On April 24, 2019, Echosec announced that it entered into an agreement with TIMIA Capital Corporation for a three year investment facility, which involves a secured loan of $2 million. The initial payment of $1 million was advanced, and the remaining $1 million will be spent throughout various stages over the term of the agreement.
Echosec, based in Victoria, is a web-based data discovery platform that helps organizations detect online data for threat intelligence. Echosec uses machine learning technology to aggregate and map content from hundreds of sources including social media, blogs, news, and the dark web.
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue.
Osler, Hoskin & Harcourt LLP represented Echosec with a team consisting of Justin Young, Jacques Du Plessis (Emerging and High Growth Companies) and Martha Martindale (Financial Services).