Three emerging technology companies in Saint John have received a combined investment of $1.75 million from GrowthWorks Atlantic Venture Fund Ltd., the company announced on Tuesday.

Enovex Technology Ltd., a clean technology company developing advanced gas separation materials, secured $1.1 million, GrowthWorks Atlantic's president and chief executive officer Thomas Hayes said during a news conference in Saint John.

Spinzo Corporation got $400,000 to launch its web-based smart buying platform that uses dynamic pricing to connect merchants and consumers, he said.

And MedRunner Health Solutions Inc., a leader in developing and deploying electronic prescription solutions to physicians and pharmacies, landed a $250,000 investment.

"We are extremely pleased to be working with experienced local angel and seed investors to provide New Brunswick's emergency economy companies with the capital to commercialize and expand their business," said Hayes.

GrowthWorks managed funds provides investment capital for Canadian companies and tax-advanced investment opportunities for Canadian investors.

Large market opportunity

The three selected Saint John companies all have a strong value proposition, a large market opportunity and talented entrepreneurial leaders, said Hayes.

The region loses about $1.2 billion a year in money invested in retirement savings plan funds elsewhere, said Hayes. GrowthWorks hopes to keep more of that money in the region to develop jobs, he said.

Scott Walton, the chief executive officer of Enovex, said the funding will be a catalyst to scale and trial the synthetic material it developed, which allows for easier separation of oxygen from other gases.

"We basically created a material that will reduce the cost of industrial oxygen production by up to 50 per cent," he said. "This is a $7 billion-a-year market and represents close to 14 per cent of some of the major incumbents' bottom lines."

Emmanuel Elmajian, the chief executive officer of Spinzo, said the funding will allow his company to help merchants sell products online and lead the shift toward social e-commerce.

"We've developed a platform that allows local merchants to finally compete online," he said. "With this platform, merchants can dynamically price their products based on the number of people that decide to purchase the product."

Meanwhile, Todd Murphy, the chief executive officer of MedRunner, said the investment will help his company toward its goal of becoming the e-prescribing leader in Canada.

"You know, we're the future of the province. You know, it's companies like ours that will help change the perception but at the same time foster other entrepreneurs and really start to make a self-sufficient province out of individuals starting companies from IT ideas born and bred here," he said.