Wed, 15 Sep 2004

IT innovation a lesson in growth

IT company Ectus launched today with $320,000 in new funding

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A Waikato based provider of real time, interactive computer video and audio systems is set for international growth following its launch today and the announcement of $320,000 in new funding by Minister for Research, Science and Technology, Pete Hodgson.

The company, Ectus, is a world leading provider of proven and unique online communications technology products with applications in the education, medical and business sectors. Waikato University already uses Ectus technology to provide 20 qualifications online, the highest number of qualifications provided in this way by a single institution in the country.

"This is a great example of the government's Growth and Innovation Framework in action," says Minister for Research, Science and Technology, Pete Hodgson. "Innovative technology such as this continues to drive our economy and is an engine for continued international growth. This government's commitment to supporting both the business and the education sectors is exemplified by the way different sources of funding and support have been brought together to set Ectus up for international expansion."

Ectus is receiving $300,000 from Technology NZ's Technology for Business Growth (TBG) fund. This money will be used to further develop the Ectus MEDIA product. Technology NZ is part of the Foundation for Research, Science and Technology. The company is also the recipient of a $20,000 Enterprise Development Grant from NZ Trade & Enterprise (NZTE) to help promote the products internationally through branding strategy.

This new money is in addition to $1.2 million the company has received from the New Zealand Venture Investment Fund (NZVIF) seed funding provider, Endeavour-icap that is being used for new product development and commercialisation.

Ectus was established by Waikato University specifically to exploit university owned intellectual property through its commercialisation arm, WaikatoLink. Ectus has been supported through its early stages of development by being part of the business incubator at Hamilton's Waikato Innovation Park and is the first company to graduate from it. The Park is jointly funded by Hamilton City Council, WEL Energy Trust and NZTE.

ENDS

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