One of Nova Scotia's most innovative software companies is gearing up to hire and expand internationally.
The province is supporting the growth of Impath Networks with a $2 million follow-on investment through Nova Scotia Business Inc. (NSBI) Venture Capital. GrowthWorks Atlantic Venture Fund Ltd., is also providing $500,000 in financing.
"Targeted investments like this one are helping create good jobs and grow this province's economy," said Bill Estabrooks, acting Minister of Economic and Rural Development.
"Impath Networks is a great example of a company that is expanding into global markets as well as attracting and retaining talented people, which helps ensure our province remains competitive on a world stage."
Impath designs, assembles and sells video-over-IP network products and associated software. Video-over-IP is the technology that allows video communication over computer networks via the Internet. The company's digital video surveillance solutions are used in a variety of applications including transportation systems, bridges and tunnels, government and military facilities, airports and seaports, city centres, border crossings and correctional facilities.
"NSBI Venture Capital has been a partner in Impath's growth since our initial expansion to Nova Scotia in 2008," said Carlo Shimoon, CEO, Impath. "This follow-on investment will allow us to truly bring our business to the next level by expanding into new international markets including Europe and the Middle East."
Follow-on investments are common in the venture capital community as a company builds its share value in stages.
"This is our second round of investment in Impath and we are pleased to be supporting this innovative company along with NSBI Venture Capital," said Tom Hayes, president and CEO of GrowthWorks Atlantic Venture Fund Ltd.
In 2008, NSBI Venture Capital invested $2 million in Impath as part of an overall $3 million round of financing, which included GrowthWorks Atlantic. These investments helped Impath develop its new family of products, attract and retain key senior employees, and expand its marketing efforts. This financing also helped the company move its head office and key personnel from Ottawa to Halifax.
"NSBI is proud to partner with a company that is gaining such positive international attention," said Stephen Lund, president and CEO of NSBI. "Continued investments are positioning Impath as a world-leader in networked video surveillance."
Impath Networks is a leading supplier of managed video-over-IP networks for security and surveillance applications. Its video products and solutions enable private and public organizations to maintain mission-critical, real-time, DVD-quality surveillance of events and activities from within the same building to around the world.
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.
NSBI Venture Capital is a mid-to-late-stage investor focusing on Nova Scotia businesses in five key sectors: information and communications technology, defence and aerospace, energy, advanced manufacturing, and life sciences.