LOFT1 INC. SECURES NEARLY $800K IN FUNDING

July 11, 2016



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Loft1 Inc. is developing technology that will virtually eliminate the need to take notes during presentations, thanks in part to support from the federal and provincial governments.

Matt DeCourcey, Member of Parliament for Fredericton, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), joined Loft1 Inc. officials at Planet Hatch today for the first public demonstration of the company’s whiteboard software.

The project is to develop highly scalable software using Loft1’s unique Handwriting Recognition (HWR) technology that will create a digital copy of freehand notes or illustrations written on any whiteboard. The information is captured using any smartphone, and provided to remote participants in real time, so they can immediately edit, share, and search content from any whiteboard at any location.

The Government of Canada is providing a conditionally repayable contribution of $497,532 towards the project through ACOA’s Business Development Program as well as a non-repayable contribution of $294,894 through National Research Council’s Industrial Research Assistance Program. The Province of New Brunswick is investing $150,000 through Opportunities NB and the New Brunswick Innovation Fund is investing $100,000 through its Startup Investment Fund.

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