Eigen Innovations closes $1.4M round, changes management

FREDERICTON, N.B. (22/04/2016)—Eigen innovations Inc., today announced changes to its financing and management team. Eigen’s Intellexon® platform provides vision systems, sensors, and software that automatically detect, learn, and correct defects found inside complex manufacturing systems.

To fuel its growth strategy, Eigen has closed a new $1.4 million equity financing round, including an additional $250,000 from NBIF’s Venture Capital Fund, $100,000 from BDC Capital, and just over $1 million from angels. This brings NBIF’s total investment in the company to $500,000.

Related:
Eigen Innovations Wins Cisco System’s Global Innovation Challenge in Dubai, UAE

NBIF Makes First Investment in Eigen Innovation

To execute the next phase of Eigen’s expansion, Scott Everett, the company’s co-founder and Chief Technology Officer, has taken over the position of Chief Executive Officer from Richard Jones. “To better position ourselves for the convergence happening between manufacturing and the Industrial Internet of Things, we are evolving our leadership structure to scale with the growth we are experiencing within our partner ecosystem and customer base”, says Everett.

Click here for high resolution photo of Scott Everett

Jones, who remains on the company’s board of directors, joined Eigen in October, 2013, growing the employee base and establishing the company’s leadership team, leading to the development of paying customers in Canada, the United States, and Europe. In transitioning, Jones says, “Scott has grown from co-founder and visionary to an executive leader doing a great job shaping the strategic direction of the company, and now is a good time for me to step away and let Eigen continue on its upward trajectory”.

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