- February 20, 2015
- Venture Capital
- Comments : 0
Eigen Innovations Receives Funding Boost
NBIF-backed Eigen Innovations today received additional funding from ACOA to hire a senior technical architect, develop new software, and to standardize their IT hardward platform. The company received a total of $324,500 under ACOA’s Business Development Program, which adds to $176,500 committed by Eigen Innovations. NBIF invested $100,000 from its Startup Investment Fund in 2014.
Many of today’s companies have manufacturing plants with systems that have been in place for many years, even decades. Advances in information technology, for collecting and analyzing big data, have given companies with newer equipment the ability to find and fix problems that reduce costs and increase profitability. Eigan Innovation’s thermal sensors and big data intelligence software allows well established facilities to close the technological gap and increase their profitability.
Eigan has focused on thermal technology and integrates advanced thermal sensors to collect ‘big data’ information from existing industrial equipment, then monitor, analyze and give control commands to machines that make them more efficient.
“Today’s production line is very complex, with individual intelligent machines generating an extreme amount of data. However many companies are not equipped to process and utilize this information,” says Eigen CEO Richard Jones, “the ‘Industrial Internet’ is a $32 trillion dollar market that brings together complex manufacturing machines & facilities with recent powerful advances in computing and ICT, and Eigen is well-positioned to be an early differentiator in this space.”
Eigen is currently partnering with a number of companies in the deployment and testing of its solution with one of the world’s largest thermal camera and sensor makers.
“Our solution is sold to large multi-billion dollar customers all over the world, and (we’re) focused on exporting globally from our base right here in New Brunswick,” says Scott Everett, Co-founder and Chief Technology Officer for Eigen Innovations.
