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$1.5 million in investment helps Toronto's Futurestate IT develop software

Futurestate IT, an Entertainment District-based company that was recently named one of the 10 Canadian Cloud Companies to Watch, has secured $1.5 million in financing from government and private investors to finance its growth.

One third of the money will come from FedDev Ontario, the federal government's regional economic development agency, through its Investing in Business Innovation initiative. The remaining investment is shared by the MaRS innovation incubator and the angel investors of the Maple Leaf Angels investor group.

Futurestate IT CEO, CTO and founder Alex Topitsch says he has been working in IT consulting for about 15 years, and founded Futurestate two years ago specifically to help companies solve the problems of migrating existing data and software to new operating systems with a custom software product. The company's AppRx software is the first cloud-based automatic solution for migration to new operating systems.

In two years, the company has grown to employ 14 staff. The capital injection from FedDev and the other investors will help fuel expansion, Topitsch says.

"Really, it helps us expand into the US, and that's really where we're going to make out mark," he says, saying the financing will allow the hiring of US sales staff and developers to enhance the product line. Topitsch expects the staff to reach 22 by the end of the year.

Writer: Edward Keenan
Sources: Alex Topitsch, CEO and CTO, Futurestate IT; FedDev Ontario
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