EDC – Innovation that reaches above the clouds and below the surface
EDC – Innovation that reaches above the clouds and below the surface
Symboticware Inc. of Sudbury, Ont., designs ruggedized hardware and software for the communications and control of mining vehicles. The company provides realtime gathering, transmitting and analysis equipment and sensor data to improve safety, productivity and asset utilization. “Our technology is used for mining, which is natural, since we started in Sudbury,” said Kirk Petroski, president and CEO of Symboticware. “But it could also be used in any industrial environment, or oil and gas applications.”
Petroski says EDC’s network of international contacts helped to open doors to opportunities. South America represents a major opportunity for companies with mining technology, Petroski says, “but finding a good partner can pose a significant challenge without help.”
EDC and the Department of Foreign Affairs, Trade and Development helped play matchmaker for the company during a recent trade mission in Chile. “They put us in front of decision-makers, senior-level people, helping us get our foot in the front door so that we can showcase our expertise.”
EDC was also able to help Symboticware with cash flow by providing a guarantee against the company’s SR&ED (Scientific Research and Experimental Development) claim with the Canada Revenue Agency. “We were able to work with National Bank, who have an entrepreneurial focus, and leverage EDC’s guarantee on our SR&ED,” Petroski said. “This keeps us in a positive cash flow position because otherwise we’d have to potentially wait awhile for the SR&ED return to be paid.”
EDC’s connections might also be helping Symboticware take their mining-focused technology above the ground. The company has started to talk with a partner in Chile, heavily focused on industrial lighting solutions, around taking their wireless vehicle sensors and making them smaller for surface-level applications and, in the future, maybe even highways and street lights.
“They want to leverage as much of the Canadian expertise and know-how as they can,” Petroski said. “We have a great brand in the world and companies see a positive benefit to working with Canadian companies and using Canadian technology.”
Extracted from: Backbone Magazine – Click here to read the article
Backbone Magazine