The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced an investment of $14.6 million in six Toronto tech firms to drive growth and create nearly 130 jobs.
They are repayable contributions that support advancements in robotics, artificial intelligence, cloud-based and Internet of Things solutions, specialized software and the establishment of a new manufacturing facility to mass-produce nanosatellites.
“As we have all adapted to the pandemic by moving our lives online, the digital sector has gone into overdrive over the last year—further fueling its growth. That is why FedDev Ontario’s investments in these six technology-focused projects is so important to help maintain Toronto’s position as a centre for talent, growth and discovery. Together we will diversify the economy, create good jobs for Canadians, reach new technological advancements and position our businesses to succeed post-pandemic,” said Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for the Federal Economic Development Agency for Southern Ontario, in a March 31 press release.
Allison Watson, manager of public affairs and ministerial services for FedDev Ontario, detailed some of the terms and conditions of the repayable contributions, noting they’re not meant to compromise a project’s success.
“The specific terms of repayment, including date of commencement and length of the repayment term, are determined on a case-by-case basis, typically commencing within one year of the project end date and are interest-free, as long as the repayment terms are respected,” she wrote in an emailed response.
The announcement includes funding for the following innovative tech firms:
- $3.8 million to the private telecommunications company Kepler Communications to help set up an advanced, nanosatellite manufacturing facility, making it the first Canadian company to mass-produce nanosatellites.
- $3.4 million to the digital supply chain solutions provider Nulogy Corp. to further develop its innovative supply chain management software platform, build additional capacity to support its accelerated growth, and focus on export development activities.
- $3 million to the software company Opus One Solutions to accelerate the commercialization of its advanced analytics software platform, GridOS, an AI-powered electric grid management and optimization platform for utility companies.
- $2 million to the digital financial tools provider Sensibill to support a three-year global expansion into the European, Latin American and Asia and Pacific markets, which will enable the company to attract new business opportunities and compete on an international scale.
- $1.9 million to the cloud-based HR software solution provider Humi Holdings to build additional capacity to support the growth and commercial launch of new platform features, which will expand its Canadian customer base and allow for diversification into new global markets.
- $500,000 to the cleantech company EnergyX Solutions to expand its customer base in North America and strengthen existing customer relationships through increased automation and predictive analysis of its technology platform.
Since November 2015, FedDev Ontario has invested nearly $765 million in nearly 600 technology-related projects across southern Ontario.