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Software company Calgary has secured nearly $ 10 million in risk financing

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A Calgary technology company has received nearly $ 10 million in venture funding to expand its workforce and introduce an aggressive sales strategy.

Article author:

Amanda Stephenson • • Calgary Herald

Release date:

April 01, 2016 • • April 21, 2016 • • Read for 2 minutes

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A Calgary technology company has received nearly $ 10 million in venture funding to expand its workforce and introduce an aggressive sales strategy.

InVistaWare Inc. announced Thursday that it has closed $ 9.6 million in Series A financing and that it will sell security and compliance software company Salus Safety Solutions Ltd. take over. The company also announced that it will change its name to Aimsio Inc.

The financing was provided by Strait Capital Corp. , a private family office investment firm based in Calgary.

“We’re very excited,” said Hanif Joshaghani, who co-founded Aimsio in 2014 with seed funding of $ 150,000. “This capital … gives us a huge war chest to carry out our strategy.”

Aimsio – with 18 employees in downtown Calgary and two more in a newly opened office in Vancouver – provides cloud-based operations management systems for businesses that need to communicate with on-site employees. With the Aimsio system, remote workers can perform paperless daily operational tasks on site. Tickets, forms and invoices processed by Aimsio users are accessible online and offline for both field workers and office workers.

Joshaghani so far said most of his company’s customers are energy services companies, but added that the software could be used by any company with field service locations or remote workers. He said Aimsio hopes to use his new capital to double the workforce and improve his sales and marketing efforts.

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Raising investment capital for startups in a province so focused on oil and gas has long been a challenge for the Alberta technology sector. Both the Calgary Chamber of Commerce and Calgary Business Development say Alberta needs more measures to encourage the investment of capital – especially if the province is to compete with BC for people and projects that give tax credits to technology investors.

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Joshaghani, however, thinks Alberta is a great place to start a startup, especially if your technology can grab the attention of potential customers in the energy sector. In his experience, the biggest challenge is not to attract funding, but to find talent. He said that as Aimsio expands, hopes to hire locally but may need to look to BC or Ontario to find people with the right tech expertise.

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“Everyone made insane money in the oil field so the talent pool never developed,” he said. “We need a structural change, and work structure change takes time.”

Rebecca Giffen, executive director of the Alberta Venture Capital Association, said nearly $ 10 million in Series A funding was “significant” not just to one company but to the province’s entire technology sector.

“It’s great for Alberta,” she said.

astephenson@calgaryherald.com

Twitter.com/AmandaMsteph

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