FedDev Ontario Invests $30M in Waterloo Companies
FedDev Ontario has announced that eight companies in the Waterloo Region have been granted a total of $30M in federal funding towards their scale-up and business growth projects. Including non-government funding, these eight recipients will leverage a total of $95M in total investments. The companies are in the advanced manufacturing, medical technology, information and communications technology, and video communications sectors.
The $30M repayable contributions from FedDev Ontario will create an estimated 500 new high-skilled jobs, with 300 of those jobs in the Waterloo Region.
The announcement was made by Minister Mélanie Joly over Zoom. Since November of 2015, FedDev Ontario has invested nearly $140M in more than 60 projects in Waterloo Region.
Waterloo Businesses That Received FedDev Ontario Funding
$7.2M Axonify Inc. – This women-led software development company has developed corporate eLearning tools for its clients on the frontlines, including healthcare workers, grocery store associates, restaurant workers, and more. The funding will be used to create 81 skilled jobs.
$6.1M Onward Manufacturing Company Limited – This Canadian-made advanced manufacturer is using their funding to purchase improved equipment, tooling, and LEAN processes at their Waterloo facility, creating 175 new jobs.
$5M Dejero Labs Inc. – The network technology developer is using their funding to extend its leading-edge connectivity software in Smart Cities space. They are focusing on improving their mobile connectivity for essential services. Dejero Labs Inc. is creating 30 new skilled jobs in the Waterloo Region.
$4.8M Intellijoint Surgical Inc. – The medical technology company is expanding the commercialization of their hip and knee products into new markets within Canada, America, Australia, and Japan. The $4.8 million in funding is estimated to create 60 new jobs in Waterloo.
$4.2M SSIMWAVE Inc. – This company develops video quality software to ensure videos being streamed over the internet have the least amount of pauses and lag. They will be using funding to expand their customer base by developing new ways to demonstrate their service. This funding will create 10 new jobs in Waterloo.
$1M KA Imaging Inc. – The X-ray imaging manufacturer is using their funding to accelerate the commercialization of their patented portable dual energy subtraction X-ray detector Reveal™. They will be utilizing this funding to meet the demands of treating medical patients, including those with COVID-19. This funding will create 10 new jobs.
$700K TeTechS Inc. – The Waterloo advanced manufacturer is receiving funding to accelerate the commercialization of their machines to measure the thickness of plastic bottles, vaccine vials, containers, and preforms. The funding will create 19 new skilled jobs.
$646K Shimco North America Inc. – By utilizing their funding for increasing capacity to produce next-generation metal surface treatments and curate a global centre of excellence for the aerospace industry. They will create 12 new jobs in Waterloo.
Government Funding to Grow Your Business
Find government funding programs like the FedDev Ontario Business Scale-up and Productivity (BSP) Program to learn how your business can earn up to $10M in government funding towards tech adoption and business expansion projects. Read more government funding success stories to learn what your business can do to increase its chances of getting government funding.
Consider attending an upcoming business expansion government funding webinar to hear about recently announced programs, and ask us questions. To learn about the latest pandemic financial programs, view our COVID-19 support page.