Fredericton-Based Startup Loft1 Announces Hefty Funding
FREDERICTON–Loft1, a startup company that develops software to transform any whiteboard and marker into a digitized set of editable, searchable notes, has announced a hefty round of funding that will be used to push the company forward.
Loft1 co-founder and CEO Tony Daye explains that the funding awarded in March has helped and will continue to help the company build a high demand mobile solution that can compete competitively on a global stage.
“What we want to do in Fredericton and New Brunswick is build and design a technology for our customers, with our customers and ACOA is helping support these activities,” Daye says. “NRCIRA (National Research Council’s Industrial Research Assistance program) does a very solid job … they made us really rethink what we were doing.”
Loft1 has brought in new employees from outside the region and are working to hire locally as well. They will be announcing access to their initial product at the end of the month, and hope to have a product available for early users within two months.
Loft1 has received $487,532 as a conditionally repayable contribution through ACOA’s Business Development program as well as a non-repayable contribution of $294,894 through NRCIRA. ONB is investing $150,00 in Loft1 while NBIF $100,000 through its startup investment fund.
“Back in 2014, Tony and his Loft1 team recognized that existing digital display board technologies didn’t perform as well as they could and that there was a gap still not being addressed,” said Fredericton MP Matt DeCourcey during the announcement.
“Loft1 solutions will virtually eliminate the need to take notes during presentations or impromptu brainstorming sessions. It will also fundamentally alter the way in which note taking is experienced at work and in classrooms.”