Ottawa-based Martello to receive up to $2M in federal funding

September 25th, 2018|News|
  • Martello Technologies

TEC member John Proctor is President, Chief Executive Office of Martello Technologies

In addition to a recent influx of public funds, Martello Technologies (TSX-V:MTLO) will also accelerate its product development with a new source of federal funding.

The Ottawa-based communications services firm announced Monday morning it will receive up to $2 million from the National Research Council’s Industrial Research Assistance Program, known more commonly as IRAP. The program is designed to help Canadian enterprises commercialize their products and services.

Martello said in a release that the IRAP funding will help it to hire 11 new employees and “accelerate” the development of its network performance management services.

The firm, which went public on the TSX Venture Exchange earlier this month, helps enterprises manage rising bandwidth demands and troubleshoot issues as they occur. The release says that the IRAP funding will go towards automating these management processes, reducing the need for IT intervention…

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