Trust rallies behind high-tech company

The Vernon-based Southern Interior Development Initiative Trust has helped a virtual reality company pursue future goals.

The Vernon-based Southern Interior Development Initiative Trust has helped a virtual reality company pursue future goals.

SIDIT provided Kelowna’s Immersive Media with a $1 million loan, which led to assistance from other agencies.

“Together, we worked towards the goal of creating jobs and opportunities in the Okanagan and we were fortunate enough to employ over 30 people,” said Myles McGovern, Immersive Media’s chief executive officer.

“SIDIT afforded us an opportunity to take an investment, and with it, see our company grow develop, and stabilize. It was a win, win, win,” McGovern said.

The high-tech company was recently sold to Digital Domain of Hollywood.

SIDIT’s investment allowed Immersive Media to continue going forward as the business makes the transition with new parent company.

McGovern and his team have made a three-year commitment to build and expand operations in the Okanagan and Vancouver.

“With Immersive, and other Southern Interior businesses we work with, we’ve helped take a company from the early stage of business to the success it has realized today,” said Grace McGregor, SIDIT’s chairperson.

“We assist businesses from early stage to maturity, as there are gaps in access to capital on many levels. SIDIT partners with collaborative funders and professionals to realize businesses growth potential, creating a sustainable business that will create ongoing employment in the Southern Interior.”

SIDIT supports community-based projects and commercial ventures that diversify local economies throughout the Southern Interior.