Montréal-based incubator-accelerator Centech has secured $4.5 million in provincial funding to help early-stage deep tech and medtech startups jump the hurdle from research to commercialization.
Centech is establishing an office at Ax-C, an innovation hub set to open in June on the former trading floor of the Montréal Exchange.
The new commitment is allocated through the Ministry of Economy, Innovation, and Energy’s (MEIE) five-year, $7.5-billion innovation strategy, which is set to expire in 2027.
Centech, a non-profit organization housed at engineering-focused university École de technologie supérieure (ÉTS), seeks to support early-stage startups, particularly in deep tech, robotics, and medtech.
Notable companies that have graduated from Centech programs include Eli Health, Flare, and Puzzle Medical Devices.
“The financial support from the MEIE reinforces our capacity to support high-potential innovation projects while stimulating the emergence of cutting-edge technology,” Centech executive director Marjorick Foisy said in a statement in French. “This will allow us to accelerate the digital transformation of key sectors in Québec, creating more high-quality jobs for our economy.”
Min. Christopher Skeete, who is responsible for the MEIE’s innovation portfolio, said in a statement that the new funding will allow Centech to ensure the “long-term competitiveness” of Québec’s tech ecosystem.
Centech offers structured support programs in two tiers: first, the Acceleration Program, a free, 12-week course with weekly mentoring and more than 50 hours of group workshops. Startups can then graduate to the two-year National Bank-backed Propulsion Program, where startups can commercialize their products with the help of entrepreneurs-in-residence and get an entry-level grant of $15,000.
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Centech was recognized in 2023 as one of the top 10 university incubators in the world by UBI Global. The hub says it supports more than 140 high-growth potential startups through its programs every year.
Founded in 1996 at ÉTS, Centech was created to bridge the gap between university research innovations and bringing products to market. The hub’s approach includes open innovation, commercialization support, and social impact projects. In 2008, it debuted the Collision Lab, an open innovation hub that connects early-stage startups with large corporations, including Bell, Thales, and CAE.
Along with the new funding, Centech is making a move this summer and establishing an office at Ax-C, an innovation hub set to open in June on the former trading floor of the Montréal Exchange. Ax-C is backed by government and private sector partners such as Bell, Desjardins, Google, and Fonds de solidarité de Québec (FTQ). The centre is meant to serve as a coworking space for entrepreneurs and other tech ecosystem players, following the closure of community hub Notman House last year.
Feature image courtesy Centech Mtl via LinkedIn.