COBOURG, Ontario--Today, PinPress has officially won the fourth annual N100 Startup Competition, securing $100,000 in early-stage investment from Northumberland CFDC. A hardware startup led by nanotechnology students from the University of Waterloo, the team at PinPress are the creators of a new shapeshifting mold technology.
With PinPress, manufacturers can avoid losing millions of dollars per month in downtime switching tools by utilizing the device’s programmable surface. “Think: a thousand molds in one,” explains PinPress CEO, Asif Khan.
The N100 win is the latest in a string of victories for the startup which emerged from the Velocity Foundry in 2013. PinPress has received numerous awards since then (including recently winning the GlobalStart Pitch Competition at OCE Discovery 2016) and was recently accepted into Johnson & Johnson Innovation’s JLABS incubator. The company is currently backed by SOSVentures and graduated from its leading global hardware accelerator, HAX.
“We are most excited about the collaborations that PinPress is already developing with advanced manufacturers in Northumberland because of N100,” said Wendy Curtis, Northumberland CFDC’s Executive Director. “Cutting edge innovation is clearly of great interest to our local manufacturing sector.”
“And we believe the team at PinPress is helping to disrupt the fundamental frameworks of manufacturing processes while advancing the future of mass customization,” added Northumberland CFDC Board Chair, Rick Holmes. ”This is bold Canadian entrepreneurship at its best”.
“Congratulations to PinPress on their victory of the N100 competition,” said Kim Rudd, Member of Parliament for Northumberland-Peterborough South. “The Government of Canada is pleased to see the successes of PinPress in the technology sector as well as the local manufacturing sector. We are proud to support programs and competitions such as the N100 that help high growth potential startups bring to market new and innovative products.”
“The strong support from N100 as well as local manufacturers is truly appreciated by our team,” said Khan. “We look forward to a great partnership.”
PinPress will celebrate their win at the “Qoints N100 Startup BBQ” on August 15, 2016 from 4-7 PM at The Mill in Cobourg—all are welcome (register here).
PinPress is a patented, shape-shifting technology, putting one thousand molds into one tool—virtually eliminating the cost of changeovers and downtime with a mold that changes shape on the fly.
Supported by Federal Economic Development Agency for Southern Ontario (FedDev Ontario), N100 is Northumberland’s annual $100,000 technology startup competition. Delivered by Northumberland CFDC in partnership with Spark Centre, sponsored by MathWorks and powered by Reviewr, N100 will enter its fifth consecutive year with a call for applications in January, 2017.
About FedDev Ontario
FedDev Ontario delivers programs and services to help create, retain and grow businesses, cultivate partnerships and build strong communities. The Agency’s programming is designed to support a strong southern Ontario economy and position the region to compete globally. For more information, visit www.FedDevOntario.gc.ca.