Fredericton-based start-up Smart Skin Technologies has raised another $3.9 million in venture capital funding after the release of their innovative Quantifeel DRONE technology.
The University of New Brunswick (UNB) spinoff company made waves in the start-up world last year after it introduced its Quantifeel technology to golfers as a technology that tests the pressure points on a golfer’s grip. Smart Skin Technologies was named to the Canadian Innovation Exchange (CiX) Top 20 list of Canada’s Hottest Innovative Companies in 2013.
“We experienced strong customer traction since our launch late last year,” said Smart Skin Technologies founder and CEO Kumaran Thillainadarajah. “We have a powerful solution to a problem plaguing bottling and packaging companies that will save them millions of dollars each year.”
Major bottling and packaging companies in Europe and North America have already implemented Smart Skin’s Quantifeel DRONE technology. The technology uses a drone shaped like a bottle or can that runs through the production line, transmitting pressure point data to a computer system. The product enables companies to detect and repair problems in their production lines before production is interrupted.
This round of financial backing comes from Build Ventures, GrowthWorks Atlantic Venture Fund and Rho Canada Ventures, as well as a second investment by the New Brunswick Innovation Foundation (NBIF) and several angel investors. The company previously raised $1.5 million from New Brunswick-based investors.
“With its proven technology and strong leadership team, Smart Skin technologies has quickly achieved significant customer traction with top global corporations,” said Jeff Grammar, partner with Rho Canada Ventures. “We see a bright future ahead.”
Not only is Smart Skin Technologies a UNB spinoff—its 10 employees are all UNB graduates, the majority of the team have post graduate degrees in engineering and science and its research director, Dr. Felipe Chibante, is an associate professor in UNB’s department of chemical engineering.
Thillainadarajah also graduated from UNB’s Activator program and earned a diploma from the J. Herbert Smith Centre for Technology Management and Entrepreneurship. He won the New Brunswick Young Entrepreneurs Award (under 35) in 2009. In 2012, Smart Skin Technologies won a KIRA award for “Most Promising Startup.”