The New Brunswick Innovation Foundation said Wednesday it made equity investments totaling $3.8 million in 22 companies in the 12 months to March 31, 2016.

The province’s innovation agency released its annual report for last fiscal year, which shows it was active throughout the year, though many of the contribution totals were slightly below the record year in 2014-2015. The organization had greatly increased its funding in the previously two years, and now is showing relatively stable funding levels.

The organization is best known for its venture capital investments, but it also finances research that can be commercialized and helps to attract researchers to the province.

“Taking on risk is what we do at NBIF,” President and CEO Calvin Milbury said in the report. “We are the bridge between research and enterprise in New Brunswick. In doing so, we help to bring innovation from lab to marketplace where it impacts our economy.”

Almost half of NBIF’s expenditures or investments went to startups and growth companies, which received $5.2 million, unchanged from the year before. NBIF also contributed $3.2 million to applied research, down 16 percent from a year earlier, and $2.8 million to talent and recruitment, down 17 percent from the previous year.

Read our Report on Propel ICT's Demo Day

NBIF was an active VC investor in the 2016 fiscal year, completing 24 investments in 22 companies. In fact, in January to March of 2016, Canada’s Venture Capital and Private Equity Association ranked NBIF the most active provincially backed venture capital fund in the country, with deals totaling $9 million, including outside investors.

The report noted that NBIF has now invested $73 million since its inception in 2003, and has 41 active portfolio companies.

NBIF made the following investments in 2015-2016 from its Venture Capital Fund:

Populus Global -- National level Health Information Management System                      $500,000

Fiddlehead Technology -- Advanced cost predicting software                                        $400,000

Alongside -- Advanced online HR recruitment software                                                 $400,000

Inversa Systems -- Diagnostic imaging tech for industry                                               $350,000

Envenio -- Advanced computational fluid dynamics software                                         $300,000

Eigen Innovations -- Advanced optic sensors for manufacturing                                     $250,000

Knowcharge -- Electro static discharge protection via paper products                            $175,000

Hotspot Merchants --Parking payment app and marketing tool                                      $150,000

Xiplinx -- Production worker productivity monitoring                                                      $150,000

Simptek Technologies -- Smart meter energy control system for homes                        $150,000

TotalPave -- Mobile app for road surface roughness analysis                                        $150,000

Mycodev -- Human grade chitosan production for wound sealants                                 $100,000

CyberPsyc -- VR software for treating mental illness                                                      $50,000

Spinzo Dynamic -- pricing technology for online sales                                                    $50,000

Food Tender -- Food cost management platform for restaurant                                        $50,000

Timbre Cases -- Humidity controlled guitar cases                                                          $50,000

The VC fund is for companies in or entering their growth stage, but NBIF in recent years has also begun a Startup Investment Fund to back newer companies. It said six of the 16 companies that have received SIF funding have already moved into the VC fund.

In 2015-2016, the following companies received $100,000 each from the SIF:

Force 3 -- Innovations Ergonomic seat for commercial vehicles

Full Pint Software Development -- Scheduling and monitoring software for restaurant industry

Porpoise -- Project management tool for corporate social responsibility

Loft1 -- Editable whiteboard handwriting recognition software

Ella -- Clothing resale app

Castaway Golf -- Golfball retrieval and recycling company

The report also stresses that NBIF is now working on helping its portfolio companies to scale by providing leadership in three key areas – governance, funding and human resources.