A Halifax company that provides a secure, online file-sharing service is advancing its innovative technology and entering new markets with investment from the province.
TitanFile Inc. has secured $250,000 in financing from Innovacorp.
"Innovative technology companies like TitanFile play an important role in growing our province's economy," said acting Economic and Rural Development and Tourism Minister John MacDonell. "This investment supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy."
Founded by Milan Vrekic and Tony Abou-Assaleh, TitanFile lets organizations easily and securely share large or confidential documents inside and outside an organization, over the Internet. The technology also lets the sender track and control the document, such as knowing when it was read and by whom, or disable the option to print or forward the file.
Unlike similar products, TitanFile users don't need to install special programs, configure computers, or add special hardware. It is also the only cloud-based document-transfer option that is fully compliant with Canadian privacy laws.
"We're pleased to be an early investor in this promising company," said Clifford Gross, president and CEO of Innovacorp. "Their compelling encryption technology and commitment to customer service puts them in great standing for success in the rapidly growing market for online document security and management."
The company is enjoying considerable momentum. Earlier this year, TitanFile won an award in Texas for new ventures in the cloud-computing industry, and was one of five companies chosen to showcase at a DemoCamp event in Toronto, beating out numerous applications from entrepreneurs around the country.
In 2010, the company won the Nova Scotia Co-operative Council's Best Big Idea competition for best entrepreneurial idea from 118 submissions. TitanFile is a finalist for the 2011 Deloitte Technology Fast 50 companies-to-watch list.
"This financing will let us build an even stronger product and roll it out into the marketplace," said Mr. Vrekic. "We're excited to work with Innovacorp as we grow our company."
Innovacorp, Nova Scotia's technology commercialization agency, manages a venture capital fund that invests in early stage, high growth companies. Target industries include clean technology, information technology, and life sciences. Seed and venture capital investment is a critical part of Innovacorp's business model, which has earned international recognition as a best practice approach to technology commercialization.
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Halifax, Nova Scotia, August 30, 2011