world-class businesses that can compete and win on the world stage, boost economic growth and create good middle-class jobs.
For more information
Director of Communications, Office of the Minister of Small Business and Export Promotion
Innovation, Science and Economic Development Canada
February – via Mitacs: Mitacs internship improves technology for industrial manufacturing in several sectors. Eigen was in need of a researcher to help solve a data challenge to improve their software that uses thermal cameras to capture video and sensor data for industrial manufacturing, and then analyzes it to advance quality performance on factory floors in a variety sectors, including automotive and food processing.
October 27, 2016 – via BetaKit: Canada’s C100 organization has selected Eigen Innovations, along with 21 other companies, to take part in the 48Hrs in the Valley program, which brings Canadian startups to Silicon Valley for an intensive two days of mentorship, networking, and investor meetings in December.
Eigen’s Greg Picot sat down last week at Dell EMC World with Dell’s Jason Shepherd, IBM Watson’s Greg Knowles, Software AG’s Giles Nelson, and Action Point’s John Savage to discuss the different types of edge and core analytics and use cases that utilize them, including data management and integration tools and techniques that provide the foundation for IoT analytics success. See the full panel discussion here:
DELL EMC WORLD, AUSTIN — October 20, 2016 — Eigen Innovations Inc., announced the Eigen Quality Workbench this week, a new software product for their Intellexon® platform that optimizes quality control within industrial manufacturing. Designed to help manufacturers achieve true defect avoidance, the Eigen Quality Workbench revolutionizes the way manufacturers improve quality by overlaying the end-to-end production process to capture and analyze data with artificial intelligence to discover breakthroughs in operating efficiency.
“As manufacturing becomes more complex, many companies are struggling to enable a workforce that uses factory floor data to drive efficiency and productivity on a daily basis, which is a constant threat to their ability to remain competitive,” says Scott Everett, the company’s CEO. “The Quality Workbench fills a gap between this data, and the machines, by working with operators to discover new insights for efficiency on a continuous basis.”
The Quality Workbench emerged from a need Eigen saw with their customers and the broader market. Eigen is increasingly focused on providing solutions for automotive manufacturing and food processing, embedding their technology within Tier 1 and Tier 2 manufacturers, OEMs, and suppliers of industrial equipment throughout North America.
Eigen makes this announcement from Austin, Texas, where they are featured at Dell EMC World 2016, the company’s flagship event bringing together technology and business professionals to network, share ideas and help co-create a better future. In April of this year, Dell announced their Internet of Things Solutions Partner Program, including Eigen in the initial group of members.
“Dell believes ISVs are critical in building the bridge between the exciting industry potential of IoT and profitable market reality,” said Jason Shepherd, Director, IoT Strategy and Partnerships, Dell. “We value our partnership with Eigen Innovations and look forward to our continued collaboration.”
About Eigen Innovations Inc.
Eigen is a privately held company with offices located in Windsor, Toronto, and Fredericton, Canada. Find out more at www.eigen.io.
Greg Picot email@example.com
Dell, EMC, and other trademarks are trademarks of Dell Technologies Inc. or its subsidiaries. Other trademarks may be trademarks of their respective owners.
The use of the word “partner” or “partnership” does not imply a legal partnership relationship between Dell EMC and any other organization.
Starting on September 10, Chicago played host to the International Manufacturing Technology Show (IMTS). The biennial week-long event is the largest show of it’s kind in North America, and is sister show to the Hannover Messe. This year’s event drew over 115,000+ attendees and featured the latest technologies emerging in the world of manufacturing. Highlights included evolutions in additive manufacturing, composites, collaborative robotics, and advances in aerospace and automotive. Underlying much of the discussion was the the growing ubiquity of the Internet of Things, which is enabling many of the advances in today’s manufacturing technology.
This year also marked Dell’s inaugural participation at IMTS where they showed off their growing line of industrial-grade hardware devices, and IoT solutions, playing host to partners like IBM, SAP, Intel, SoftwareAG, and Intel.
Eigen was also featured among this group of partners, talking to participants about real-time quality control for manufacturing. At the show, Eigen demonstrated how the IoT can be used to optimize quality control in manufacturing, featuring a demonstration of real-time quality inspection, powered by Eigen Intellexon®, and tracked in Eigen’s newest Quality Workbench interface. Eigen’s Quality Workbench lets Quality Engineers diagnose and optimize quality control using real-time analytics and part-over-part variance analysis. Check out how Eigen optimizes real-time quality control in this Dell Solution Brief.
Eigen thanks Dell for the invitation to participate at IMTS and looks forward to IMTS 2018!
July 14, 2016 – via Smart Industry: Video analytics for process & quality control, “we tap in to the machines and sensors on the factory floor, look for patterns and anomalies, and create purpose-built software to process the quality data in real-time”.