Halifax startup Novawise Inc., has raised an additional funding of $350,000, bringing its total equity fundraising from Atlantic Canadian angel investors to more than $1 million.
Founded last year by Chief Executive David MacKinnon and Chief Technology Officer Steve Macdonald, Novawise is developing a customerrelationshipmanagement software for pharmaceuticals and other regulated industries.
The company grew quietly with $750,000 in seed funding starting in 2011, and so far this year has made three announcements about financing.
- On Friday, MacKinnon announced the company has raised $350,000 from unnamed angel investors in the Atlantic region.
- Two weeks ago, NovaWise announced that it had received an unspecified investment from Mariner, a diverse consulting and IT services company, and East Valley Ventures, a financing and support group for tech companies – both of which have strong links to investor Gerry Pond.
- And in August, the company revealed it had received a $500,000 loan from the Atlantic Canada Opportunities Agency.
MacKinnon added that next week Novawise expects to sign a further partnership, which should bring more resources into the company.
“We’re very excited about the progress we’re making – 2013 is going to be a very good year,” said MacKinnon, adding that the company is on track to meet its target of $4 million in revenue in 2013. “The support of the local business community has helped us tremendously.”
As well as receiving support from organizations like East Valley Ventures and Acoa, MacKinnon said NovaWise is developing a relationship with both the computer science and business management schools at Dalhousie University, which is helping to meet its personnel needs.
Its customer relationship management solution for the pharmaceutical industry collects data from sales reps in the field, by allowing them to question potential purchasers and report back with the results. The system then analyses the data in reports for managers, and is flexible enough that managers can rewrite the questions while the sales people are out on their calls. The team has enhanced the software so it is now applicable to other industries, especially those with strong regulatory oversight, including telecommunications and the oil industry.
Novawise expects to sign a deal with a pharmaceutical company this year to launch a paid trial with the software, to be followed by an oil and gas company early next year. Toronto investment firm York Bridge Enterprises has also introduced Novawise to a leading Japanese telecom company, which may soon launch a trial of a Novawise product.
