Federal government funds nearly $5M to Nanalysis
by CM Staff
The federal government provided the funds through Prairies Economic Development Canada's Business Scale-up and Productivity program
CALGARY — Nanalysis Scientific Corp. said it has received repayable funding of $4,985,000 to expand manufacturing operations and global markets for nuclear magnetic resonance products from the government of Canada.
“We are very thankful for the support from the Canadian government,” said Sean Krakiwsky, founder and CEO of Nanalysis in a statement.
“Nanalysis is thrilled to be one of the recipients from Prairies Economic Development Canada. This funding allows us to accelerate product innovation, expand our manufacturing capabilities, build up inventory levels to mitigate any supply chain issues and de-risk potential down time through redundant equipment. These funds will help enable us to continue to drive significant growth as we expand our global footprint.”
Nanalysis explained in a statement that the federal government provided the funds through Prairies Economic Development Canada’s Business Scale-up and Productivity program, a platform created to help growing tech firms enter new markets. Nanalysis says they will receive the funds over the course of three years, and they are expected to make interest-free repayments starting in 2025.