Companies receiving funding through FedDev Ontario's Investing in Business Innovation initiative
MISSISSAUGA, Ont.—Nine Greater Toronto Area (GTA) will receive as much as $6.28 million in combined funding from the federal government through its Investing in Business Innovation initiative.
The initiative, administered though the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), will help the companies further develop and market a variety of products, from business software to synthetic sapphire components for LED screens, to handheld infection detection and underwater energy storage.
According to FedDev Ontario, the companies have attracted more than $18.7 million combined from venture capital funds and angel investors.
The Investing in Business Innovation initiative is aimed at strengthening the innovation ecosystem in southern Ontario by supporting new entrepreneurs, early-stage businesses and angel investors.
The nine companies receiving funding expect to create approximately 124 jobs over the course of their respective projects.
The companies and funding amounts include:
Askuity Inc.: $660,000
Hubba Inc.: $500,000
Hydrostor Inc.: $570,000
Influitive Corp.: $750,000
Method Integration Inc.: $500,000
MolecuLight Inc.: $990,000
Polar Sapphire Ltd.: $990,000
Quandl Inc.: $694,729
SceneDoc Inc.: $625,000
“Hydrostor is excited to commercialize our underwater compressed air energy storage solution globally and support a transition to a low-cost and sustainable energy future,” Curtis VanWalleghem, CEO of Hydrostor, said in a post on the federal government’s website.