Seed capital fund invests $250,000 in mining tech start-up FORTAI
Sudbury, ON. The Sudbury Catalyst Fund, a $5 million seed capital co-investment fund based in the City of Greater Sudbury, is pleased to announce the closing of its first investment in FORTAI, a Sudbury-based technology company with the vision to transform how mines and heavy industry design, build and manage their operations.
FORTAI is an advanced technology and product manufacturing company focused on delivering innovative value chain management and savings to the mining industry while providing profitable growth to investors and shareholders. Built for dynamic mining environments, FORTAI’s ADMMIT technology, an autonomous mobile inventory management system, tracks, delivers and manages material movement in real-time, from purchase to consumption and links to planning and inventory controls. Additionally, the company has designed and developed a customizable and mine-ready container called the SmartCube, which works in conjunction with the ADMMIT platform.
"In partnership with the Sudbury Catalyst Fund, NORCAT’s goal is to accelerate the growth of innovative companies that will drive future economic and social prosperity for Canada," says Don Duval, Sudbury Catalyst Fund co-managing director and NORCAT CEO. "Our investment in FORTAI validates the quality of talent, entrepreneurial spirit, and technology leadership that continues to anchor Sudbury’s vibrant tech ecosystem. We are excited to be working with FORTAI as they continue to transform the global mining industry."
"We are proud to close our initial investment and support this promising Northern Ontario technology company," says Rainer Paull, co-managing director of the Sudbury Catalyst Fund. "With this investment, along with a strong leadership team, differentiated IP and a meaningful value proposition, FORTAI is well-positioned to scale its operations."
Established to accelerate the growth of scalable tech start-ups, The Sudbury Catalyst Fund brings together a variety of partners and angel investors eager to build Northern Ontario’s entrepreneurial ecosystem by investing in and supporting a diversified portfolio of high-growth companies. Administered by Nickel Basin Federal Development Corporation, in collaboration with NORCAT, the Greater Sudbury Development Corporation and FedNor, the fund is focused on unlocking angel capital via co-investing in early-stage tech companies with high growth potential.
"We are grateful for the support and confidence that the Sudbury Catalyst Fund Investment Committee has placed in FORTAI," says FORTAI president Trang Tran-Valade. "The investment from the Sudbury Catalyst Fund, combined with matching funds from local angel investors, will allow FORTAI to accelerate our growth and quickly reach new markets."
For more information about the Sudbury Catalyst Fund, visit www.norcat.org/innovation/sudbury-catalyst-fund or www.nickelbasin.ca
ABOUT THE SUDBURY CATALYST FUND
The Sudbury Catalyst Fund (SCF) is a unique $5 million seed capital venture fund administered by the Nickel Basin Federal Development Corporation in collaboration with the City of Greater Sudbury, FedNor and NORCAT.