Government of Canada invests nearly $30M in eight Waterloo Region companies, four are AC grads

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.

July 29, 2020

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:

  • Axonify Inc. is an innovative, woman-led software company that develops corporate eLearning tools and solutions for clients on the frontline. FedDev Ontario’s repayable contribution of up to $7.2 million will enable the company to reach new export markets in the United States, Europe and Asia, as well as expand into new target sectors such as government and health. Axonify Inc. expects to create 81 highly skilled positions in software development, sales, marketing and management.
"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.
  • Intellijoint Surgical Inc. is a state-of-the-artmmedical technology company that manufactures smart navigation for total joint replacements. FedDev Ontario’s repayable contribution of $4.8 million will further the commercialization of its Intellijoint HIP and Intellijoint KNEE products to additional markets in Canada, the United States, Australia and Japan. As a result of this project, Intellijoint Inc. expects to create 94 and maintain 60 high-quality jobs, including 40 in the fields of Science, Technology, Engineering and Mathematics (STEM).
“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.

  • SSIMWAVE Inc. is a cutting-edge video software company that provides perceptual quality measurement and optimization solutions to some of the largest broadcast and streaming operators in Canada and the United States. Their team of scientists, engineers and business professionals leverage technology and problem-solving skills in order to make the viewing experience better for customers. FedDev Ontario’s repayable contribution of $4.2 million will allow the company to boost sales and marketing resources and expand its customer bases with new demonstration capabilities. In addition, SSIMWAVE Inc. expects to support 65 high-quality skilled jobs.
“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.

  • TeTechS Inc. produces and distributes non-contact and non-destructive turnkey quality control solutions for manufacturers in the packaging and automotive sectors. With FedDev Ontario’s repayable contribution of up to $700,000, the company will support the commercialization of its TeraGauge™ and PlastiMeasure™ plastic measuring machines, contribute to the vaccine vial manufacturing quality control processes, increase its market share and reduce plastic waste impacts in the production process. In addition, TeTechS Inc. expects to create 19 high-quality skilled jobs.
“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.

Quick facts

  • In June 2020, Kitchener and Waterloo joined Digital Main Street’s ShopHERE initiative, funded in part by FedDev Ontario, to support more local businesses to sell online.
  • The Greater Kitchener Waterloo Chamber of Commerce and the Cambridge Chamber of Commerce have launched a new joint free training program, Chamber Business Ready, powered by Axonify Inc., to help businesses train their employees about best practices related to reopening.
  • Today’s investments totalling nearly $30 million are repayable contributions made through FedDev Ontario’s Business Scale-Up and Productivity stream.
  • Since November 2015, FedDev Ontario has invested nearly $629 million in 397 tech projects and more than $284 million in 75 manufacturing projects across southern Ontario.
  • Since November 2015, FedDev Ontario has invested nearly $140 million in more than 60 projects in Waterloo Region towards total project costs of nearly $400 million.

Ready to Apply?

Our team is comprised of world-class mentors and specialists that drive our startups to success. If your passionate about the technology, the startup community we would love to hear from you!