Elliptic Technologies has secured USD4m of additional funding from existing and new investors including BDC Venture Capital and Anges Quebec members.
Building on Elliptic's embedded security and content protection solutions, the company will deploy the new capital to support its growth strategy and fuel more extensive market opportunities through the development of its tVault technology and expansion of the sales and marketing teams and initiatives.
"We are delighted to have been early investors in Elliptic Technologies. Elliptic has built an impressive list of clients, and demonstrated consistent leadership and innovation in delivering security solutions which is why we believe they have what it takes to grow and move to the next level," says Ian Wyatt, partner at BDC Venture Capital. “This investment fits naturally within BDC Venture Capital’s efforts to bolster the Canadian venture ecosystem, by enabling the best companies to achieve scale. We wish Elliptic ongoing success in their expansion efforts.”
“With the number of connected smart devices predicted to reach 50 billion by 2020, creating countless possibilities to access and use content, we recognise a critical need for embedded security in these devices,” says Vijay Dube, president and chief executive of Elliptic Technologies. “I consider the support of our existing and new investors to be a strong testimonial of their confidence in Elliptic’s products and expertise to compete and succeed in this marketplace.”
“Elliptic is an innovative business that has the potential to be a security game-changer for today’s connected devices,” says Jean-Francois Grenon, Anges Quebec member and lead angel for this investment. “We are pleased to support this funding to boost their long term goals, technical capabilities and ability to gain traction in new markets – they are well poised for success.”
Elliptic has recently added three new board members and is in the process of expanding its marketing, sales and technical support teams to strengthen its international presence, drive faster time to market, increase brand awareness and market share.
