InNOVAcorp Invests in Navitrak International

InNOVAcorp announced today it has completed a second-round investment in Halifax-based Navitrak International Corporation. InNOVAcorp was the only Nova Scotia corporate investor to participate in the $2,225,000 private placement.

The investment will be used in part to fund tooling, inventory build-up, institutional demonstrations and marketing for the AeroNavitraker, Navitrak’s personal electronic navigation system. Remaining funds will be used for working capital and ongoing research and development.

“Despite the slump recently experienced in technology markets, Navitrak has proven the need for its product,” said Pat Ryan, director of investment for InNOVAcorp. “Where other companies have floundered, Navitrak has continued to close contracts. For us, that makes Navitrak the kind of investment that will ensure the success of our venture capital fund and allow us to continue to support promising companies in the future.”

Navitrak currently has a backlog of orders for the AeroNavitraker, and is developing other personal electronic navigation systems for institutional and commercial markets. Navitrak’s client list includes the Los Angeles County Fire Department, the Canadian Department of National Defence, Flir Systems, Wescam Inc., the Australian government and Canadian Geographic magazine.

InNOVAcorp is an active venture capital investor in the province. It currently manages $15 million in venture capital funds for emerging entrepreneurs, primarily in the information technology and life sciences industries. Investment is just one of the network of critical business resources available through InNOVAcorp.