Success Story

inBay Technologies

10/22/2014
(From left) OCE Business Development Manager Hindal Mirza, with Assistant Professor in Computing at Queen's University and co-inventor of the Blackberry communication platform Ahmed Hassan (centre), together with the CEO of inBay Technologies Stan Xavier (right) at inBay's Ottawa headquarters.

Cybercrime cost the Canadian economy $3.2 billion last year alone. Cyber-attacks affect millions of people, have the potential to financially cripple companies, and are becoming increasingly sophisticated. The explosion in popularity of mobile devices like tablets and smartphones in the cloud computing space presents one of the greatest risks to cybersecurity today. Current solutions are costly and unreliable.

Ottawa-based start-up inBay Technologies has developed a disruptive, cost effective solution that eliminates vulnerability of unprotected mobile endpoints in cloud computing. The company’s patented software creates a trusted virtual relationship between user and service provider that’s unprecedented using three types of information: PIN, smartphone identifier and unique code from a service provider. 

Starting in 2012, OCE supported three early-stage collaborations between inBay and two Ontario universities – the University of Ottawa and Carleton University – to develop the company’s flagship software system. Most recently, the company completed a Voucher for Innovation and Productivity (VIP) project with Queen’s University to explore how to further scale their product. OCE’s support helped inBay create an ultra-large-scale platform which provides one of the lowest total cost of ownership solutions.

inBay Technologies has successfully landed partnerships with enterprises and financial companies in South Korea. Pilots are being planned for Canada, Japan, and the US. inBay recently launched its idQ Solution for enterprise private clouds or public clouds and is currently enhancing its ultra-large-scale deployment platform to include green computing techniques to reduce data centre energy consumption.

Return on Innovation

  • Currently employs 15 people
  • Projects hiring up to 100 people by 2017
  • OCE Investment: $106,475

OCE©2014 Last updated 10/2014