NB’s Xiplinx Technologies Secures $650k in Funding
SAINT JOHN – Xiplinx Technologies, developers of SITEFLO software, has secured $650,000 in funding since its graduation from tech accelerator Propel ICT’s Build program.
The funding came in the form of $400,000 worth of equity investments from NBIF, BDC Capital and angel investors as well as an additional $250,000 in financing from unnamed organizations.
Xiplinx CEO Brent MacDonald says this financing will help with scaling their sales and export markets.
“That’s a real focus for us this year, it’s on selling a product that we’ve proven there’s a demand for and really scaling up the company, particularly into the US. A lot of this funding is about that,” he said.
MacDonald said this second time in a Propel ICT accelerator program was beneficial in different ways than the first time.
“We were really early stage the first time we went through the program and we entered the build phase of the program this time around, which is for later-stage companies,” he said. “This time around it was more about trying to scale the company up with customers.”
While the company is still working on product development and constantly evolving SITEFLO, which is software used to help specialists in the packaging sector diagnose problems and improve production, they’re focusing more efforts on sales and marketing to get even more vendors in Canada and the U.S. on board.
MacDonald says that the developments they are working on for SITEFLO are ones to watch over the next couple of quarters.
“From a feature development perspective, there’s a lot of really cool stuff going on right now that some of our larger customers have asked for and stuff that’s certainly resonating with potential customers. We won’t necessarily release a whole slew of new products but the evolution of our product is going to be really interesting,” MacDonald said. “We plan to take it everywhere. We’ve got the financing and the team to do that now.