QUEBEC CITY, Feb. 5 /CNW Telbec/ - LeddarTech achieved a major milestone in its growth today as it received $6.5 million in venture capital support. BDC Venture Capital, Go Capital Fund L.P., I-Source (France), Accès Capital Québec, and Innovatech Québec et Chaudière-Appalaches are among the main investors. LeddarTech, a company spun off from INO in 2007, now plans to continue its growth with the global commercialization of its products.
This major announcement was made this morning in the presence of the Honorable Josée Verner, Minister of Intergovernmental Affairs, President of the Queen's Privy Council for Canada, Minister for La Francophonie, and Minister responsible for the Québec City Region, and Sam Hamad, Minister of Employment and Social Solidarity, Minister of Labor, and Minister responsible for the Capitale-Nationale Region.
"We're a future-oriented company of passionate and dedicated people who want to put our knowledge and innovation to work for the people by improving their quality of life. Today our partners have expressed their confidence in us by banking on the ingenuity of our team. As such their assistance will enable LeddarTech to continue its value innovation and provide the necessary resources to promote our products in international markets," said LeddarTech president and CEO Marc Tremblay.
This considerable support will make it possible to create some 40 highly qualified jobs in the next three years, for a total of 50 new jobs. What's more, thanks to these new funding sources, LeddarTech will be able to continue the development and commercialize its innovative products based on LEDDAR(TM) technology that stemmed from INO research efforts.
LeddarTech's first products make it possible to detect vehicles at traffic intersections in order to effectively control traffic light sequences and keep traffic flowing more smoothly. This new technology is reliable, easy to install and use, and can stand up to the most extreme weather conditions. LEDDAR(TM) technology fits seamlessly with existing infrastructures and is very competitive compared to products offered by the competition.
LEDDAR(TM) was invented by visionaries seeking smart solutions to ensure sustainable mobility and smoothly flowing traffic in urban environments. This major innovation will lead to considerable savings. The worldwide cost of traffic congestion is estimated at over $78 billion, and in the United States alone over 12 billion liters of fuel are wasted every year due to this problem. LeddarTech is convinced that its LEDDAR(TM) detection solution will make it possible not only to ensure a smoother flow of road traffic but also to substantially improve our environmental track record.
"From our inception, INO, Innovatech Québec et Chaudière-Appalaches, and the governments of Canada and Québec have played a key role in our company's ability to grow. Above all they have helped us make our vision a reality. Thanks to the support of our funding partners, we can now focus on developing our innovative products and building on our momentum," stated Marc Tremblay.
Since 2007 LeddarTech has been a leader in cutting-edge 3D detection and ranging systems based on LED illumination. With customers spanning the globe, LeddarTech's approach in leveraging LED lighting systems by providing the most integrated form of intelligent lighting systems represents a novel and disruptive paradigm shift. LeddarTech is also developing advanced object detection and ranging for automotive advanced driver assistance systems (ADAS).
For more information, visit www.leddartech.com
SOURCE INO (National Optics Institute)
For further information: For further information: Stéphane Dion, NATIONAL Public Relations, (418) 648-1233, ext. 235, Cell: (418) 208-1529, firstname.lastname@example.org