Ontario investing $5M in two companies to boost advanced manufacturing capabilities
by CM Staff
These two investments from the Ontario Together Fund are meant to strengthen Ontario's medical technology manufacturing ecosystem.
TORONTO — The Ontario government is supporting investments of more than $10 million by two Ontario companies with $5 million through the Ontario Together Fund. These projects will try and grow local manufacturing capacity, accelerate the commercialization of domestic life sciences innovations, and strengthen the province’s pandemic preparedness while creating 22 new, local jobs.
“The Ontario Together Fund is helping Ontario businesses to fully develop their ideas and innovate in our diverse life sciences sector,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Our government is proud to partner with companies like Conavi Medical and ventureLAB as they help make Ontario the home for next-generation medical technologies.”
Conavi Medical is a Toronto-based medical device company that develops, manufactures, and sells imaging guidance technologies to guide common minimally invasive heart procedures. Its flagship product, the Novasight Hybrid System, is a clinical device available on the market that combines ultrasound and optical imaging to help physicians visualize disease and deploy stents to open the arteries and restore blood flow to the heart.
The company is investing $6.7 million to make substantial enhancements to its existing facility and implement new IT systems. With these enhancements, Conavi Medical will scale up their manufacturing by at least tenfold to meet sales commitments and forecasted future demand. With a $2.5 million grant from the Ontario government, this project is expected to create 16 new jobs.
“Conavi Medical Inc. is a homegrown success story that showcases the strengths of Ontario’s life sciences ecosystem,” said Trevor Dauphinee, CEO, Invest Ontario. “Invest Ontario is pleased we were able to facilitate Conavi’s access to the Ontario Together Fund as they scale-up production of their innovative imaging platform. We partner with industry and government to meet the needs of strategic investors by leveraging the advantages of Ontario’s skilled workforce, innovation networks and cost-effective business climate.”
ventureLAB, located in York Region, is a not-for-profit global founder community for hardware technology and enterprise software companies in Canada, enabling technology startups to accelerate the commercialization of transformational products on a global scale. The organization offers a combination of business, investment, and technical expertise, connections to a global network of industry partners, and access to their 50,000 square foot innovation space and lab to drive innovations from prototype to product.
ventureLAB is investing $3.3 million to expand its Hardware Catalyst Initiative (HCI) – Canada’s only hardware and semiconductor-focused lab and incubator. With a grant of $2.5 million through the Ontario Together Fund, the company will create a medical technologies stream of the HCI. ventureLAB will invite innovative MedTech companies to use the services of the HCI to accelerate the commercialization of their products in Ontario. This project is expected to create six jobs.
“The Ontario government’s investment into ventureLAB’s Hardware Catalyst Initiative to create a MedTech-specific stream signifies the growing importance of hardware and semiconductors in the future of healthcare and life sciences, critical sectors for our economic recovery and growth by creating a new generation of IP-rich tech companies,” said Melissa Chee, President and CEO, ventureLAB. “The Ontario Together Fund ensures we are able to work with leading Ontario MedTech companies to commercialize, grow and scale their businesses here in Ontario.”
