A Sudbury-based company whose software helps map and manage electrical circuits now has $250,000 at its disposal to further develop its technology.
CircuitIQ received the funding from the Sudbury Catalyst Fund, a $5-million seed capital fund launched in 2020 to help startup companies get off the ground.
It's administered by the Nickel Basin Federal Development Corporation, in collaboration with NORCAT, the City of Greater Sudbury, the Greater Sudbury Development Corporation and with financial support from FedNor.
"The unwavering support we have received from the Sudbury Catalyst Fund and NORCAT has been instrumental in our decision to relocate our team to Sudbury, a region with immense potential for growth and innovation," Luke Begley, co-founder and CEO of CircuitIQ, said in an April 5 news release.
“We are excited to be part of the thriving entrepreneurial community in Northern Ontario, and look forward to building our brand not only in Canada, but globally.”
The aim of CircuitIQ is to detect safety issues in electrical circuits, including overloaded circuits, poor wiring conditions, deficiencies in electrical code regulations, and more.
Last May, it won the NORCAT business pitch competition, taking home a top prize of $10,000.
The Sudbury Catalyst Fund’s investment in CircuitIQ brings the total amount of investments made by the fund to $1.22 million, following previous investments in IRegained, Verv Technologies and REPerformance.
