Sudbury, Ontario, Canada, August 18, 2021 – Industrial IoT hardware and software company Symboticware Inc. closed a CAD 2.8 million seed financing round led by venture capital firm GreenSky Capital Inc. and supported by MaRS Investment Accelerator Fund, Celtic House Asia Partners, Axion, and other angel investors including members of the GreenSky President’s Club.
Symboticware’s solutions enable data-driven decision-making for customers committed to achieving ambitious operational and climate goals through improving their efficiency, optimizing the carbon footprint of their equipment, and reducing unsafe incidents.
The injection of funds will allow Symboticware to advance its technology for natural resources industries, including mining, forestry, construction, agriculture, and oil & gas.
“As we near the launch of industry’s first Operating System of Intelligence, it’s essential that we keep looking forward and pushing through to the next phase of Symboticware,” said CEO Ash Agarwal. “The infusion of funds from such reputed investors will allow us to build and deliver an integrated product that will serve a long-standing and unmet need of resource industries worldwide.”
Added GreenSky Managing Partner Greg Stewart, “Symboticware has impressed us with their strategic mindset and commitment to creating value for their customers. With no external financing, they have become a technology provider to some of the leading mining companies in the world. We are excited to see what we can achieve together”.
Kirk Petroski, Founder and Chairman of the Board added, "For the last decade, Symboticware has addressed the major challenges with remote data collection and connectivity. With our investors’ support, a growing team, and industry know-how, we will deliver valuable operational insights through our 4-Sight.AI software platform for our global customers”.
“We were impressed with the business and reputation Symbioticware's leadership team had built,” said Alexander Barclay, Sr. Investment Manager at MaRS IAF. “With the convergence of industry trends and technology adoption within the mining, forestry, and agriculture, we believe this is the time for a pivot to SaaS, and the launch of the 4-Sight.AI platform makes the Company truly venture-scalable. We are excited to be able to participate in this funding round, support the leadership team through this next chapter, and be part of Symboticware's journey.”
Today’s funding marks the latest in a series of several strategic partnerships Symboticware has made recently, including with Major Drilling International, Schneider Electric, Uptake, Nokia, and Amazon Web Services.
Founded in Northern Ontario, Canada’s mining heartland, Symboticware became a trusted partner to companies from the natural resource industry in gathering and analyzing the data about their heavy-duty and light-duty mobile assets. Symboticware’s proprietary IoT solutions SymBot and SymBit, combined with their software solution 4-Sight.AI and patented Store-and-Forward technology, deliver industry-leading value. Working close to miners, equipment manufacturers, and technology providers, the company’s developers and engineers have built the hardware and software platform that improves operational effectiveness, enables preventive maintenance, increases safety, and minimizes climate impact.
About GreenSky Capital and the GreenSky President’s Club
GreenSky Capital Inc. is an award-winning Toronto-based firm that makes investments in early-stage Canadian technology companies through its affiliated venture capital funds and through facilitating the GreenSky President’s Club, a FedDev-registered angel group. Our principals bring a combination of experience in technology, entrepreneurship, law, and finance to high-growth potential companies and dedicated entrepreneurs. Learn more about GreenSky at www.greenskycapital.com
About MaRS Investment Accelerator Fund
MaRS Investment Accelerator Fund (IAF) is a leading seed-stage fund investing in high-potential IT, health, and cleantech companies in Ontario. IAF has over a 10-year history of successfully providing innovative firms with the capital, mentorship, and networks needed to validate ideas and bring products to market. Its mission is to keep Ontario’s talent and technology local while helping its companies go global. For more information, please visit www.marsiaf.com