MaRS client Vicicog closes angel funding
New Mechatronic Variable Speed Drive (MVSD) technology holds promise for the HVAC industry
Toronto, July 5, 2010 /CNW/ – MaRS, a Toronto-based not-for-profit innovation centre, is pleased to announce that one of its clients, Vicicog, has closed a round of angel funding. Led by two major investors, Up Capital Ltd. and Valleydene Corporation, the funding totalled over $600,000. Proceeds of the investment will provide operating capital and allow Vicicog to further evolve its proprietary transmission technology.
Vicicog’s Mechatronic Variable Speed Drive (MVSD) technology can substantially improve the efficiency of any device with a motor, engine or generator. In commercial, industrial or residential buildings the MVSD can reduce the electricity consumption of fans or pumps by up to 70%, while eliminating harmonics that can cause significant damage to nearby equipment. This technology has a number of market applications in the automotive industry, manufacturing and wind power. Vicicog intends to commercialize in other industries once established in the HVAC space.
“We are very pleased to have received this significant funding support”, said Paul Bottero, CEO, Vicicog. “We can now focus our attention on further developing and perfecting our MVSD technology. The advisory team at MaRS has provided us with a great deal of helpful support in developing our market approach and in raising capital. Their dedication and hard work has been a key part of our success to date.”
Vicicog has been a client of MaRS since 2006 and recently moved their offices to the MaRS Centre in downtown Toronto. Working closely with Tom Rand, Harvey Coleman and the rest of the MaRS Advisory Team, Vicicog is now making substantial headway towards commercializing its proprietary Mechanical Variable Speed Drive (MVSD) for the Heating, Ventilation and Air Conditioning Market.
“It was clear from the start that Vicicog had a potentially disruptive technology, but there were significant challenges in going after the wind and automotive sectors,” said Tom Rand, Cleantech Practice Lead at MaRS. “In order to generate investor interest and establish a foothold in industry, it was apparent that Vicicog needed to go after a market that would take less time to penetrate and offer a clear financial return. It turns out the HVAC sector was the right target.”
Vicicog is a Canadian, Toronto-based engineering and design company formed in 2008. Vicicog’s mandate is to provide innovative solutions that improve the utilization of energy in a variety of industrial applications. Its core product, the Mechatronic Variable Speed Drive (MVSD) is a revolutionary energy efficiency device for the Heating, Ventilation and Air Conditioning (HVAC) market.
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs to grow and scale their ventures into global market leaders in life sciences and health care, information, communications and digital media technologies, cleantech, advanced materials and energy, as well as innovative social purpose business.
For further information about Vicicog, please contact: Paul Bottero, 416-605-7470, email@example.com
For further information about MaRS, please contact: Linda Quattrin, 416-673-8104, firstname.lastname@example.org