The Wallace McCain Institute last week announced a new funding by the Miramichi Technology Fund, which was financed by a $1 million donation by former premier Frank McKenna. The following is a press release issued by the institute.
UNB’s Wallace McCain Institute supports new software start-up in Miramichi
The Miramichi Technology Fund, managed by UNB’s Wallace McCain Institute (WMI), recently announced an investment in a new software start-up in Miramichi, NB.
Patchell Brook Equity Analytics Incorporated (Equity Analytics) is a company focused on creating the software platform and tools to undertake a more informed analysis of the equity contained in both privately held and publicly traded companies in Canada. The company focuses on fundamental analysis methodologies and the data required to support those analysis.
The company will use the WMI’s investment to fuel the start-up phase of the company.
The investment from UNB’s WMI is one of several sources of private and government funding for the company, including significant support from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
“Being from the Miramichi, and having spent most of my life here, I am excited to be able to receive this support during our start-up phase,” says Brian Donovan. “This support, along with the support we are receiving from Government Programs and other investors enables us to hire a small team of developers and move the platform forward during our Alpha development phase.”
The Miramichi Technology Fund was established in May 2011 through the generous donation of Frank and Julie McKenna. The fund aims to help Miramichi-based technology companies to grow and develop. It is tasked with making equity investments in technology companies in each of the next 5 years with the expectation that, in time, the fund will be self-sustaining and allow for further investments in the region.
Frank McKenna is the deputy chair of the TD Bank Group and former premier of the Province of New Brunswick.
Dr. McKenna’s contribution has been made to the University of New Brunswick and is managed by the Wallace McCain Institute, which fosters entrepreneurship and innovation in New Brunswick and Atlantic Canada.
