MIRAMICHI (11/08/2013) – The Miramichi Technology Fund, managed by the University of New Brunswick’s Wallace McCain Institute, has announced an investment in a new software startup in Miramichi.
Patchell Brook Equity Analytics Incorporated is a company focused on creating the software platform and tools to undertake a more informed analysis of the equity contained in both privately held and publicly traded companies in Canada. The company focuses on fundamental analysis methodologies and the data required to support those analysis.
The company will use the institute’s investment to fuel the startup phase of the company.
The investment is one of several sources of private and government funding for the company, including significant support from the National Research Council of Canada Industrial Research Assistance Program.
“Being from the Miramichi, and having spent most of my life here, I am excited to be able to receive this support during our startup phase,” said Brian Donovan. “This support, along with the support we are receiving from government programs and other investors enables us to hire a small team of developers and move the platform forward during our Alpha development phase.”
The Miramichi Technology Fund was established in May 2011 through the generous donation of Frank and Julie McKenna. The fund aims to help Miramichi-based technology companies to grow and develop. It is tasked with making equity investments in technology companies in each of the next five years with the expectation that, in time, the fund will be self-sustaining and allow for further investments in the region.
Frank McKenna, a former premier and former Chatham MLA, is the deputy chair of the TD Bank Group.
The contribution from the McKennas has been made to UNB and is managed by the Wallace McCain Institute, which fosters entrepreneurship and innovation in New Brunswick and Atlantic Canada.