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CarteNav receives strategic investment from Lockheed Martin division
HALIFAX, NOVA SCOTIA Nov. 2, 2016 CarteNav Solutions Inc. (CarteNav) today announced that it has received a strategic investment from Lockheed Martin Aeronautics of $1.4 million USD under the Government of Canada’s Industrial and Regional Benefits (IRB) Investment Framework program.
“The funding provided by Lockheed Martin Aeronautics under the Department of Innovation, Science and Economic Development’s IRB Investment Framework program will be used to augment the ability of our flagship product, AIMS-ISR®, to integrate with and enhance leading airborne surveillance radars,” said Paul Evans, CarteNav’s president.
The majority of the product development activity is expected to be completed over a period of two years and will result in the hiring of additional highly skilled software engineers and other technical personnel.
“Lockheed Martin’s support will help us pursue our product roadmap that addresses the needs of a broad and growing market of military, government, and commercial customers that require cost-effective and rapidly deployable Intelligence, Surveillance, and Reconnaissance solutions for a variety of security and public safety missions. This investment will allow us to increase the scope and value of the international opportunities we are well positioned for,” Evans said.
The offset investment behind the CarteNav project is in direct support of Lockheed Martin’s Industrial and Regional Benefits obligations associated with Canada’s purchase and In-Service Support of 17 CC-130J Hercules aircraft, which were delivered to the Royal Canadian Air Force in 2010.
“We are very pleased to see our Investment Framework grant going to a highly innovative company like CarteNav,” says Charles Bouchard, chief executive of Lockheed Martin Canada. "We have been impressed with CarteNav’s track record of development and commercialization of software products that are globally competitive, and the success of this project will be an excellent example of how large international aerospace companies such as Lockheed Martin can collaborate with smaller businesses in Canada to help bring technological advances that create opportunities for lasting business growth in the Canadian economy."
About CarteNav Solutions Inc.
CarteNav Solutions Inc. is an international leader in mission and sensor management software solutions for the airborne, land, and maritime environments. CarteNav offers operationally proven software that dramatically improves the performance of both sensor operators and tactical decision makers. The company has established a reputation for providing sought-after and high-value solutions that can be deployed on a wide variety of platforms supporting multiple mission types for a diverse client base that includes government, military, and commercial customers. CarteNav is a wholly-owned subsidiary of Provincial Aerospace Ltd. and is part of the Exchange Income Corporation (EIC) group of companies.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 98,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services.