July 31, 2018, FREDERICTON (GNB) – SimpTek Technologies, an energy management technology company, plans to expand with investments from the provincial government and the New Brunswick Innovation Foundation.
“Your government recognizes the important role innovation plays in New Brunswick’s economy,” said Economic Development Minister Francine Landry, who is also the minister responsible for Opportunities NB. “SimpTek Technologies is a great example of the innovation and talent in our province, and we look forward to seeing the company continue to grow and succeed.”
The Fredericton company began operating in 2014. Its Building360 smart data platform provides insights into any building’s energy usage, helping to identify opportunities for savings and the best return on investment for capital projects.
SimpTek Technologies hopes to raise $1.9 million from investors to help expand its client base and refine its products and services.
To support this growth, the company is eligible for an investment of up to $200,000 from Opportunities NB, a Crown corporation that seeks to attract and support opportunities to grow the economy and create jobs. This investment will support the creation of up to eight new jobs.
“SimpTek is on a mission to help our customers save money and reduce emissions while remaining comfortable,” said company CEO and co-founder Asif Hasan. “We are so pleased to have the support of Opportunities NB and the provincial government as we continue to grow and build our team.”
The investment is administered through Opportunities NB’s Series A funding policy, which was established to supplement capital raised for early-stage and high-growth companies. This policy was implemented in 2017 after consultations with entrepreneurs who identified access to capital as a challenge.
The New Brunswick Innovation Foundation is investing up to $300,000 in the company.
“We are so proud to be supporting SimpTek from their early days in our 2015 Breakthru competition,” said Ray Fitzpatrick, the foundation’s director of investments. “Their growth and progress over this short period of time has been tremendous, and clearly the result of passionate and driven co-founders.”
The government’s multi-year innovation agenda aims to foster innovation and boost research and development in the province. The government will invest more than $53.5 million in 2018-19 to support innovation by encouraging innovators, boosting research and development, supporting the growth of entrepreneurs, fostering innovation spaces, leading the cybersecurity agenda and adopting innovative ways to conduct government business.
Jeff Hull, communications, Opportunities NB, 506-476-2771.
Keelen Gagnon, chief operating officer, SimpTek, 506-663-5637.
Vanessa Matthews, marketing manager, New Brunswick Innovation Foundation, 506-452-8598.
From left: Ray Fitzpatrick, director of Investments, New Brunswick Innovation Foundation; Economic Development Minister Francine Landry; Asif Hasan, chief executive officer, SimpTek Technologies; Keelon Gagnon, chief operating officer, SimpTek Technologies; and Traci Simmons, vice-president of Strategy and Stake Holder Relations, Opportunities NB.