Netistix says it'll use the money, from the Business Development Bank of Canada, to expand its sales and marketing team and continue the commercialization of the FleetPulse system. The BDC investment completes the company's current round of venture financing. The first closing of this investment round took place last year, and included a $750,000 investment from Axis Investment Fund, a fund that specializes in early stage software and wireless related companies.
"We welcome BDC to our team of business partners," CEO Gord Echlin said in a statement. "It's an exciting time for us. The feedback we are receiving from our customers is extremely positive. We are executing on our strategy by working closely with customers and delivering an innovative solution that addresses critical operational needs for automotive fleet owners and managers with a user-friendly web services-based product."
"Their product offers fleet managers and owners the ability to reduce their ongoing cost of operations and ownership in a significant way," says BDC's director of venture capital, Tim April. "It's innovative, visionary and characteristic of the kinds of Canadian companies in which BDC wishes to invest."
Netistix was among the OBJ's picks for 2005 Startups to Watch in the March 7 issue.
