ACOA issued a statement on Tuesday saying the company would receive a conditional loan of $708,067 through the agency’s Business Development Program. It will also receive two $50,000 grants to help the company hire a lead data scientist and a lead machine learning architect.
The New Brunswick company uses artificial intelligence to help machines manage large amounts of data and improve their productivity. CEO Scott Everett has said the company is aggressively courting leading customers in the automotive sector.
“Eigen is proud of its Atlantic roots and committed to growing and creating jobs here,” said Everett in a statement. “We are thrilled to partner with ACOA and look forward to adding to our team here in order to grow our business in North America and around the globe.”
The statement said Eigen is expanding its footprint within the U.S. and looking to new markets, including Asia, and Europe. The new funding will help the company to execute a market development strategy targeting these regions, as well as build up its development team.
In October, Eigen Innovations closed a $3.5 million round of equity funding, led by Toronto-based tech specialist Globalive Technology.
Disclosure: ACOA is a client of Entrevestor.