In a significant boost to Ottawa’s tech ecosystem, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced nearly $20 million in funding for nine local companies.
This investment aims to accelerate AI, semiconductor, and biotech growth. Leading the biotech beneficiaries is Capital BioVentures, receiving $5.5 million to support early-stage Canadian biotech companies by providing funding, equipment, and lab space.
Jeff Smirle, Capital BioVentures COO
Virica Biotech, which specializes in manufacturing viral sensitizers that enhance the efficacy of viruses in treating cancer, is receiving $1.5 million, while Genvira Biosciences, focused on creating virus-based biotherapeutics and vaccines, secured a $1.75 million investment.
Six other Ottawa-based firms received repayable investments, demonstrating the diverse tech landscape. Ranovus, a semiconductor manufacturer, was awarded $4.8 million to scale its Odin 8 chip production, following a previous $36 million federal investment to advance domestic semiconductor production.
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Armstrong Monitoring, a gas detection hardware company, secured $700,000 to boost its manufacturing capacity, and Larus Technologies, focusing on analytics software enhanced with AI and machine learning, received $1.5 million.
AI applications are prominently featured in the funding distribution. TryCycle Data Systems, a mental health platform, received $1 million to expand its workforce and platform capabilities.
Member of Parliament of Canada, Chandra Arya talks about Ottawa tech industry:
My statement in parliament today on Ottawa tech sector, Invest Ottawa and Michael Tremblay:
Ottawa is a global tech hub with about 1800 tech companies, 88,000 tech professionals, and North America’s highest concentration of tech talent.
Ottawa is renowned for our cutting-edge R&D… pic.twitter.com/CHNOWSFYAL— Chandra Arya (@AryaCanada) May 31, 2024
ThinkRF, which aids wireless network operators in analyzing radio frequencies, was granted $2 million for 5G network demand. Lastly, TutorOcean, an edtech gig work platform, obtained $1 million to integrate AI into its services and expand internationally.
In a related initiative, FedDev Ontario, in early 2024, invested $17.2 million in 12 companies to advance quantum computing.
This funding, announced by Bardish Chagger in Waterloo, aimed to commercialize quantum products and support 150 jobs across various sectors, including security, medicine, encryption, and logistics.
These initiatives are part of a broader strategy, including the National Quantum Strategy backed by $360 million, to foster innovation and commercialization in emerging tech fields.
The Canadian government has also announced a $2.4 billion investment in its 2024 federal budget to enhance the nation’s AI sector.
Canada is investing $2.4B in the countries AI capabilities and infrastructure.
Trudeau revealed plans to allocate $2.4B, including two billion to develop computing capabilities and technological infrastructure that will be made available to researchers.pic.twitter.com/k2CfLL2vOB
— Brett Adcock (@adcock_brett) April 14, 2024
The financial support from FedDev Ontario underscores the federal government’s commitment to fostering innovation and scaling critical technological sectors in Ottawa, boosting local companies, and strengthening Canada’s position as a leader in AI, semiconductors, and biotechnology.
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