Toronto, ON (October 31, 2016) – Today we are sharing a big news. After months of intense competition where hundreds of companies competed for a chance to win a share of $5 MILLION in prizes as part of the 43North competition, Formarum has been selected as one of the 8 Winners. We have won a $500,000 USD cash prize to help us launch our first product, Dive Smart Sanitizer.
“We could not be more grateful today. The funding we will receive from this award will help accelerate our product launch. We are extremely excited and looking forward to an incredible year to expand our operations to United States, grow our company, and start delivering an amazing product to our customers”, said Moe Dini , Formarum’s Product Manager .
“This is a fantastic news and opportunity that has come as a result of years of working on our core technology. I want to thank everyone who has helped us get to this point, especially our past and present employees without whom we would not be able to achieve this milestone”, said Seyed Nourbakhsh, Formarum’s CEO and Founder.
Founded in 2014, 43North is an unprecedented program, made possible by Governor Andrew Cuomo’s historic Buffalo Billion initiative, with support from the New York Power Authority. Every year 43North awards $5 MILLION in capital – including a grand prize of $1 MILLION – to truly remarkable startups from around the world. But the money is just the beginning. In addition to cash, they win access to the resources, infrastructure, and people of a city where remarkable things are happening – BUFFALO, NY.