$500,000 Investment Announced for NavSim Technology

The Government of Newfoundland and Labrador has announced a $500,000 investment in NavSim Technology Inc., a St. John’s-based software and hardware developer of electronic navigation solutions. The investment will support the company’s efforts to target growth opportunities in international markets for its navigational software which reduces the risk of collision or grounding for recreational boaters and major ship traffic. According to the company, NavSim currently has a greater than 90 per cent share of the Canadian piloting market for the safe and efficient navigational handling of marine traffic near land using buoys and other landmarks. NavSim will use the investment to expand sales activities, do market and product testing and initiate marketing campaigns in Europe, Asia and the United States.

 

“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 NavSim CEO Alvin 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.”

 

“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 Susan Sullivan, Minister of Innovation, Trade and Rural Development, Government of Newfoundland and Labrador. “With this investment, the company is now better positioned to build its operational capacity to expand its market coverage into new international markets. The development of knowledge-based industries starts at our post-secondary and research institutions. Supporting the commercialization of the tremendous activity at our local institutions and the 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.”

 

NavSim Technology began as a research initiative at the National Research Council Institute for Ocean Technology in St. John’s and in 2002 was turned into a business. In 2009, the company received the Canadian Innovation Leader Award for its industry-leading achievements in pioneering advanced navigation systems.

 

The Government of Newfoundland and Labrador’s investment was made through the Department of Innovation, Trade and Rural Development’s 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, vessel operations and ocean energy.