Western Innovation Initiative funding helps companies quickly move their ideas to market
BURNABY, BRITISH COLUMBIA--(Marketwired - Sept. 20, 2016) - An innovative British Columbia company will get its product to market faster and more efficiently with the Government of Canada's investment of $1.8 million.
The Honourable Navdeep Bains, Minister of Innovation, Science, and Economic Development and Minister responsible for Western Economic Diversification Canada, made the announcement today during a visit to OSI Maritime Systems Ltd. in Burnaby, B.C.
The company, which provides integrated navigation solutions for naval operations, will use the funding to upgrade its Electronic Chart Precise Integrated Navigation System for Warships (ECPINS). It will also upgrade its tactical software to comply with the latest standards of the North Atlantic Treaty Organization (NATO).
The federal contribution will be matched by OSI.
OSI's software is currently in service on more than 600 warships and submarines operated by 20 navies, including the Royal Canadian Navy. The upgraded version of ECPINS will meet the most up-to-date standards. This product will improve navigational safety as well as situational awareness for naval warships and submarines around the world.
This investment is the first of several successful projects to be announced under the Western Innovation (WINN) Initiative. The program provides $100 million in repayable contributions to small- and medium-sized companies in Western Canada. Eligible companies can apply for funding to support activities that move ideas to market more quickly.
"Canadian companies, such as OSI, are working hard to bring their products to market. The Government of Canada is proud to support a product that will improve safety and tactical awareness for naval submarines around the world. These projects also promote economic growth and create high-quality jobs in Canada."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, and Minister responsible for Western Economic Diversification Canada
"OSI is proud of its Canadian heritage and global reputation as one of the most well recognized warship navigation and tactical solutions provider. The value WD brings to OSI and other SMEs supports the success of Canadian businesses both at home and abroad. This success also makes OSI an extremely attractive Value Proposition to international companies looking at opportunities in Canada."
- Ken Kirkpatrick, President and CEO, OSI Maritime Systems Ltd.
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