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Posted Thursday July 30, 2020


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Investment

Canada invests in Waterloo Region companies to help them scale up and succeed

Mélanie Joly announces nearly $30 million from FedDev Ontario for eight innovative businesses in Waterloo Region.

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.

The Honourable Mélanie Joly (photo), 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.

• With a $7.2-million investment, women-led software company Axonify Inc., which develops corporate eLearning tools and solutions for clients on the frontline, will reach new global export markets, expand into new sectors and create 81 skilled jobs in Waterloo Region.

• With a $6.1-million investment, gas barbecue grill manufacturer Onward Manufacturing Company Limited will enhance its Waterloo production facility, developing Canadian-made advanced manufacturing through improved equipment, tooling and LEAN processes, creating up to 175 jobs in Waterloo Region.

• With a $5-million investment, network technology developer Dejero Labs Inc. will extend its leading-edge connectivity software into the Smart Cities space, including implementing improved mobile connectivity for essential services, creating 30 skilled jobs in Waterloo Region.

• With a $4.8-million investment, medical technology company Intellijoint Surgical Inc. will expand the commercialization of its state-of-the-art HIP and KNEE products to new markets in Canada, the U.S., Australia and Japan. The company expects to create 94 and maintain 60 jobs in Waterloo Region.

• With a $4.2-million investment, video quality software company SSIMWAVE Inc. will boost its sales and marketing resources and expand its customer base with new demonstration capabilities, supporting 65 skilled jobs in Waterloo Region.

• With a $1-million investment, X-ray imaging manufacturer KA Imaging Inc. will accelerate commercialization of its innovative, patented portable dual energy subtraction X-ray detector Reveal™ to meet customer demand, including those treating COVID-19 patients. The company will create 10 skilled jobs in Waterloo Region.

• With a $700,000 investment, advanced manufacturer TeTechS Inc. will further commercialize its plastic measuring machines (to measure the thickness of plastic bottles, vaccine vials, containers and preforms), increase its market share and reduce plastic waste impacts in the production process, creating 19 skilled jobs in Waterloo Region.

• With a $676,000 investment, manufacturer Shimco North America Inc. will increase capacity to produce next-generation metal surface treatments and curate a global centre of excellence for the aerospace industry, creating 12 jobs in Waterloo Region.













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