Federal government invests in six Toronto tech firms to strengthen advanced manufacturing

On Mar. 31, Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario, announced a total investment of $14.6 million to support the long-term growth of six Toronto-based tech firms.

The global health crisis has highlighted the importance of technology and has propelled new technological developments and trends. Businesses in this sector are now trying to harness the transformative power of technology to take advantage of new business opportunities and stand out from the competition. Mar. 31’s announcement includes funding for the following six innovative tech firms:

• EnergyX Solutions Inc. will receive $500,000 to expand its customer base in North America and strengthen existing customer relationships through increased automation and predictive analysis of its technology platform.
• Humi Holdings Corp. will receive $1.9 million to build additional capacity to support the growth and commercial launch of new platform features, which will expand its Canadian customer base and allow for diversification into new global markets.
• Kepler Communications Inc. will receive $3.8 million to set up an advanced, nanosatellite manufacturing facility, making it the first Canadian company to mass-produce nanosatellites.
• Nulogy Corp. will receive $3.4 million to further develop its innovative supply chain management software platform, build additional capacity to support its accelerated growth, and focus on export development activities.
• Opus One Solutions will receive $3 million to accelerate the commercialization of its advanced analytics software platform, GridOS®, an AI-powered electric grid management and optimization platform for utility companies.
• Sensibill Inc. will receive $2 million to support a three-year global expansion into the European, Latin American and Asia and Pacific markets, which will enable the company to attract new business opportunities and compete on an international scale.

These repayable contributions support advancements in robotics, artificial intelligence (AI), cloud-based and Internet of Things (IoT) solutions, specialized software and the establishment of a new manufacturing facility to mass produce nanosatellites.

In total, these six projects are expected to create 128 skilled jobs and leverage more than $40 million in additional investment for the Toronto region.