Growing worldwide interest in responsible gaming technology is creating new opportunities for a Cape Breton company.
Sydney-based Tech Link International Entertainment Limited is a leader in responsible gaming technologies. Established in 1994, Tech Link is the only company of its kind in Canada.
To help Tech Link capture global demand, and fund further research and development, the province, through NSBI Venture Capital, is investing $2.5 million. The funding is part of an overall $5 million round of financing, which includes private sector investors.
"The province is proud to work with Tech Link, whose responsible gaming products demonstrate the real value of innovative technology," said Percy Paris, Minister of Economic and Rural Development. "Supporting home grown companies as they grow helps position them and the province for the future."
Tech Link's current focus is on its Gameplan product, a responsible gaming technology that can be integrated into existing video lottery terminals. Gameplan was developed in partnership with the Atlantic Lottery Corporation and Nova Scotia Gaming Corporation, and equips gamblers with tools to limit and control their gaming habits.
The product provides players with information on how much they've won and lost, and how much they've played. It also provides tools that allow gamblers to limit their ability to play by setting time or monetary limits.
"The demand for our product is growing, both in Canadian and international markets," said John Xidos, CEO of Tech Link. "This round of financing will allow us not only to meet our current demands, but also to embrace future opportunities in North America and beyond."
NSBI Venture Capital has been a partner with Tech Link since 2004, providing $2 million in equity financing in September 2004, and a $1 million follow-on investment in April 2006. Follow-on investments are common in the venture capital community as a company builds its share value in stages.
Tech Link employs more than 55 people in Cape Breton.
"Through NSBI Venture Capital, we continue to work with innovative Nova Scotia companies as they reach the next level of growth," said Stephen Lund, president and CEO of NSBI. "Tech Link is leading the way, creating innovative technology and proving that world-leading R&D is happening right here in Nova Scotia."
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.