FedDev Ontario invests $30 million in eight Waterloo Region companies

FedDev invests $30M in eight Waterloo tech companies

The Government of Canada has invested nearly $30 million CAD in eight Waterloo Region-based manufacturing, medtech, and information and communications technology (ICT) companies to support their efforts to grow and scale.

“Canada’s technology sector is a world leader, and Waterloo Region is its beating heart.”
 

This funding, in the form of repayable contributions through FedDev Ontario, will support Axonify, Onward Manufacturing Company, Dejero Labs, Intellijoint Surgical, SSIMWAVE, KA Imaging, TeTechS, and Shimco.

The new federal investment is designed to reignite the Waterloo Region’s supply chain by helping funded companies scale up, commercialize new technologies, reach new markets, and create skilled jobs.

“Canada’s technology sector is a world leader, and Waterloo Region is its beating heart,” said Mélanie Joly, Canada’s minister of economic development responsible for FedDev Ontario. “FedDev Ontario’s investments in these eight innovative companies are a major vote of confidence in the future of this burgeoning sector.”

As we reopen our economy, these investments will help promising companies scale up, commercialize new technologies, reach new markets, and create skilled jobs for Canadians,” Joly added.

Learning software company Axonify will receive $7.2 million to help it reach new global export markets and expand to new sectors like government and healthcare. With the funding, Axonify expects to create 81 jobs in software development, sales, marketing, and management.

“The FedDev Ontario program and its associated funding has been invaluable to Axonify as we navigate the uncertain markets during COVID-19 while still looking to capitalize on growth opportunities,” said Carol Leaman, Axonify’s CEO. “Having the access to this capital has allowed us to help maintain our current staffing while also looking to continue to build and expand our team.”

RELATED: FedDev Ontario invests $4 million in women-led small businesses through RRRF

Elsewhere in the ICT space, cloud networking provider Dejero Labs will receive $5 million to apply its software to smart cities, improve mobile connectivity for essential services, and create 30 jobs. SSIMWAVE will receive $4.2 million to increase its sales and marketing resources, expand its customer base, and support 65 jobs.

Medtech company Intellijoint Surgical will receive $4.8 million to bring its HIP and KNEE products to new markets in Canada, the US, Australia, and Japan. Intellijoint expects the investment will create 94 jobs, and maintain 60.

Manufacturing companies Onward Manufacturing Company ($6.1 million), KA Imaging ($1 million), TeTechS ($700,000), and Shimco North America ($676,000) will also receive funding.

“Our government’s investment… will support these innovative businesses to grow and position themselves for success at home and abroad.”

X-ray imaging manufacturer KA Imaging intends to commercialize its patented portable X-ray detector, RevealTM, which can be used to treat COVID-19 patients, creating 10 jobs. TeTechS, which provides measurement solutions for smart factories, plans to commercialize its plastic measuring machines, increase its market share, and reduce waste, creating 19 jobs.

Custom shim manufacturer Shimco, which serves the aerospace, defense, and industrial supply chains, plans to use the funding to boost its capacity to produce metal surface treatments, “curate a global centre of excellence for the aerospace industry,” and create 12 jobs.

“Waterloo Region has a strong entrepreneurial spirit which is what makes this region one of the most innovative and prosperous places in Canada,” said Bardish Chagger, member of parliament for Waterloo. “Our government’s investment of nearly $30 million will support these eight innovative businesses to grow and position themselves for success at home and abroad.”

The federal government anticipates the new funding will boost local supply chain spending, create nearly 500 new jobs, and maintain an additional 300 jobs in the Waterloo Region.

Since November 2015, FedDev Ontario claims it has invested nearly $140 million in more than 60 projects in Waterloo Region.

Image source Waterloo Mayor Dave Jaworsky via Twitter

Josh Scott

Josh Scott

Josh is a journalist interested in telling Canadian business and tech stories. His coverage is more complete than his moustache.