Spark is among seven Canadian companies that received a cumulative $27.2 million from SDTC.
Montréal-based Spark Microsystems has secured $7.1 million in funding from Sustainable Development Technology Canada (SDTC). The grant comes as part of the cumulative $27.2 million that SDTC invested into seven Canadian tech companies to advance their clean technology innovations.
As the recipient to receive the largest amount of funding in this cohort, Spark intends to accelerate the development and commercialization of its wireless UWB transceivers. Other companies that got government financing include Mississauga’s RideFlag Tech, as well as Québec-based Omniply Technologies and E2metrix.
Fares Mubarak was appointed as Spark’s CEO in 2018, ahead of Spark’s product release in 2019.
Founded in 2016, Spark is a fabless semiconductor company that is working on building an ultra-low-power microchip designed to reduce the energy consumption of devices connected to the internet. The startup claims this microchip also has the ability to cut down the volume of waste created during battery production. Spark received its first patents in 2020 in the United States and abroad, shipping its first silicon evaluation kits in 2019.
Spark said its technology, which targets wireless devices for gaming, audio, augmented, virtual, and mixed-reality, holds a number of advantages over Bluetooth. The company describes its product as being capable of providing 10X more data throughput, 60X lower latency, and 40X lower power consumption. These attributes can ultimately lead to a significant reduction in battery usage and replacement as part of Spark’s mission to decrease landfill waste, carbon emissions, and other toxic environmental contamination.
“The accelerating proliferation of IoT sensors and personal connected devices requires a new approach to wireless connectivity that maximizes energy efficiency and reduces environmental impact, while simultaneously providing a huge leap forward in throughput and latency performance,” said Fares Mubarak, CEO of Spark.
He adds that Spark’s fresh funding, along with SDTC’s previous investments in the company, “acknowledges Spark’s steadfast commitment to sustainability.” Mubarak was appointed as Spark’s CEO in 2018, ahead of Spark’s product release in 2019.
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SDTC previously provided $2.2 million to Spark in 2017 as part of the Innovation and Skills Plan, the federal government’s strategy for creating “well-paying middle-class jobs” in Canada.
Spark’s other past capital raises include a $17.5 million equity financing round led by cleantech investor Cycle Capital.
Feature image courtesy JESHOOTS.com via Unsplash.
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