The Pacific Economic Development Agency of Canada (PacifiCan) has announced approximately $14 million in new investments to support the growth of seven businesses and organizations in Vancouver.
According to a statement from PacifiCan, the funding, announced March 14, includes $11.5 million for four companies through the regional development agency’s Business Scale-Up and Productivity program and over $2.4 million for three companies through its Jobs and Growth Fund.
Among the seven startups and organizations receiving funding are Clarius Mobile Health, CarboNet, Augurex, Fintel Connect, Craver, QuantoTech Solutions, and the BC Tech Association.
PacifiCan expects these investments to generate a cumulative $330 million in revenue growth.
Vancouver-based Clarius develops wireless handheld ultrasound scanners aimed at helping healthcare practitioners manage and perform exams from anywhere. The startup, which received funding from InBC last year, received $3.3 million from PacifiCan, which it will use to accelerate global sales of its wireless ultrasound device.
“This investment comes at a pivotal moment for us as we’ve established global reach and are accelerating growth into key international markets,” CEO and president of Clarius Mobile Health Ohad Arazi said in a statement.
Another tech startup receiving funding from PacifiCan is Fintel Connect, which received $1.5 million to grow its sales and marketing teams. Fintel, which assists banks with client acquisition, brand recognition, and performance analytics, is backed by BankTech Ventures and Export Development Canada, and its customers include National Bank and the Royal Bank of Canada.
Biotech firm Augurex is receiving a total of $5 million from PacifiCan—the largest from this round of investments—to commercialize a new antibody blood test for the earlier detection and monitoring of rheumatoid arthritis. The federal government has previously invested in the startup as part of an effort to assist with job retention.
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Cleantech startup CarboNet is receiving $1.6 million from PacifiCan to commercialize its biodegradable product for wastewater treatment: BioFloc. CarboNet was among Foresight Canada’s 50 most investable cleantech companies in 2022.
The BC Tech Association will use its $1.1-million investment delivered through PacifiCan’s Jobs and Growth Fund, to deliver training programs to prepare BC residents for entry-level roles in high-demand sectors such as cybersecurity, data science, and digital marketing.
PacifiCan was established by the federal government in 2021 to create a new economic development agency solely focused on BC. It replaced the Western Economic Diversification Canada, which previously covered BC, Alberta, Saskatchewan, and Manitoba.
This latest bundle of investments comes roughly five months after the regional development agency committed $10 million to Innovate BC’s cleantech adoption initiative.
PacifiCan said it expects these latest investments will generate a cumulative $330 million in revenue growth and $226 million in new global sales.
Last week, PacifiCan also invested $1.6 million into two companies based in Delta, BC through its Business Scale-up and Productivity program. One of those firms is Plascon Plastics, which will receive $1.2 million to grow its manufacturing capacity for sustainable plastic injection moulding. The other, GridGear, which develops electricity submetering tech, will receive approximately $381,000 from PacifiCan to scale up production and fuel its commercialization efforts.
Last month, the regional development agency invested in Squamish, BC-based cleantech firm Quantum Technology, which received $2.5 million to scale up production of its green hydrogen tech, which manufactures the equipment needed to purify and liquefy gases like hydrogen and helium.
UPDATE (03/21/24): This story has been updated to note some other recent PacifiCan investments.
Feature image courtesy Unsplash via Alejandro Luengo.
