ST. JOHN’S, NL – MAY 4, 2011 -The Honourable Susan Sullivan, Minister of Innovation, Trade and Rural Development, today announced a $500,000 investment in NavSim Technology. This investment allows the company to target new growth opportunities in international markets for its navigational software, which reduces the risk of collision or grounding for recreational boaters and major ship traffic.
As NavSim Technology targets new opportunities, it will capitalize on its success in the Canadian piloting market of which it has captured more than 90 per cent market share. The piloting market involves the navigational handling of marine traffic near land using buoys and other landmarks.
“NavSim Technology’s ability to capture a large portion of the Canadian piloting market has proven that it can deliver a solution that enables safer and more effective management of port and waterway traffic,” said Minister Sullivan. “With this investment, the company is now better positioned to build its operational capacity to expand its market coverage into new international markets. The marine navigation and broader ocean technology sector are extremely competitive with customers requiring innovative solutions that meet their ever-expanding demands. I am confident that NavSim Technology has the innovative minds and technology to satisfy this demand.”
NavSim Technology will use the investment to widen its scope of sales activities, as well as be better equipped to conduct market and product testing and initiate marketing campaigns in Europe, Asia, and the United States.
Alvin Osmond, NavSim Technology’s Chief Executive Officer, accompanied Minister Sullivan in making the announcement, which was held at the National Research Council-Institute for Ocean Technology (NRC-IOT).
“NavSim is fortunate to have access to a world-class post-secondary education system and R&D infrastructure and an almost bottomless pool of smart, talented young engineers and developers,” said Mr. Osmond. “However, difficulties accessing private investment and financing, especially for software ventures, put us at a major disadvantage when competing with technology firms in the United States and Europe. With this contribution, NavSim Technology will be much better equipped to secure an international market-leadership position in marine e-navigation systems.”
Located in St. John’s, NavSim Technology began as a research initiative at the NRC-IOT and in 2002 was turned into a business. In 2009, NavSim Technology received the Canadian Innovation Leader Award for its industry-leading achievements in pioneering advanced navigation systems.
“The development of knowledge-based industries starts at our post-secondary and research institutions,” said Minister Sullivan. “Supporting the commercialization of the tremendous activity at our local institutions and establishment of new industries is central in the province’s economic development. It is an approach that will benefit the province for the long term.”
This investment was made through the OceanTech Smart Growth program. Initiated under Oceans of Opportunity: Newfoundland and Labrador’s Ocean Technology Strategy, a five-year, $28 million strategy designed to capitalize on opportunities and expand the local ocean technology sector, this program helps private sector enterprises advance projects that focus on ocean intelligence, ocean observation, and vessel observations.
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Department of Innovation, Trade and Rural Development
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