$4.5 million for next phase of the Hardware Catalyst Initiative, supporting 30 technology companies while creating and maintaining over 170 jobs in southern Ontario
Markham – Southern Ontario is home to some of the most dynamic and diverse technology hubs in North America. Our tech sector plays an important role in the success of our country’s economy. The Government of Canada is committed to investing in tech companies so they can continue to push boundaries and expand to new markets, creating skilled jobs and strengthening the economy.
Over the past five years, FedDev Ontario has supported ventureLAB to establish the Hardware Catalyst Initiative (HCI), a state-of-the-art lab and accelerator that is helping Canadian hardware and semiconductor-focused companies grow and scale up to become globally competitive. The lab offers innovative companies resources to get their products to market faster, retain talent, raise capital and attract more customers. The HCI lab is Canada’s only semiconductor and hardware lab and accelerator, supporting companies that produce the technology that is key to high-growth areas like artificial intelligence (AI), medtech and automobility. To date, HCI has supported over 65 businesses, created and maintained 400 jobs, and created or licensed 80 new intellectual property.
Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), joined by Mary Ng, Minister of Export Promotion, International Trade and Economic Development and Member of Parliament for Markham–Thornhill, announced an investment of $4.5 million for ventureLAB. This support will accelerate the pool of investment ready semiconductor and hardware technology companies via access to specialized equipment and services, to reduce the cost and time associated with getting Canadian-made products to market.
This project will be an extension and expansion of the activities developed since the creation of the HCI. It is expected to build on past success and support 30 more companies, create and maintain over 170 high-quality jobs, and lead to the commercialization of 25 new products. Organizations like ventureLAB enable local semiconductor companies to create new, innovative solutions and a more globally competitive Canada.
“Today’s investment is helping innovators in the technology sector build on their potential, bring their products to market faster and scale up their operations. Our government is pleased to support tech companies and the organizations that support them, like ventureLAB, as they find modern solutions to modern problems while creating a more connected and globally competitive Canada.” – Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario