COBOURG, Ontario--(BUSINESS WIRE)--Northumberland CFDC today announced that Argentum Electronics is the winner of its 2018 $250,000 N100 Evolution technology startup competition. The multi-stage competitive gauntlet began in July 2018 at Venture13 in Cobourg, with a total of 44 startups competing at the outset. Argentum Electronics has designed a product line of Power-over-Ethernet (PoE) technologies and smart power management solutions, working within an ecosystem of innovative architects, builders and producers.
The startup and its Founder and CEO Bolis Ibrahim were already on a major winning streak leading up to N100 Evolution, previously garnering multiple accolades, such as the Norman Esch Engineering and Innovation Award, Ontario Centres of Excellence David McFadden Energy Entrepreneur Challenge, the RECODE Social Innovation and Entrepreneurship Award, the Global Student Entrepreneur Award and most recently, the company took home a Gold Medal in Korea Electric Power Corporation’s (KEPCO) digital transformation conference held in Gwangju this past October.
With an impressive patent portfolio, backed by partnerships with Microsoft’s IoT & AI Insider Lab in Redmond, Washington, with early support from the Impact Centre at the University of Toronto and Ryerson University’s Clean Energy Zone, and accelerated by a successful customer demonstration project with WZMH Architects, Argentum Electronics is going to market now with a significant boost from N100. And with their win, company operations are coming to Venture13 where Argentum Electronics is immediately hiring for technical positions (click here to apply via Angel List).
Following a recent $2 million solar-powered electric vehicle charging station funding announcement at Venture13 by MP for Northumberland-Peterborough South, Kim Rudd (click here to view the release) N100 continues the momentum with Argentum Electronics as we work together to realize a smarter, greener, more efficient and dynamic future.
“We are excited about Argentum Electronics’ PoE technologies and the opportunity for collaboration with local firms and organizations devoted to industrial innovation,” said Northumberland CFDC Executive Director Wendy Curtis. “Congratulations to Bolis Ibrahim for your exemplary performance in N100 and we look forward to playing a major role in your advancement.”
“Winning the N100 competition is a game changer for us,” said Bolis Ibrahim, Founder and CEO of Argentum Electronics. “With this capital injection we will be able to get our Smart Power over Ethernet Controller (SPEC) product line ready for manufacturing and market entry. Ultimately this will put our company in a highly investable position. We are grateful for all of the support we’ve received from Northumberland CFDC, the N100 Power Panel, and our mentors in this journey.”
In addition, all eligible N100 Evolution Semi-Finalists are now pre-qualified for up to $30,000 in matching seed funding from Northumberland CFDC’s $2.2 million N1M initiative, with increased support from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) also recently announced by MP Kim Rudd (click here to view the release).
Through N100 and all of its programs, Northumberland CFDC endeavours to add value to entrepreneurs through funding, financing and entrepreneurial development opportunities in a continuous effort to strengthen the chain of innovation in Northumberland and across Ontario.
About Northumberland CFDC
Located at the Venture13 innovation centre in Cobourg, Ontario, Northumberland Community Futures Development Corporation (Northumberland CFDC) provides financing and strategy for entrepreneurs as a pathway to future prosperity, delivering local and regional programs including N100, N1M, the Nventure Angel Sidecar Fund, EODP, CEDP and the core Community Futures Program, with the support of the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). For more, visit Northumberland CFDC’s website (click here).
Launched in 2013, N100 Evolution is the sixth edition of Northumberland’s open invitational technology startup competition at Venture13. N100 Startups compete for a $250,000 convertible note from Northumberland CFDC through a series of challenges from the pitch competition to business planning and board room presentations, with entrepreneurial development and support along the way from the Power Panel, advisors and partners. N100 is a biennial competition starting up again in 2020, and proudly sponsored by MathWorks, Budgeto and CCO Productions. For more, visit the official website (click here).
About Argentum Electronics
The mission of Argentum Electronics is to bring fundamental innovation to the world of power electronics and IoT technology. The multi-award-winning company provides the smart building value chain (owners, architects, building engineers, and construction firms) with DC power management and Power-over-Ethernet (PoE) solutions through application of a suite of patent pending technologies. The company’s Smart Power over Ethernet controller (SPEC) line features a cloud-managed Smart PoE Splitter, and a cloud-managed PoE Power Combiner for high power PoE delivery. For more information, visit the Argentum Electronics website (click here).