Federal government announces a $4.5M investment in ventureLAB
by CM Staff
This support aims to increase the pool of investment ready semiconductor and hardware technology companies via access to specialized equipment and services.
Dignitaries and elected officials at the ventureLAB offices (Credit: ventureLAB)
MARKHAM — Over the past five years, FedDev Ontario has supported ventureLAB to establish the Hardware Catalyst Initiative (HCI), a lab and accelerator that is helping Canadian hardware and semiconductor-focused companies grow and scale up to become globally competitive. The lab offers companies resources to get their products to market faster, retain talent, raise capital and attract more customers. The HCI lab is a semiconductor and hardware lab and accelerator, supporting companies that produce the technology that is key to high-growth areas like artificial intelligence (AI), medtech and automobility. To date, HCI has supported over 65 businesses, created and maintained 400 jobs, and created or licensed 80 new intellectual property.
Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), joined by Mary Ng, Minister of Small Business, Export Promotion and International Trade of Canada and Member of Parliament for Markham–Thornhill, announced an investment of $4.5 million for ventureLAB. This support aims to increase the pool of investment ready semiconductor and hardware technology companies via access to specialized equipment and services, to reduce the cost and time associated with getting Canadian-made products to market.
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.
“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.
