FedDev Ontario has announced a $5 million investment into innovation centre ventureLAB for the creation of a lab and incubator hub in Markham, Ont.
Dubbed Hardware Catalyst Initiative (HCI), the hub has been designed to support companies producing foundational technology in fields like artificial intelligence, machine learning, and quantum computing.
The announcement was made this morning by Mary Ng, the minister of small business and export promotion and member of parliament for Markham-Thornhill, on behalf of Navdeep Bains, minister of innovation, science and economic development.
“Today’s investment in ventureLAB builds on southern Ontario’s, and Canada’s, competitive advantages in advanced electronics, anchoring a strong hub that will help Canadian companies scale up and compete both at home and abroad while creating highly skilled jobs today and tomorrow,” said Bains.
Additionally, the government reported that the incubator will help commercialize 15 new products.
“Through FedDev Ontario’s contribution, our government is supporting cutting-edge companies in advanced electronics to develop and bring new products to market,” said Ng. “Today’s investment will support over 40 businesses in our community, create over 200 jobs in a recognized centre of innovation and strengthen Markham’s role in Ontario’s Innovation Corridor.”
Through this investment, businesses will be given access to cutting-edge equipment with the focus of designing, prototyping, and producing new technology, as well have access to specialized programs, training, mentoring, and networking through ventureLAB.
Located in Markham, ventureLab is Canada’s second largest innovation hub. It occupies 50,000 square-feet and houses over 45 tech companies and innovators.
“Transformative technologies, innovation spaces, entrepreneurship and a free flow of ideas are at the core of our thriving tech ecosystem, anchored by industry leaders and startups that call Markham home,” said Frank Scarpitti, the mayor of Markham. “The strong relationships and collaborations we all share have positioned Canada for success on the world stage. Innovation across multiple disciplines and our diverse, strong and skilled talent are fueling economic growth.”