Envenio Announces $1.3 Million of New Investment
ENVENIO SECURES $1.3 MILLION INVESTMENT
June 21, 2017
New Brunswick: Envenio has today announced that it has secured investment from Celtic House Venture Partners, Green Century Investments and New Brunswick Innovation Foundation, to the value of $1.3million.
The Canadian CFD software developer has announced that the funding will be used to grow and strengthen the sales and engineering teams, in line with an ambitious and exciting business plan to increase the use of its cloud-hosted, on-demand CFD platform, EXN/Aero.
The on-demand nature of EXN/Aero has already received widespread praise from large organizations and engineering consultancies alike.
Aside from vital financing, each of the three investors bring decades of industry experience and credibility, promising to strengthen the already exciting, innovative and ambitious plans held by Envenio since its inception.
With over 20 years' experience in nurturing Canadian technology companies, Celtic House Venture Partners has over $4.5billion worth of exits (acquisitions/IPOs), and is largely regarded as one of the most active investors in technology and innovation.
“We share Envenio’s belief that the billion dollar global CFD industry is positioned for disruption from new cloud-based and GPU-based approaches that offer unparalleled performance coupled with new service delivery models derived from consumer internet technology” says Tomas Valis of Celtic House Venture Partners.
Green Century Investments brings extensive experience from a number of sectors, and while its headquarters are in Toronto, its reach extends far beyond Canada, to countries including China. Holding a strong belief that sustainability is vital for business as well as the environment, Envenio will play a key role in its overall goal of building an ecosystem for continuing global success.
Not-for-profit corporation, New Brunswick Investment Foundation (NBIF), adds this investment to its $70million portfolio, alongside $380million leveraged from other sources. With a strong record of helping to create over 90 companies and fund 400 applied research projects since its inception in 2003, the corporation currently has 47 companies on its books.
Speaking about the investment, Scott Walton, VP of Envenio said "Since the company was founded, we have funded most of the product development through engineering consulting”.
“Now that the product is on the market, we are looking to accelerate its adoption. It's the world's first HPC-optimized, cloud hosted, on-demand CFD tool. It is our honor to be funded by some of Canada's leading technology investment firms who have a long history of success in Software-as-a-Service products" he added.