Nearly $20 million ($19.5 million) in federal funding for Ontario-based companies and business hubs were announced on Monday, meant to drive growth in existing startups and establish new ventures, as well as support the creation of jobs in local communities.
Ottawa-based Solace, which provides management solutions for event-driven data architectures, secured an up to $10-million investment from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to expand its PubSub+ event streaming platform.
According to Solace, funding from IRAP will primarily be used to add new capabilities to its platform, including enhanced data-movement performance and scale for new use cases.
Meanwhile, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced a cumulative investment of $6.2 million into five Toronto tech companies to support their separate projects and create over 70 jobs.
Here are the recipients and their respective portions of the $6.2 million.
- Aux Mode – $1.19 million
- Creyos Health (formerly Cambridge Brain Sciences) – $1.5 million
- Manifest Climate – $1 million
- Semantic Health – $500,000
- ThinkData Works – $2 million
The companies receiving funding from FedDev Ontario all operate in the tech sector, offering solutions for a variety of industries. Aux Mode, for example, provides digital management services to content creators. It said it will use the funding to integrate eight additional digital platforms, including Facebook and Amazon Prime Video.
On the other hand, data management company ThinkData Works aims to create a new sales and marketing team, while cognitive healthtech startup Creyos will launch a new workplace-safety platform.
FedDev Ontario is also investing nearly $3.3 million into Toronto Business Development Centre (TBDC) to provide support to 100 newcomer entrepreneurs as they seek to establish and grow their companies in southern Ontario.
Though it has “Toronto” in its name, TBDC incubates businesses from all across Ontario. With this funding from FedDev Ontario, it will continue to provide workshops, mentorship, and training to help participating entrepreneurs adopt new technologies and bring their products to market faster.
According to TBDC, the 100 new businesses it aims to support are expected to result in the creation of 200 jobs, 80 new products or services, and 50 new intellectual properties.
Featured image courtesy FedDev Ontario.