FREDERICTON, N.B. — Eigen Innovations, a Fredericton-based technology company has closed $3.17M in its latest round of equity financing contributing to a total Series A round of $6.75M.
The financing will allow the company to accelerate its existing traction within the Automotive sector helping it continue to deliver innovative service to its expanding client roster which includes some of the top brands in the industry. The funding will also help fuel the growth of its team which has grown from 2 employees in 2014 to more than 30 today.
“We have achieved considerable momentum with our existing customers because our technology and approach has proven it can help them waste less, make more and adapt faster,” says CEO Scott Everett. “This additional financing will allow us to bring greater depth to our team as we continue to evolve our current line of solutions and work with our partners to develop additional capabilities to service a broader range of industrial manufacturing clients. As a proud New Brunswick-based business, we’re especially pleased with the confidence we continue to see from investors here in the province.”
Along with strong support from N.B.- based angel investors, the recent funding round includes $250,000 from NBIF’s Venture Capital Fund which to date has invested over $1.5 million in the company, in addition, to support from BDC Capital and Opportunities New Brunswick (ONB).
“Eigen is a true New Brunswick success story,” says Ray Fitzpatrick, NBIF Director of Investment. “Its innovative technology solves real problems within the manufacturing landscape, and the Eigen team has shown consistently that they have what it takes to successfully compete in the global arena.”
For more information about Eigen, visit https://eigen.io/.
About Eigen Innovations
Founded in 2012, Eigen Innovations was born from the belief that the true potential of Artificial Intelligence within manufacturing would only be discovered by introducing tangible uses cases on the factory floor. Eigen empowers Industrial Manufacturers to increase the profitability of their global enterprises by deploying AI-enabled quality and process control solutions on their factory floors.