Laval-based Ionodes has raised a seed round of funding from Anges Québec, Anges Québec Capital Fund and Desjardins-Innovatech.
Ionodes specializes in the development of IP video compression, transmission, and decoding technology, as well as video content management appliances and software platforms. Amusingly, the startup’s work seems somewhat similar to the fictional venture Pied Piper, from HBO’s Silicon Valley.
The round worth about $1.5 million came nearly equally from Anges Québec ($445,000), Anges Québec Capital Fund ($500,000) and Desjardins-Innovatech ($580,000).
All joking aside, Ionodes’ technology actually appears to be devoted to video surveillance and military applications.
“Developing technological innovations and creating new products adapted to the ever-changing video surveillance market are really our company’s biggest concerns,” said president Éric Tasso.
Some members of the Ionodes R&D team are working to develop “innovative portable cameras designed specifically for police and military use,” which the company called a “booming market segment with significant growth potential.”
— IONODES (@ionodes) May 31, 2016
— IONODES (@ionodes) May 17, 2016
Ionodes will use the cash to ramp up business in the United States, Europe, the Middle East, and Africa. It’s first branch will open in Europe.
“The company has developed an effective technology for improving and facilitating video recording, transmission, and storage,” said Angel investor Robert Branchaud. “Ionodes has… an innovative approach that I’m certain will have a place in the international market.”