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The Harper Government Invests in Waterloo''s Information Communications Technology Cluster

ID: 1370673
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(businesspress24) - WATERLOO, ONTARIO -- (Marketwired) -- 07/07/15 -- Federal Economic Development Agency for Southern Ontario (FedDev Ontario)

Today, MP for Kitchener-Waterloo Peter Braid announced an important investment that will help a Waterloo-based Information Communications Technology company build on its first-to-market advantage in China and expand its customer base.

RSVP Technologies Inc. (RSVP), a developer of Natural Language Processing (NLP) and Question Answering technologies in Chinese and English for mobile devices will receive up to $950,000 to finalize the development of its NLP technology.

The product is based on various major Chinese databases, including a database of 200 million existing questions and answers, knowledge-bases and a translation technology that uses existing English data, making it the most advanced NLP technology product in the Chinese market. The funding will help RSVP further develop and customize its current product to meet the specific needs of customers in China and to attract new business through marketing and distribution strategies targeting the Chinese market.

The Harper Government''s contribution, through FedDev Ontario''s Investing in Business Innovation initiative, is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.

Quick Facts

Quotes

"This announcement is yet another key example of how our Government is fostering an environment in which tech start-ups and early-stage businesses can access support for innovative research and development. This is helping to propel our innovative entrepreneurs to the world stage, creating a stronger economy at home."

- Peter Braid, MP for Kitchener-Waterloo

"The FedDev Ontario contribution will enable RSVP Technologies to leverage up to $1.9 million through angel investors. This contribution will not only accelerate growth opportunities for the company, but also create local job opportunities and growth for the Information Technology Communications cluster in the Waterloo region."

- Ming Li, Founder and CEO RSVP Technologies Inc.

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Investing in Business Innovation Announcement speech for RSVP Technologies

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Contacts:


Erica Furtado
Director of Communications
Office of the Honourable Gary Goodyear
613-943-7599

Media Relations
FedDev Ontario
416-954-6652

Toll Free: 1-866-593-5505
Website:



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Date: 07/07/2015 - 15:15
Language: English
News-ID 1370673
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Kontakt-Informationen:
Firma: Federal Economic Development Agency for Southern Ontario
Ansprechpartner: Feedback to businesspress24.com about Pressrelease-id:
Stadt: WATERLOO, ONTARIO
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