LAVAL, QC, Sept. 21, 2012 /CNW Telbec/ - In keeping with its commitment to foster industrial innovation in Québec, the Fonds de solidarité FTQ, through the new Fonds de solidarité FTQ Investissements technologiques, today announced a $333,333 investment in Embrionix Design. Gestion Allard et Dubé, a private investment firm and FSIT's partner, will invest $166,667.
The Fonds de soutien Laval, as well as the founders and officers of Embrionix, will contribute a total of $700,000.
Created earlier this year by the Fonds de solidarité FTQ, FSIT is a partnership which has adopted a new approach of co-investing dedicated to financing the industrial innovations of Québec technology firms at the marketing or growth stage.
Embrionix Design is a Laval-based company and the inventor of connectors for coaxial cables, based on the SFP standard, for the broadcasting industry. The proceeds from this first round of financing will be channeled into R&D and marketing.
"FSIT is playing a key role in the Québec economy as a purveyor of funds for industrial innovations and we're proud to back promising companies such as Embrionix Design," said Alain Denis, Senior Vice-President, New Economy, at the Fonds de solidarité FTQ, and President of FSIT. "Their products meet a real market need as we've seen by the interest expressed by broadcast equipment manufacturers."
"Embrionix has put together a team with experience in electronic product design and leverages its intellectual property to stay ahead of the competition," added Alain Allard of Gestion Allard et Dubé, FSIT's manager. "This young firm, which holds tremendous growth potential as a result of its innovative technology, has everything FSIT looks for in a partner."
According to the president and CEO of Embrionix Design, Renaud Lavoie, "We have developed a new generation of connectors for the broadcast market, from cameras to televisions, and we're also targeting the new routers for the video SFP optical market, another booming niche. FSIT's support will allow us to quickly position ourselves in a market where, at this point, there's virtually no competition."
Founded in 2008, Embrionix Design has about 20 employees. It is the only company that manufactures SFP connectors for coaxial cables still heavily used by broadcasters. The new, more flexible routers also offer many advantages by making it possible to interconnect different platforms, by cutting down on the amount of equipment needed, and by improving signal control and troubleshooting.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $8.5 billion as of May 31, 2012, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2,239 companies. With its 594,287 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 168,577 jobs. For more information, visit www.FondsFTQ.com.
SOURCE: FONDS DE SOLIDARITE FTQ
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