Minister Mélanie Joly announces funding from FedDev Ontario for eight innovative businesses in Waterloo Region to create nearly 500 high-skilled jobs and commercialize new technologies.
Waterloo Region is renowned globally as a leading centre of innovation, talent and growth. Boasting the second highest density of start-ups in the world, it is home to some of Canada’s largest technology companies and leading global brands, as well as many emerging tech companies and innovative manufacturers.
Today, the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, met with Waterloo Region tech leaders and policy thinkers to discuss challenges facing the industry and to explore opportunities for collaboration.
As part of her visit, Minister Joly announced nearly $30 million in federal funding to support eight innovative companies from Waterloo Region. This funding, from FedDev Ontario, will support companies in the fields of advanced manufacturing, medical technology, information and communications technology and video communications to scale up and grow. These businesses will leverage nearly $95 million in total investment for the community, significantly boost local supply chain spending, create nearly 500 new jobs and maintain an additional 300 jobs in Waterloo Region.
Four of the eight companies are graduates of The Accelerator Program:
"The FedDev Ontario program and its associated funding has been invaluable to Axonify as we navigate the uncertain markets during COVID-19 while still looking to capitalize on growth opportunities. Having the access to this capital has allowed us to help maintain our current staffing while also looking to continue to build and expand our team." —Carol Leaman, CEO, Axonify Inc.
“At Intellijoint Surgical, we are committed to being a global leader in MedTech, providing homegrown advanced technology to address a real need for improved, affordable accuracy during total joint replacement surgery.” — Armen Bakirtzian, Co-founder and CEO, Intellijoint Surgical Inc.
“We’re extremely pleased to receive this generous contribution from FedDev Ontario and the Government of Canada. It clearly demonstrates their mandate to scale high-growth businesses. Since commercializing our Primetime Emmy Award-winning algorithm in December 2016, our video solutions are improving the viewer experience for tens of millions of subscribers. FedDev Ontario’s contribution accelerates everything, allowing us to build our team, protect our intellectual property globally and implement systems to handle our international growth.” — Dr. Abdul Rehman, CEO, SSIMWAVE Inc.
“Our company is a prime example of how a timely growth capital can enable a high-tech start-up to commercialize a technology with potential to create and dominate a brand-new market category. Our terahertz metrology solutions help to reduce the amount of plastics used to manufacture plastics packaging products hence benefiting both the environment and industry. FedDev Ontario’s scale up funding played a crucial role in our company’s early growth phase, where securing investment capital is both essential and difficult.”— Daryoosh Saeedkia, Founder and CEO, TeTechS Inc.
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