November 27, 2000
Crown Investments Corporation (CIC) is investing $5 million in an early stage seed capital fund for advanced industrial technology companies.
Primaxis Technology Ventures Inc. is a Canadian investment fund that helps create advanced industrial technology companies by providing seed capital, business and technology management expertise, and networking opportunities.
"We are very pleased to invest in this fund, which we believe will help encourage growth in the advanced industrial technology sector in Saskatchewan," CIC Minister John Nilson said. "This sector has great potential, and Primaxis can provide the necessary seed capital and business expertise to help companies get started and develop to the commercialization stage."
"The Primaxis fund, and CIC's involvement in it, are welcome news for companies and individuals who are involved in advanced industrial technology research and development in this province," TRLabs Director for Saskatchewan Operations Cliff Klein said.
Primaxis was founded in early 1999 by Royal Bank Ventures Inc. (RBVI) and BTG International Inc. RBVI is a subsidiary of Royal Bank Financial Group, while BTG is a global leader in patenting and marketing intellectual property rights for technologies. To date, Primaxis has invested in nine Canadian projects, including university research projects and companies that are developing video imaging and search engine software for the internet.
In October 2000, the Government of Saskatchewan invested $14 million in a new fund called Foragen which promotes the creation of advanced agricultural technology companies. RBVI is also a founding partner in that fund.
"We are proud to team up again with Royal Bank Ventures Inc. to assist Canadian and Saskatchewan companies in a sector where start-up capital is in short supply," Nilson said. "Investing in a fund like Primaxis is just another way of developing our economy and creating opportunities for Saskatchewan people."
Executive Director, Communications
Crown Investments Corporation
Phone: (306) 787-9039