Feds support expansion of ventureLAB services
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$4.5M for next phase of the Hardware Catalyst Initiative - supporting 30 tech firms
FedDev Ontario continues its support of ventureLAB in establishing its Hardware Catalyst Initiative (HCI), a state-of-the-art lab and accelerator that assists Canadian hardware and semiconductor-focused companies grow and scale-up.
This week, Fed Dev announced its investment of $4.5-million towards the HCI lab that offers tech companies resources to get their products to market faster, retain talent, raise capital and attract more customers. It also provides access to specialized equipment and services, to reduce the cost and time associated with getting Canadian-made products to market.
“Today’s investment is helping innovators in the technology sector build on their potential, bring their products to market faster and scale up their operations. Our government is pleased to support tech companies and the organizations that support them, like ventureLAB, as they find modern solutions to modern problems while creating a more connected and globally competitive Canada,” said Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
The HCI lab produces technology that is key to high-growth areas like artificial intelligence (AI), medtech and automobility. To date, HCI has supported more than 65 businesses, created and maintained 400 jobs, and created or licensed 80 new intellectual property.
Canadian hardware & semiconductor-focused companies
This project will be an extension and expansion of the activities developed since the creation of the HCI. It is expected to build on past success and support 30 more companies, create and maintain over 170 high-quality jobs, and lead to the commercialization of 25 new products.
“At ventureLAB we focus on advancing Canadian hardware and semiconductor-focused companies to compete at the forefront of the global economy. This new investment in our Hardware Catalyst Initiative by FedDev Ontario will have a tremendous impact on our ability to continue to grow and scale these great hardtech companies from Canada, while also building a stronger knowledge-based economy,” added ventureLAB CEO Hugh Chow.