Fredericton startups Resson and SimpTek Technologies are receiving funding from provincial agencies to increase their workforces and expand their businesses, the provincial government announced this week.
Resson, an agriculture technology company, will create as many as 31 new jobs over the next three years, aided by up to $370,000 in payroll rebates from Opportunities New Brunswick.
And SimpTek is receiving equity investments of as much as $200,000 from Opportunities New Brunswick and up to $300,000 from the New Brunswick Innovation Foundation. The venture capital investments are part of a $1.9 million funding round the company revealed recently, which will include about $1 million in equity funding.
“Your government recognizes the important role innovation plays in New Brunswick’s economy,” said Economic Development Minister Francine Landry in the SimpTek statement. “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.”
SimpTek is dedicated to helping a range of electricity purchasers measure their consumption, analyze how it might be reduced and help them make the changes that reduce consumption. The company is working not only with the consumers of energy but also with vendors who sell products that can help lower energy use. The team learned that US$133 billion was spent last year on energy efficiency and it wanted to attack that market.
“SimpTek is on a mission to help our customers save money and reduce emissions while remaining comfortable,” said 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.”
Meanwhile, Resson is eligible for up to $370,000 from Opportunities NB, which is a Crown corporation that works to attract and support opportunities to grow the economy and create jobs.
Opportunities NB estimates that creating these new jobs would contribute $7.4 million in GDP for the province over three years, and generate $526,000 in provincial income taxes over the same period.
“These are extremely exciting days for the team here at Resson,” said Peter Goggin, company co-founder and vice-president of operations. “With investors like Build Ventures, McCain Foods, Rho Canada, Mahindra and Mahindra and Monsanto Growth, we are poised to leap forward in our evolution as a company. This new round of hiring would not have been possible without the support of Opportunities NB and the Government of New Brunswick.”
Resson announced in May that it had closed a $14 million funding round, led by Indian conglomerate Mahindra & Mahindra.
Co-Founders Goggin and Rishin Behl established Resson five years ago to create software that would assess data from a range of sources on a farm. They developed a system that gathers data from such sources as tractors, sensors buried in fields, and aerial drones flying over fields. It brings all the information together and presents the farmer with a report on what is happening in the field and what actions need to be taken.