Minister of Innovation, Science and Economic Development Navdeep Bains announced an investment of up to $7.1 million in four projects under the Atlantic Innovation Fund (AIF).
AIF functions under the Atlantic Canada Opportunity Agency, part of the Atlantic Growth Strategy established by the Government of Canada and the four Atlantic provinces. The strategy calls for supporting small startups, commercializing research, and encouraging the expansion of Atlantic startups to international markets.
“Whether it’s cutting edge research and development happening in our universities and research institutions, or companies adapting their processes so they can to prosper, innovation continues to benefit the growth and diversification of our economy in Newfoundland and Labrador,” said Judy Foote, who Minister of Public Services and Procurement and Newfoundland and Labrador MP, who announced the funding with Bains. “This strategic investment is one of the many ways homegrown world-class innovation products are helping to position Canada to be a global leader.”
One of the confirmed companies receiving funding includes St. John’s-based Quorum Information Systems, which is receiving $1.1 million. The company is using the funding to develop its XSellerator flagship product, which caters to the auto retail market. XSellerator allows multiple dealership departments to access customer and vehicle information in real time.
The government plans to release further details of the remaining projects over the next few days. According to the ACOA, its innovation programming is designed to help new products come to market, and support technologies and services that improve the competitiveness and productivity of the Atlantic economy.
“Innovation is the path to inclusive growth. It fosters a thriving middle class and opens the country to new economic, social and environmental possibilities; it is essential in shaping our future,” said Bains. “That is why the Government of Canada is committed to supporting projects like the one being undertaken by Quorum Information Systems, Inc., a company that is leading the pack in creating innovative solutions for businesses.”