Ottawa-based Martello to receive up to $2M in federal funding

Proctor

In addition to a recent influx of public funds, Martello Technologies (TSX-V:MTLO) will also accelerate its product development with a new source of federal funding.

The Ottawa-based communications services firm announced Monday morning it will receive up to $2 million from the National Research Council’s Industrial Research Assistance Program, known more commonly as IRAP. The program is designed to help Canadian enterprises commercialize their products and services.

Martello said in a release that the IRAP funding will help it to hire 11 new employees and “accelerate” the development of its network performance management services.

The firm, which went public on the TSX Venture Exchange earlier this month, helps enterprises manage rising bandwidth demands and troubleshoot issues as they occur. The release says that the IRAP funding will go towards automating these management processes, reducing the need for IT intervention.

“As the pace of digital transformation grows, this funding will help our solution reach the market faster, allowing us to capitalize on this significant opportunity,” said Martello CEO John Proctor in a statement.

After less than two weeks on the public markets, Martello’s price has fluctuated. The firm opened trading at $0.50 on Wed., Sept. 12 and rose to $1.17 by the end of its first week, but has since fallen back to around $0.66 in trading on Monday.