The Canadian Government Invests in Waterloo's Information Communications Technology Cluster
Waterloo on July 7, MP for KitchenerWaterloo 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.
• The project is expected to create 38 jobs and maintain four jobs over the course of the project.
• RSVP is also leveraging $1.9-million in angel investment from members of the Golden Triangle Angel Network (GTAN).
• RSVP currently has contracts with Shangong province (with 100 million population), NavInfo, China’s largest automotive navigation system supplier; Huawei, the Chinese technology multinational corporation; and the Chinese Central Weather Bureau.
• Since its creation in August 2009, FedDev Ontario has invested more than $25 million in close to 30 projects in the Waterloo region, through the Investing in Business initiative. This has resulted in more than $53 million in additional leveraged investments to support businesses, organizations and communities.