Memex gets $800,000 from FedDev for MERLIN
Qualified for $2 million machine-to-machine productivity software.
BURLINGTON, Ont. — Memex Automation, a manufacturer of machine-to-machine productivity software and its hardware, has qualified for up to $800,000 in federal government funding for the continued development of its MERLIN software.
The shop floor communications platform enables “shop floor to top floor” monitoring of machine tool performance, increasing machine utilization by an average of 10% to 50%.
Repayable funding through FedDev Ontario’s Investing in Business Innovation (IBI) initiative provides up to one-third of eligible costs of a project.
Memex has qualified for the funding with the successful completion of its $2 million non-brokered private placement completed last August, which represented two-thirds of the project cost.
The Burlington, Ont.-based company is to repay the funds without interest beginning in 2017.